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Dealing with Sovereign Debt: Trends and Implications

Arturo C. Porzecanski

in Sovereign Debt at the Crossroads: Challenges and Proposals for Resolving the Third World Debt Crisis

Published in print:
2006
Published Online:
May 2006
ISBN:
9780195168006
eISBN:
9780199783458
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0195168003.003.0014
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter provides an overview of the reasons behind sovereign debt defaults. It discusses trends in external indebtedness (public and private) and in government indebtedness (domestic and ... More


Sovereign Defaults and the Corporation of Foreign Bondholders

Paolo Mauro, Nathan Sussman, and Yishay Yafeh

in Emerging Markets and Financial Globalization: Sovereign Bond Spreads in 1870-1913 and Today

Published in print:
2006
Published Online:
May 2006
ISBN:
9780199272693
eISBN:
9780191603488
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199272697.003.0007
Subject:
Economics and Finance, Financial Economics

This chapter analyzes the operations of the Corporation of Foreign Bondholders (CFB) — an association of British investors holding bonds issued by foreign governments — between 1870 and 1913. It ... More


The Sovereign Debt Puzzle

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/9780691180106.003.0001
Subject:
Business and Management, Public Management

This introductory chapter first sets out the book's purpose, which is to contribute to debates on the power of finance and the consequences of contemporary patterns in international crisis management ... More


The Internationalization of Finance

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/9780691180106.003.0007
Subject:
Business and Management, Public Management

This chapter takes a closer look at the main lending cycles of the 1820s and 1870s, as well as the creditors' responses to the subsequent waves of default. It suggests that key elements of the first ... More


From Great Depression to Financial Repression

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/9780691180106.003.0008
Subject:
Business and Management, Public Management

This chapter considers the mass defaults of the Great Depression. The economic shock played a decisive role in depleting foreign-exchange reserves and circumscribing the debtors' ability to pay. ... More


The Making of the Indebted State

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/9780691180106.003.0006
Subject:
Business and Management, Public Management

This chapter illustrates a number of basic points that will help contextualize the postwar decline in the incidence of sovereign default by setting this development against a broader historical ... More


Prologue

Mauricio Drelichman and Hans-Joachim Voth

in Lending to the Borrower from Hell: Debt, Taxes, and Default in the Age of Philip II

Published in print:
2014
Published Online:
October 2017
ISBN:
9780691151496
eISBN:
9781400848430
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691151496.003.0001
Subject:
Economics and Finance, Economic History

This prologue provides an overview of state debts and sovereign default in the sixteenth century, looking in particular at Philip II's defaults. The debts and defaults of Philip II suggest that there ... More


Bankers and Bolsheviks

Hassan Malik

Published in print:
2018
Published Online:
May 2019
ISBN:
9780691170169
eISBN:
9780691185002
Item type:
book
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691170169.001.0001
Subject:
Economics and Finance, Economic History

Following an unprecedented economic boom fed by foreign investment, the Russian Revolution triggered the worst sovereign default in history. This book tells the dramatic story of this boom and bust, ... More


Living and Dying with Hard Pegs: The Rise and Fall of Argentina's Currency Board

Augusto de la Torre, Eduardo Levy Yeyati, and Sergio L. Schmukler

in Monetary Unions and Hard Pegs: Effects on Trade, Financial Development, and Stability

Published in print:
2004
Published Online:
August 2004
ISBN:
9780199271405
eISBN:
9780191601200
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199271402.003.0011
Subject:
Economics and Finance, Economic Systems

The rise and fall of Argentina’s currency board illustrates the extent to which the advantages of hard pegs have been overstated. The currency board did not promote fiscal or monetary discipline, and ... More


International Bonds

Soutonnoma Ouedraogo, David Scofield, and Garrett C. Smith

in Debt Markets and Investments

Published in print:
2019
Published Online:
June 2020
ISBN:
9780190877439
eISBN:
9780190877460
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780190877439.003.0014
Subject:
Economics and Finance, Financial Economics

Given the size of the global sovereign debt market is nearly as large as the entire international equity market, a thorough understanding of this market is useful to academics and practitioners ... More


Out of Thin Air?: Tracing the Origins of the UNCTAD Principles in Customary International Law

Michael Waibel

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/9780199674374.003.0005
Subject:
Law, Company and Commercial Law, Public International Law

UNCTAD’s Principles are an innovative set of informal governance standards for sovereign borrowing and lending. This chapter considers to what extent existing state practice supports the Principles, ... More


The Great Depression of the 1930s: Lessons for Today

Nicholas Crafts and Peter Fearon (eds)

Published in print:
2013
Published Online:
May 2013
ISBN:
9780199663187
eISBN:
9780191749216
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199663187.001.0001
Subject:
Economics and Finance, Economic History

This collection of papers provides an authoritative introduction to the Great Depression as it affected the advanced countries in the 1930s. The contributions are by acknowledged experts in the field ... More


Debt, Default, and Interest Rates

Harold L. Cole

in Finance and Financial Intermediation: A Modern Treatment of Money, Credit, and Banking

Published in print:
2019
Published Online:
May 2019
ISBN:
9780190941697
eISBN:
9780190949068
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780190941697.003.0017
Subject:
Economics and Finance, Macro- and Monetary Economics, Financial Economics

This chapter discusses the history of debt crises, such as the Latin American debt crisis of the 1980s and Mexico’s Tequila Crisis of the mid-1990s, as well as the recent EU crisis. It lays out a ... More


Towards a More Ethical Lending to Sovereigns

Barry Herman

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/9780198810445.003.0019
Subject:
Law, Human Rights and Immigration, Public International Law

This chapter examines the relationship between a private household in one country and the foreign government whose bond the household has purchased. What is the ‘right’ thing for a household to want ... More


Debt Sustainability

Xavier Debrun, Jonathan D. Ostry, Tim Willems, and Charles Wyplosz

in Sovereign Debt: A Guide for Economists and Practitioners

Published in print:
2019
Published Online:
December 2019
ISBN:
9780198850823
eISBN:
9780191885693
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198850823.003.0005
Subject:
Economics and Finance, Macro- and Monetary Economics, Financial Economics

Why can Japan sustain debts above 200 percent of GDP, while Ukraine defaulted on its debt when it was 30 percent of GDP? This chapter investigates what causes a country to default and hence how to ... More


Curbing ‘Vulture Fund’ Litigation

Cephas Lumina

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/9780198810445.003.0027
Subject:
Law, Human Rights and Immigration, Public International Law

The lack of an international legal framework for the restructuring of sovereign debt, and the voluntary nature of current international debt restructuring initiatives have created opportunities for ... More


A Sovereign Debt Arbitral Mechanism from a Human Rights Perspective

Ilias Bantekas

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/9780198810445.003.0025
Subject:
Law, Human Rights and Immigration, Public International Law

From time to time, States experience difficulty in servicing their debts. This necessitates changes to the repayment terms of repayment on at least some of their debt—either that the terms are made ... More


An Unfair Union?

Pavlos Eleftheriadis

in A Union of Peoples

Published in print:
2020
Published Online:
June 2020
ISBN:
9780198854173
eISBN:
9780191888502
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198854173.003.0009
Subject:
Law, Constitutional and Administrative Law

Is the Eurozone fair? Since the member states jointly created a structurally flawed Eurozone, they remain jointly responsible for the asymmetric risks they created for the disadvantaged members. When ... More


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