Download or read book Sovereign Debt Restructuring the Role and Limits of Public International Law written by Annamaria Viterbo and published by . This book was released on 2020 with total page 259 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Sovereign Debt Restructuring The Role and Limits of Public International Law e Book written by VITERBO ANNAMARIA and published by G Giappichelli Editore. This book was released on 2020-06-09 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Sovereign Debt Restructuring The Role and Limits of Public International Law e Pub written by VITERBO ANNAMARIA and published by G Giappichelli Editore. This book was released on 2020-06-09 with total page 407 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Sovereign Debt Restructurings 1950 2010 written by Mr.Udaibir S. Das and published by International Monetary Fund. This book was released on 2012-08-01 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Rethinking Sovereign Debt written by Odette Lienau and published by Harvard University Press. This book was released on 2014-02-18 with total page 342 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Democracy and Financial Order Legal Perspectives written by Matthias Goldmann and published by Springer. This book was released on 2019-06-14 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Guidelines for Public Debt Management Amended written by International Monetary Fund and published by International Monetary Fund. This book was released on 2003-09-12 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: NULL

Download or read book Sovereign Debt Restructuring and Growth written by Lorenzo Forni and published by International Monetary Fund. This book was released on 2016-08-16 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the effect of sovereign debt restructurings with external private creditors on growth during the period 1970-2010. We find that there are bad and good (or not so bad) debt restructurings for growth. While growth generally declines in the aftermath of a sovereign debt restructuring, agreements that allow countries to exit a default spell (final restructurings) are associated with improving growth. The impact can be significant. In general, three years after restructuring, growth is about 5 percent lower compared to countries that did not face restructuring over the same period. The exception is for final restructurings, which result in positive growth in the years immediately after the restructuring. Final restructurings tend to be better for growth because they reduce countries’ debt, with the strongest effect for countries that exit restructurings with relatively low debt levels.

Download or read book The Fund s Lending Framework and Sovereign Debt Annexes written by International Monetary Fund and published by International Monetary Fund. This book was released on 2014-05-23 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt: NULL

Download or read book International Investment Law and the Global Financial Architecture written by Christian J. Tams and published by Edward Elgar Publishing. This book was released on 2017-02-24 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores whether investment law should protect against such regulatory measures, including where these have the support of multilateral institutions. It considers where the line should be drawn between legitimate regulation and undue interference with investor rights and, equally importantly, who draws it.

Download or read book The Fund s Lending Framework and Sovereign Debt Further Considerations written by and published by INTERNATIONAL MONETARY FUND. This book was released on 2015-09-04 with total page 99 pages. Available in PDF, EPUB and Kindle. Book excerpt: In discussing the June 2014 paper, Executive Directors broadly supported staff’s proposal to introduce more flexibility into the Fund’s exceptional access framework to reduce unnecessary costs for the member, its creditors, and the overall system. Directors’ views varied on staff’s proposal to eliminate the systemic exemption introduced in 2010. Many Directors favored removing the exemption but some others preferred to retain it and requested staff to consult further with relevant stakeholders on possible approaches to managing contagion. This paper offers specific proposals on how the Fund’s policy framework could be changed, presents staff’s analysis on the specific issue of managing contagion, and addresses some implementation issues. No Board decision is proposed at this stage. The paper is consistent with the Executive Board’s May 2013 endorsement of a work program focused on strengthening market-based approaches to resolving sovereign debt crises.

Download or read book Restructuring Sovereign Debt written by Lex Rieffel and published by Rowman & Littlefield. This book was released on 2003-09-05 with total page 372 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Western powers established the International Monetary Fund (IMF) and the World Bank after World War II as "permanent machinery" to anchor the Bretton Woods system. When developing countries began experiencing debt problems in the late 1960s, the Paris Club took shape as "ad hoc machinery" to restructure debt from export credit agencies. A decade later the London Club process emerged to handle workouts of commercial bank debt. Restructuring debt in the form of bonds became an issue in the late 1990s in Argentina and several other nations, and the IMF recently proposed a permanent mechanism to deal with that challenge. Restructuring Sovereign Debt explains why ad hoc machinery would function more effectively in the Bretton Woods system. By describing in detail the origins and operations of the London Club and Paris Club, Lex Rieffel highlights the pragmatism and flexibility associated with ad hoc approaches. He also recalls earlier proposals for creating permanent debt restructuring machinery and the reasons why they were not adopted. Recognizing that the issue of sovereign debt workout is complex, Rieffel has provided a comprehensive and detailed exposition of this important policy issue. Rieffel's book is an important tool for policymakers and the public, particularly as the global community seeks to resolve the debt problems of countries as diverse as Argentina, Iraq, and Côte d'Ivoire.

Download or read book Global Waves of Debt written by M. Ayhan Kose and published by World Bank Publications. This book was released on 2021-03-03 with total page 403 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book From Banking to Sovereign Stress Implications For Public Debt written by International Monetary Fund and published by International Monetary Fund. This book was released on 2014-12-22 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper explores how banking sector developments and characteristics influence the propagation of risks from the banking sector to sovereign debt, including how they affect the extent of fiscal costs of banking crises when those occur. It then proposes practices and policies for the fiscal authorities to help manage the risks and enhance crisis preparedness.

Download or read book Sovereign Debt Diplomacies written by Pierre Penet and published by Oxford University Press. This book was released on 2021 with total page 371 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book A Primer on Managing Sovereign Debt Portfolio Risks written by Thordur Jonasson and published by International Monetary Fund. This book was released on 2018-04-06 with total page 133 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Sovereign Debt and Human Rights written by Ilias Bantekas and published by Oxford University Press, USA. This book was released on 2019-01-15 with total page 641 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.