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Creating a Framework for Sovereign Debt Restructuring That Works

Martin Guzman and Joseph E. Stiglitz

in Too Little, Too Late: The Quest to Resolve Sovereign Debt Crises

Published in print:
2016
Published Online:
January 2017
ISBN:
9780231179263
eISBN:
9780231542029
Item type:
chapter
Publisher:
Columbia University Press
DOI:
10.7312/columbia/9780231179263.003.0002
Subject:
Economics and Finance, Macro- and Monetary Economics

Recent controversies surrounding sovereign debt restructurings show the weaknesses of the current market-based system in achieving efficient and fair solutions to sovereign debt crises. This article ... More


Too Little, Too Late: The Quest to Resolve Sovereign Debt Crises

Martin Guzman, José Antonio Ocampo, and Joseph E. Stiglitz (eds)

Published in print:
2016
Published Online:
January 2017
ISBN:
9780231179263
eISBN:
9780231542029
Item type:
book
Publisher:
Columbia University Press
DOI:
10.7312/columbia/9780231179263.001.0001
Subject:
Economics and Finance, Macro- and Monetary Economics

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 ... More


Contractual and Voluntary Approaches to Sovereign Debt Restructuring: There is Still More to do

Richard Gitlin and Brett House

in Too Little, Too Late: The Quest to Resolve Sovereign Debt Crises

Published in print:
2016
Published Online:
January 2017
ISBN:
9780231179263
eISBN:
9780231542029
Item type:
chapter
Publisher:
Columbia University Press
DOI:
10.7312/columbia/9780231179263.003.0008
Subject:
Economics and Finance, Macro- and Monetary Economics

The international community made some important advances in recent years to reduce the costs of sovereign debt restructuring for debtors and creditors through improved contractual language for bond ... More


Sovereign Debt of Developing Countries: Overview of Trends and Policy Perspectives

Marilou Uy and Shichao Zhou

in Too Little, Too Late: The Quest to Resolve Sovereign Debt Crises

Published in print:
2016
Published Online:
January 2017
ISBN:
9780231179263
eISBN:
9780231542029
Item type:
chapter
Publisher:
Columbia University Press
DOI:
10.7312/columbia/9780231179263.003.0003
Subject:
Economics and Finance, Macro- and Monetary Economics

This paper focuses on the sovereign debt of developing countries, particularly over the last decade. It provides an overview of broadly favorable public debt trends in developing countries. It notes ... More


Count the Limbs: Designing Robust Aggregation Clauses in Sovereign Bonds

Anna Gelpern, Ben Heller, and Brad Setser

in Too Little, Too Late: The Quest to Resolve Sovereign Debt Crises

Published in print:
2016
Published Online:
January 2017
ISBN:
9780231179263
eISBN:
9780231542029
Item type:
chapter
Publisher:
Columbia University Press
DOI:
10.7312/columbia/9780231179263.003.0007
Subject:
Economics and Finance, Macro- and Monetary Economics

Count the Limbs: Designing Robust Aggregation Clauses in Sovereign Bonds, by Anna Gelpern, Ben Heller, and Brad Setser


Theoretical Underpinnings of Sovereign Debt

Hayk Kupelyants

in Sovereign Defaults Before Domestic Courts

Published in print:
2018
Published Online:
July 2018
ISBN:
9780198807230
eISBN:
9780191844942
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198807230.003.0002
Subject:
Law, Company and Commercial Law

Chapter 1 sets out the theoretical underpinnings of sovereign borrowing and litigation. It first examines the dual nature of sovereign debt that may be characterised as either private or public, and ... More


Sovereign Debt Restructurings as Exercises of International Public Authority: Towards a Decentralized Sovereign Insolvency Law

Armin von Bogdandy and Matthias Goldmann

in Sovereign Financing and International Law: The UNCTAD Principles on Responsible Sovereign Lending and Borrowing

Published in print:
2013
Published Online:
January 2014
ISBN:
9780199674374
eISBN:
9780191752315
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199674374.003.0003
Subject:
Law, Company and Commercial Law, Public International Law

This paper argues that many sovereign debt restructurings as agreed between defaulting states and their multilateral, bilateral, or private creditors constitute exercises of international public ... More


Hard, Soft, and Embedded: Implementing Principles on Promoting Responsible Sovereign Lending and Borrowing

Anna Gelpern

in Sovereign Financing and International Law: The UNCTAD Principles on Responsible Sovereign Lending and Borrowing

Published in print:
2013
Published Online:
January 2014
ISBN:
9780199674374
eISBN:
9780191752315
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199674374.003.0016
Subject:
Law, Company and Commercial Law, Public International Law

This chapter considers concrete strategies for implementing the Principles. It draws on studies in soft law and new governance, and on the recent experience in promoting best practices in ... More


A Brief History of Sovereign Debt Resolution and a Proposal for a Multilateral Instrument

José Antonio Ocampo

in Too Little, Too Late: The Quest to Resolve Sovereign Debt Crises

Published in print:
2016
Published Online:
January 2017
ISBN:
9780231179263
eISBN:
9780231542029
Item type:
chapter
Publisher:
Columbia University Press
DOI:
10.7312/columbia/9780231179263.003.0011
Subject:
Economics and Finance, Macro- and Monetary Economics

The chapter provides a history of debt crises resolution and the rise of the current “non-system,” which mixes the Paris Club for official debts, voluntary renegotiations with private creditors and ... More


Sovereign Debt and Human Rights

Ilias Bantekas and Cephas Lumina (eds)

Published in print:
2018
Published Online:
January 2019
ISBN:
9780198810445
eISBN:
9780191847783
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198810445.001.0001
Subject:
Law, Human Rights and Immigration, Public International Law

