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International Borrowing

RUMU SARKAR

in International Development Law: Rule of Law, Human Rights, and Global Finance

Published in print:
2009
Published Online:
February 2010
ISBN:
9780195398281
eISBN:
9780199866366
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195398281.003.005
Subject:
Law, Human Rights and Immigration, Public International Law

This chapter explains the international financial architecture supporting the financing of international development. It examines the international borrowing practices of sovereign states, and ... More


Overcoming Developing Country Debt Crises

Barry Herman, José Antonio Ocampo, and Shari Spiegel (eds)

Published in print:
2010
Published Online:
May 2010
ISBN:
9780199578788
eISBN:
9780191723049
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199578788.001.0001
Subject:
Economics and Finance, Macro- and Monetary Economics, Development, Growth, and Environmental

Developing country debt crises have been a recurrent phenomenon over the past two centuries. Despite the fact that several developing countries now have stronger economic fundamentals than they did ... More


Why the Code of Conduct for Resolving Sovereign Debt Crises Falls Short

Barry Herman

in Overcoming Developing Country Debt Crises

Published in print:
2010
Published Online:
May 2010
ISBN:
9780199578788
eISBN:
9780191723049
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199578788.003.0014
Subject:
Economics and Finance, Macro- and Monetary Economics, Development, Growth, and Environmental

This chapter turns our attention to a reform initiative driven by the private financial community in the form of a voluntary code of good conduct that would informally pressure the debtor countries ... More


Sovereign Debt: Notes on Theoretical Frameworks and Policy Analyses

Joseph E. Stiglitz

in Overcoming Developing Country Debt Crises

Published in print:
2010
Published Online:
May 2010
ISBN:
9780199578788
eISBN:
9780191723049
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199578788.003.0002
Subject:
Economics and Finance, Macro- and Monetary Economics, Development, Growth, and Environmental

This chapter focuses on what lessons might be drawn for sovereign insolvency from the principles underlying national policies for corporate or personal bankruptcy. It then develops a framework to ... More


Does Economic Union Require a Fiscal Union?

Andrew Scott

in From Single Market to Economic Union: Essays in Memory of John A. Usher

Published in print:
2012
Published Online:
September 2012
ISBN:
9780199695706
eISBN:
9780191741302
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199695706.003.0003
Subject:
Law, EU Law

This chapter discusses the fiscal policy dimension to European monetary union in the context of the current sovereign debt crisis. It addresses the central question of the extent to which the shift ... More


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


Turning the Crisis on its Head: Sovereign Debt Crisis as Banking Crisis in Italy and Greece

George Pagoulatos and Lucia Quaglia

in Market-Based Banking and the International Financial Crisis

Published in print:
2013
Published Online:
September 2013
ISBN:
9780199662289
eISBN:
9780191749209
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199662289.003.0008
Subject:
Economics and Finance, Financial Economics, Macro- and Monetary Economics

This chapter explains similarities and differences in the way in which two Southern European financial systems have been affected by the global financial crisis and have reacted to it. It is argued ... More


Abnormal Sources and Institutional Actions in the EU Sovereign Debt Crisis—ECB Crisis Management and the Sovereign Debt Loans

Claire Kilpatrick

in EU Legal Acts: Challenges and Transformations

Published in print:
2018
Published Online:
March 2018
ISBN:
9780198817468
eISBN:
9780191859120
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198817468.003.0004
Subject:
Law, EU Law

This chapter examines the institutional actions and acts produced in the context of the EU sovereign debt crisis. By identifying a number of these acts and actions as abnormal rather than merely ... More


The Financial Trilemma and the Vicious Circle of Banking and Sovereign Debt Crises

David Howarth and Lucia Quaglia

in The Political Economy of European Banking Union

Published in print:
2016
Published Online:
October 2016
ISBN:
9780198727927
eISBN:
9780191794216
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198727927.003.0003
Subject:
Economics and Finance, Financial Economics, Economic Systems

This chapter examines the causes and consequence of two interconnected crises—the international financial crisis (2007–9) and the euro area’s sovereign debt crisis (from 2010)—which formed the ... 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


Three Enforcement Mechanisms

Jerome Roos

in Why Not Default?

