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This volume provides a pluralistic discussion from world-renowned scholars on the international aspects of the debt crisis and prospects for resolution. It provides a comprehensive evaluation of how the debt crisis has impacted Western Europe, the emerging markets and Latin America, and puts forward different suggestions for recovery.

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PART I: ANALYTICAL ISSUES 1.1. Crises: Principles and Policies; Joseph Stiglitz 1.2. Comments; Martin Guzman PART II: DEBT CRISES: VARIETIES OF EXPERIENCES 2.1. The Latin American Debt Crisis in Historical Perspective; José Antonio Ocampo 2.2. Comments; Pablo Sanguinetti 2.3. What have the Crises in Emerging Markets and the Eurozone in Common and What Differentiates Them?; Roberto Frenkel 2.4. Comments; Ricardo Beczuk 2.5. From Austerity to Growth in Europe: some Lessons from Latin America; Stephany Griffith-Jones 2.6. Comments; Hernán Seoane PART III: DEBT DEFAULTS: COSTS AND RESTRUCTURING GAMES 3.1. Strategic Behavior in Sovereign Debt Restructuring: Impact and Policy Responses; Rohan Pitchford and Mark L. J. Wright 3.2. Comments; Federico Weinschelbaum 3.3. Sovereign Debt Restructuring: The Road Ahead; Benu Schneider 3.4. Comments; Fernando Navajas PART IV: DEALING WITH CRISES: INSTRUMENTS AND POLICIES 4.1. Saving the Euro: Self-fulfilling Crisis and the ´Draghi Put´; Marcus Miller 4.2. Comments; Alfredo Schclarek Curutchet 4.3. GDP-Linked Bonds and Sovereign Default; David Barr, Oliver Bush and Alex Pienkowski 4.4. Comments; Enrique Kawamura 4.5. Multiple Choices: Economic Policies in Crisis; Daniel Heymann and Axel Leijonhufvud 4.6. Comments; Jorge Carrera

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Joseph Stiglitz, Columbia University, USA Martin Guzman, Brown University, USA José Antonio Ocampo, Columbia University, USA Pablo Sanguinetti, Torcuato de Tella University, Argentina Roberto Frenkel, Buenos Aires University, Argentina Ricardo Beczuk Stephany Griffith-Jones, Columbia University, USA Hernán Seoane, Universidad Carlos III de Madrid, Spain Rohan Pitchford, Australian National University, Australia Mark L. J. Wright, University of California, USA Federico Weinschelbaum, University of San Andrés, Argentina Benu Schneider Fernando Navajas Marcus Miller, University of Warwick, UK Alfredo Schclarek Curutchet, National University of Córdoba, Argentina David Barr, Bank of England Oliver Bush, Bank of England Alex Pienkowski, Bank of England Enrique Kawamura, University of San Andrés, Argentina Daniel Heymann, University of Buenos Aires, Argentina Axel Leijonhufvud, University of California, USA Jorge Carrera, Central Bank of Argentina

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