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Author : Annamaria Viterbo
Publisher : Unknown
Page : 259 pages
File Size : 40,6 Mb
Release : 2020
Category : Electronic
ISBN : 8892133888
Author : VITERBO ANNAMARIA
Publisher : G Giappichelli Editore
Page : 128 pages
File Size : 40,9 Mb
Release : 2020-06-09
Category : Law
ISBN : 9788892187962
Author : VITERBO ANNAMARIA
Publisher : G Giappichelli Editore
Page : 407 pages
File Size : 54,6 Mb
Release : 2020-06-09
Category : Law
ISBN : 9788892189652
Author : Martin Guzman,José Antonio Ocampo,Joseph E. Stiglitz
Publisher : Columbia University Press
Page : 307 pages
File Size : 53,5 Mb
Release : 2016-05-10
Category : Business & Economics
ISBN : 9780231542029
The current approach to resolving sovereign debt crises does not work: sovereign debt restructurings come too late and address too little. Though unresolved debt crises impose enormous costs on societies, many recent restructurings have not been deep enough to provide the conditions for economic recovery (as illustrated by the Greek debt restructuring of 2012). And if the debtor decides not to accept the terms demanded by the creditors, finalizing a restructuring can be slowed by legal challenges (as illustrated by the recent case of Argentina, deemed as "the trial of the century"). A fresh start for distressed debtors is a basic principle of a well-functioning market economy, yet there is no international bankruptcy framework for sovereign debts. While this problem is not new, the United Nations and the global community are now willing to do something about it. Providing guidance for those who intend to take up reform, this book assesses the relative merits of various debt-restructuring proposals, especially in relation to the main deficiencies of the current nonsystem. With contributions by leading academics and practitioners, Too Little, Too Late reflects the overwhelming consensus among specialists on the need to find workable solutions.
Author : Mr.Udaibir S. Das,Mr.Michael G Papaioannou,Christoph Trebesch
Publisher : International Monetary Fund
Page : 128 pages
File Size : 54,7 Mb
Release : 2012-08-01
Category : Business & Economics
ISBN : 9781475505535
This paper provides a comprehensive survey of pertinent issues on sovereign debt restructurings, based on a newly constructed database. This is the first complete dataset of sovereign restructuring cases, covering the six decades from 1950–2010; it includes 186 debt exchanges with foreign banks and bondholders, and 447 bilateral debt agreements with the Paris Club. We present new stylized facts on the outcome and process of debt restructurings, including on the size of haircuts, creditor participation, and legal aspects. In addition, the paper summarizes the relevant empirical literature, analyzes recent restructuring episodes, and discusses ongoing debates on crisis resolution mechanisms, credit default swaps, and the role of collective action clauses.
Author : Matthias Goldmann,Silvia Steininger
Publisher : Springer
Page : 230 pages
File Size : 41,6 Mb
Release : 2019-06-14
Category : Law
ISBN : 366258560X
This book discusses the relationship between democracy and the financial order from various legal perspectives. Each of the nine contributions adopts a unique perspective on the legal and political challenges brought to the fore by the Global Financial Crisis. This crisis and the ensuing sovereign debt crisis in Europe are only the latest in a long series of financial crises around the globe in recent decades. By their very existence, but also as a result of the political turmoil they have created, these financial crises testify to the well-known tensions between democracy and a market-based economic and financial order. However, what is missing in this debate is an analysis of the role of law for reconciling democracy with a market-based financial order. To fill this lacuna, the book focuses on the controversy surrounding the concept of law, thereby adding another variable to the debate on the relation between democracy and capitalism. Each chapter addresses the concept of law from a particular theoretical angle, be it a full-grown legal theory or an approach in political economy that has a particular view of the law.
Author : Odette Lienau
Publisher : Harvard University Press
Page : 342 pages
File Size : 47,7 Mb
Release : 2014-02-18
Category : Business & Economics
ISBN : 9780674726406
Conventional wisdom holds that all nations must repay debt. Regardless of the legitimacy of the regime that signs the contract, a country that fails to honor its obligations damages its reputation. Yet should today's South Africa be responsible for apartheid-era debt? Is it reasonable to tether postwar Iraq with Saddam Hussein's excesses? Rethinking Sovereign Debt is a probing analysis of how sovereign debt continuity--the rule that nations should repay loans even after a major regime change, or else expect consequences--became dominant. Odette Lienau contends that the practice is not essential for functioning capital markets, and demonstrates its reliance on absolutist ideas that have come under fire over the last century. Lienau traces debt continuity from World War I to the present, emphasizing the role of government officials, the World Bank, and private markets in shaping our existing framework. Challenging previous accounts, she argues that Soviet Russia's repudiation of Tsarist debt and Great Britain's 1923 arbitration with Costa Rica hint at the feasibility of selective debt cancellation. Rethinking Sovereign Debt calls on scholars and policymakers to recognize political choice and historical precedent in sovereign debt and reputation, in order to move beyond an impasse when a government is overthrown.