Published in print:
2019
Published Online:
May 2019
ISBN:
9780691180106
eISBN:
9780691184937
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691180106.003.0005
Subject:
Business and Management, Public Management

The structural power of finance in sovereign debt crises is a product of the financial sector's position as the principal creator of credit-money within the capitalist economy, and it revolves around ... More


Financial and Fiscal Policies: Crises and New Realities

Y. V. Reddy, Narayan Valluri, and Partha Ray

Published in print:
2014
Published Online:
November 2014
ISBN:
9780199452651
eISBN:
9780199084524
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199452651.001.0001
Subject:
Economics and Finance, Financial Economics

The world economy has been in a crisis mould since 2007. What started as a sub-prime crisis in the residential mortgage market in the US resulted in a global financial crisis, uneven recovery, and ... More


The Euro Area In Crisis, 2008–18

Christos Hadjiemmanuil

in The EU Law of Economic and Monetary Union

Published in print:
2020
Published Online:
March 2021
ISBN:
9780198793748
eISBN:
9780191927867
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198793748.003.0049
Subject:
Law, EU Law

In autumn 2008, just as the euro was approaching its tenth anniversary, the European Union (EU) became embroiled in the Global Financial Crisis (GFC). Elsewhere in the world, including in the US, ... More


The Increasing Regionalization of Monetary Sovereignty

Claus D. Zimmerman

in A Contemporary Concept of Monetary Sovereignty

Published in print:
2013
Published Online:
January 2014
ISBN:
9780199680740
eISBN:
9780191760686
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199680740.003.0005
Subject:
Law, Public International Law, Company and Commercial Law

This chapter examines a phenomenon which it seems appropriate to refer to as the increasing regionalization of monetary sovereignty, ie the joint exercise of monetary sovereignty in a monetary union ... More


Global Finance: Riches for the Few; Harm for the Many

John Linarelli, Margot E Salomon, and Muthucumaraswamy Sornarajah

in The Misery of International Law: Confrontations with Injustice in the Global Economy

Published in print:
2018
Published Online:
May 2018
ISBN:
9780198753957
eISBN:
9780191815812
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198753957.003.0006
Subject:
Law, Public International Law

This chapter explores how financial globalization of today fails to deliver enough of the right sort of finance necessary to promote development and productive investment in societies. The ... More


Sovereign Bond Markets

Francis X. Diebold and Yilmaz Kamil

in Financial and Macroeconomic Connectedness: A Network Approach to Measurement and Monitoring

Published in print:
2015
Published Online:
March 2015
ISBN:
9780199338290
eISBN:
9780190223830
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199338290.003.0005
Subject:
Economics and Finance, Macro- and Monetary Economics

The chapter analyzes the return and volatility connectedness of 12 developed country 10-year sovereign bonds. Return and volatility connectedness in international bond markets behave very differently ... More


Greece and the Idolatry of Debt

Martin Sandbu

in Europe's Orphan: The Future of the Euro and the Politics of Debt

Published in print:
2017
Published Online:
May 2018
ISBN:
9780691175942
eISBN:
9781400885510
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691175942.003.0003
Subject:
Business and Management, Political Economy

This chapter evaluates the case of Greece's sovereign debt crisis. Greece only makes up one-fiftieth of the eurozone economy. The problems it has caused the monetary union, however, are out of all ... More


Rating Reports as Figuring Documents: How Credit Rating Agencies Build Scenarios of the Future

Pierre Pénet

in Making Things Valuable

Published in print:
2015
Published Online:
October 2015
ISBN:
9780198712282
eISBN:
9780191780769
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198712282.003.0004
Subject:
Business and Management, Knowledge Management, Organization Studies

This chapter investigates the techniques credit rating agencies (CRAs) use to produce sovereign ratings. In market environments typical of times of crisis, CRAs do more than simply collect additional ... 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


Monetary Cooperation and Integration

Ulrich Krotz and Joachim Schild

in Shaping Europe: France, Germany, and Embedded Bilateralism from the Elysée Treaty to Twenty-First Century Politics

Published in print:
2012
Published Online:
May 2013
ISBN:
9780199660087
eISBN:
9780191751646
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199660087.003.0009
Subject:
Political Science, European Union, International Relations and Politics

From the onset of European monetary cooperation until the current eurozone crisis, France and Germany have been at the heart of European decision-making on monetary affairs. Monetary integration ... More


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