The first book to address the links between sovereign debt and human rights. Authors are renowned jurists, economics, historians and social scientists, all of which examine the links between debt and ... More


The Historical Context of Sovereign Debt

Kim Oosterlinck

in Sovereign Debt and Human Rights

Published in print:
2018
Published Online:
January 2019
ISBN:
9780198810445
eISBN:
9780191847783
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198810445.003.0002
Subject:
Law, Human Rights and Immigration, Public International Law

Sovereign debt crises are not a new phenomenon. Thus, history offers useful insights into the complex nature of sovereign debts and ways of addressing debt crises. This chapter explores sovereign ... More


A Taxonomy of Challenges to Sovereign Debt Restructurings

Hayk Kupelyants

in Sovereign Defaults Before Domestic Courts

Published in print:
2018
Published Online:
July 2018
ISBN:
9780198807230
eISBN:
9780191844942
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198807230.003.0008
Subject:
Law, Company and Commercial Law

Chapter 7 presents a taxonomy of challenges to the outcomes of sovereign debt restructuring, i.e. in what cases private creditors may argue that the restructurings was abusive, oppressive or ... More


Improving Debt Management on the Basis of UNCTAD’s Principles

Kunibert Raffer

in Sovereign Financing and International Law: The UNCTAD Principles on Responsible Sovereign Lending and Borrowing

Published in print:
2013
Published Online:
January 2014
ISBN:
9780199674374
eISBN:
9780191752315
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199674374.003.0008
Subject:
Law, Company and Commercial Law, Public International Law

Markets need reliable frameworks to operate efficiently. Sovereign lending still lacks such rules. UNCTAD’s Principles are a first and important initiative to improve the functioning of these ... More


Sovereign Debt Restructuring: A Coasean Perspective

James A. Haley

in Too Little, Too Late: The Quest to Resolve Sovereign Debt Crises

Published in print:
2016
Published Online:
January 2017
ISBN:
9780231179263
eISBN:
9780231542029
Item type:
chapter
Publisher:
Columbia University Press
DOI:
10.7312/columbia/9780231179263.003.0009
Subject:
Economics and Finance, Macro- and Monetary Economics

The chapter points to the importance of creditor committees for achieving successful sovereign debt restructurings. He claims that a more widespread utilization of creditor committees would minimize ... More


Defences to Repayment

Hayk Kupelyants

in Sovereign Defaults Before Domestic Courts

Published in print:
2018
Published Online:
July 2018
ISBN:
9780198807230
eISBN:
9780191844942
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198807230.003.0007
Subject:
Law, Company and Commercial Law

Chapter 6 addresses the range of substantive defences that the sovereign debtor may raise against the repayment of the debt. The chapter argues for full repayment of sovereign debt, unless one or ... More


Jurisdiction and Cognate Matters

Hayk Kupelyants

in Sovereign Defaults Before Domestic Courts

Published in print:
2018
Published Online:
July 2018
ISBN:
9780198807230
eISBN:
9780191844942
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198807230.003.0004
Subject:
Law, Company and Commercial Law

Chapter 3 examines the international jurisdiction in sovereign debt disputes and particularly the following matters: service of proceedings; the jurisdiction under the Brussels Regulation, the ... More


Making a Legal Framework for Sovereign Debt Restructuring Operational: The Case for a Sovereign Debt Workout Institution

Jürgen Kaiser

in Too Little, Too Late: The Quest to Resolve Sovereign Debt Crises

Published in print:
2016
Published Online:
January 2017
ISBN:
9780231179263
eISBN:
9780231542029
Item type:
chapter
Publisher:
Columbia University Press
DOI:
10.7312/columbia/9780231179263.003.0013
Subject:
Economics and Finance, Macro- and Monetary Economics

The chapter discusses the “institutionalization” of a multinational framework for sovereign debt restructuring. In Kaiser’s view, the institutionalization should comply to three basic principles: ... More


Introduction: The Search for Common Principles

Carlos Espósito, Yuefen Li, and Juan Pablo Bohoslavsky

in Sovereign Financing and International Law: The UNCTAD Principles on Responsible Sovereign Lending and Borrowing

Published in print:
2013
Published Online:
January 2014
ISBN:
9780199674374
eISBN:
9780191752315
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199674374.003.0001
Subject:
Law, Company and Commercial Law, Public International Law

This introductory chapter explains the causes, evolution and economic implications of the current debt crisis. Then it makes the case that sovereign debt issues are mainly governed by domestic laws; ... More


Toward a Framework for Sovereign Debt Restructuring: What can Public International Law Contribute?

Robert Howse

in Too Little, Too Late: The Quest to Resolve Sovereign Debt Crises

Published in print:
2016
Published Online:
January 2017
ISBN:
9780231179263
eISBN:
9780231542029
Item type:
chapter
Publisher:
Columbia University Press
DOI:
10.7312/columbia/9780231179263.003.0015
Subject:
Economics and Finance, Macro- and Monetary Economics

Chapter 14: analyzes some of the possible elements of an international law approach to a multilateral framework for sovereign debt restructuring. The chapter draws extensively from the deliberations ... More


The Crisis in the Euro Zone

Assaf Razin

in Understanding Global Crises: An Emerging Paradigm

Published in print:
2015
Published Online:
May 2016
ISBN:
9780262028592
eISBN:
9780262327701
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262028592.003.0004
Subject:
Economics and Finance, International

The EMU by contrast is a dubious candidate for an optimal currency area because although it too trades intensively within the region, national work restrictions greatly impair intra-European labor ... More


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