Author : International Monetary Fund,World Bank
Publisher : International Monetary Fund
Page : 39 pages
File Size : 51,7 Mb
Release : 2003-09-12
Category : Business & Economics
ISBN : 9781498328920
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Author : Ilias Bantekas,Cephas Lumina
Publisher : Oxford University Press, USA
Page : 641 pages
File Size : 42,9 Mb
Release : 2019-01-15
Category : Law
ISBN : 9780198810445
Sovereign debt is necessary for the functioning of many modern states, yet its impact on human rights is underexplored in academic literature. This volume provides the reader with a step-by-step analysis of the debt phenomenon and how it affects human rights. Beginning by setting out thehistorical, political and economic context of sovereign debt, the book goes on to address the human rights dimension of the policies and activities of the three types of sovereign lenders: international financial institutions (IFIs), sovereigns and private lenders.Bantekas and Lumina, along with a team of global experts, establish the link between debt and the manner in which the accumulation of sovereign debt violates human rights, examining some of the conditions imposed by structural adjustment programs on debtor states with a view to servicing their debt.They outline how such conditions have been shown to exacerbate the debt itself at the expense of economic sovereignty, concluding that such measures worsen the borrower's economic situation, and are injurious to the entrenched rights of peoples.
Author : Matthias Herdegen
Publisher : Oxford University Press
Page : 657 pages
File Size : 51,6 Mb
Release : 2024-07-04
Category : Business & Economics
ISBN : 9780198897835
Herdegen's Principles of International Economic Law has established itself as a leading textbook in the field. This fully updated third edition covers areas of growing relevance in international economic law, including corporate social responsibility, challenges for WTO law, the impact of human rights and environmental law, and cryptocurrencies.
Author : M. Ayhan Kose,Peter Nagle,Franziska Ohnsorge,Naotaka Sugawara
Publisher : World Bank Publications
Page : 403 pages
File Size : 50,8 Mb
Release : 2021-03-03
Category : Business & Economics
ISBN : 9781464815454
The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.
Author : Thordur Jonasson,Mr.Michael G. Papaioannou
Publisher : International Monetary Fund
Page : 133 pages
File Size : 49,9 Mb
Release : 2018-04-06
Category : Business & Economics
ISBN : 9781484350546
This paper provides an overview of sovereign debt portfolio risks and discusses various liability management operations (LMOs) and instruments used by public debt managers to mitigate these risks. Debt management strategies analyzed in the context of helping reach debt portfolio targets and attain desired portfolio structures. Also, the paper outlines how LMOs could be integrated into a debt management strategy and serve as policy tools to reduce potential debt portfolio vulnerabilities. Further, the paper presents operational issues faced by debt managers, including the need to develop a risk management framework, interactions of debt management with fiscal policy, monetary policy, and financial stability, as well as efficient government bond markets.
Author : Emma Luce Scali
Publisher : Cambridge University Press
Page : 217 pages
File Size : 44,8 Mb
Release : 2022-02-24
Category : Law
ISBN : 9781108494007
Argues that the 'neoliberalisation' of international and EU law has been advanced in the wake of the Eurozone debt crisis.
Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 112 pages
File Size : 44,8 Mb
Release : 2014-05-23
Category : Business & Economics
ISBN : 9781498343336
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Author : Pierre Penet,Juan Flores Zendejas
Publisher : Oxford University Press
Page : 371 pages
File Size : 54,9 Mb
Release : 2021
Category : Business & Economics
ISBN : 9780198866350
This is an open access title available under the terms of a CC BY-NC-ND 4.0 International licence. It is free to read at Oxford Scholarship Online and offered as a free PDF download from OUP and selected open access locations. Sovereign Debt Diplomacies aims to revisit the meaning of sovereign debt in relation to colonial history and postcolonial developments. It offers three main contributions. The first contribution is historical. The volume historicises a research field that has so far focused primarily on the post-1980 years. A focus on colonial debt from the 19th century building of colonial empires to the decolonisation era in the 1960s-70s fills an important gap in recent debt historiographies. Economic historians have engaged with colonialism only reluctantly or en passant, giving credence to the idea that colonialism is not a development that deserves to be treated on its own. This has led to suboptimal developments in recent scholarship. The second contribution adds a 'law and society' dimension to studies of debt. The analytical payoff of the exercise is to capture the current developments and functional limits of debt contracting and adjudication in relation to the long-term political and sociological dynamics of sovereignty. Finally, Sovereign Debt Diplomacies imports insights from, and contributes to the body of research currently developed in the Humanities under the label 'colonial and postcolonial studies'. The emphasis on 'history from below' and focus on 'subaltern agency' usefully complement the traditional elite-perspective on financial imperialism favoured by the British school of empire history.
