Kim Oosterlinck
- Published in print:
- 2016
- Published Online:
- January 2017
- ISBN:
- 9780300190915
- eISBN:
- 9780300220933
- Item type:
- chapter
- Publisher:
- Yale University Press
- DOI:
- 10.12987/yale/9780300190915.003.0002
- Subject:
- Biology, Ecology
The first chapter details the nature of sovereign debts. The sovereign nature of the issuer has an enormous impact in terms of risk. At the very least, one may argue that sovereign bonds have a split ...
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The first chapter details the nature of sovereign debts. The sovereign nature of the issuer has an enormous impact in terms of risk. At the very least, one may argue that sovereign bonds have a split personality in terms of risk. Indeed, debt issued by a government can be considered as either the safest financial asset or one of the riskiest. This chapter details the incentives governments have to repay their debts. It further shows the difference between default and repudiation. When states default they declare themselves unable to repay their debts. In the case of repudiation the legality of the debts is questioned. The difference is especially relevant in the Russian case as the Soviets decided to repudiate the Tsarist debts to mark a clear break with the previous regime. The chapter ends by detailing how the nature of lenders may affect negotiations and reimbursement.Less
The first chapter details the nature of sovereign debts. The sovereign nature of the issuer has an enormous impact in terms of risk. At the very least, one may argue that sovereign bonds have a split personality in terms of risk. Indeed, debt issued by a government can be considered as either the safest financial asset or one of the riskiest. This chapter details the incentives governments have to repay their debts. It further shows the difference between default and repudiation. When states default they declare themselves unable to repay their debts. In the case of repudiation the legality of the debts is questioned. The difference is especially relevant in the Russian case as the Soviets decided to repudiate the Tsarist debts to mark a clear break with the previous regime. The chapter ends by detailing how the nature of lenders may affect negotiations and reimbursement.
Joseph A. Ranney
- Published in print:
- 2019
- Published Online:
- January 2020
- ISBN:
- 9781496822574
- eISBN:
- 9781496822604
- Item type:
- chapter
- Publisher:
- University Press of Mississippi
- DOI:
- 10.14325/mississippi/9781496822574.003.0004
- Subject:
- History, Political History
American states implemented many important legal reforms during the age of Andrew Jackson. Mississippi, always enthusiastic for Jackson, pioneered several of those reforms but was slow to adopt ...
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American states implemented many important legal reforms during the age of Andrew Jackson. Mississippi, always enthusiastic for Jackson, pioneered several of those reforms but was slow to adopt others. Mississippi was the first state to provide for popular election of all its judges (1832) and at the urging of Piety Smith Hadley, an underappreciated figure in women’s history, it was the first to give women the right to control their own property (1839). Mississippi judges strongly resisted federal judges’ efforts to limit the extent to which legislatures could regulate corporations. Mississippi legislators actively regulated banks and other fledgling corporations but also guaranteed many banks’ obligations in order to sustain the credit system on which the state’s cotton economy relied. When early banks failed and their obligations fell due, Mississippi, unlike most Jacksonian states, repudiated its guarantees and rejected legal challenges to repudiation.Less
American states implemented many important legal reforms during the age of Andrew Jackson. Mississippi, always enthusiastic for Jackson, pioneered several of those reforms but was slow to adopt others. Mississippi was the first state to provide for popular election of all its judges (1832) and at the urging of Piety Smith Hadley, an underappreciated figure in women’s history, it was the first to give women the right to control their own property (1839). Mississippi judges strongly resisted federal judges’ efforts to limit the extent to which legislatures could regulate corporations. Mississippi legislators actively regulated banks and other fledgling corporations but also guaranteed many banks’ obligations in order to sustain the credit system on which the state’s cotton economy relied. When early banks failed and their obligations fell due, Mississippi, unlike most Jacksonian states, repudiated its guarantees and rejected legal challenges to repudiation.
