RECOMMENDATIONS

I would highly recommend the following two articles, though they take some time to wade through..

1. Carmen M Reinhart, M Belen Sbrancia, 'The Liquidation of Government Debt', Working Paper 16893

© 2011 by Carmen M. Reinhart and M. Belen Sbrancia. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit,including © notice, is given to the source.

And

2. Laura Alfaro, 'Global Capital and National Institutions: Crisis and Choice in the International Financial Architecture', Harvard Business School, publication date not supplied at http://www.people.hbs.edu/lalfaro/IntroGlobalCapitalandNationalInstitutions.pdf

The two articles provide wonderful insights, I think, into the nature of sovereign debt and history of sovereign debt default, international capital flow and capital markets and the volatility experienced in emerging markets with attendant consequences for international monetary policy and debt restructuring.