Paolo Mauro, Nathan Sussman, and Yishay Yafeh
- Published in print:
- 2006
- Published Online:
- May 2006
- ISBN:
- 9780199272693
- eISBN:
- 9780191603488
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199272697.003.0008
- Subject:
- Economics and Finance, Financial Economics
This concluding chapter reiterates three main themes emphasized in the book. The first is that institutional and political reforms seldom reduce the cost of capital quickly; other types of events, ...
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This concluding chapter reiterates three main themes emphasized in the book. The first is that institutional and political reforms seldom reduce the cost of capital quickly; other types of events, especially wars and episodes of politically-motivated violence, have a far more immediate and pronounced impact on the cost of borrowing. The second theme is that country-specific developments played a more important role in determining spreads in 1870-1913 than they did in the 1990s, as reflected in the high co-movement of bond spreads today. The third theme is that the existence of institutions aimed at resolving debt crises may have contributed to the continuous expansion of the international bond market in the 19th century, but creditor coordination is likely to be less effective today.Less
This concluding chapter reiterates three main themes emphasized in the book. The first is that institutional and political reforms seldom reduce the cost of capital quickly; other types of events, especially wars and episodes of politically-motivated violence, have a far more immediate and pronounced impact on the cost of borrowing. The second theme is that country-specific developments played a more important role in determining spreads in 1870-1913 than they did in the 1990s, as reflected in the high co-movement of bond spreads today. The third theme is that the existence of institutions aimed at resolving debt crises may have contributed to the continuous expansion of the international bond market in the 19th century, but creditor coordination is likely to be less effective today.
Michael Chui and Prasanna Gai
- Published in print:
- 2005
- Published Online:
- July 2005
- ISBN:
- 9780199267750
- eISBN:
- 9780191602504
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199267758.001.0001
- Subject:
- Economics and Finance, Financial Economics
This book offers an analytical perspective on the policy debate on the design and reform of the international financial architecture. It stresses the role played by coordination problems in the ...
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This book offers an analytical perspective on the policy debate on the design and reform of the international financial architecture. It stresses the role played by coordination problems in the origin and management of crises by relating the insights of the new literature on global games to earlier work on currency crises, bank runs, and sovereign debt default. It draws on recent research and policy work to examine the debate on the design of sovereign bankruptcy procedures, the role of the IMF in influencing the actions of creditors and debtors, and the role of private sector involvement in the management of financial crises.Less
This book offers an analytical perspective on the policy debate on the design and reform of the international financial architecture. It stresses the role played by coordination problems in the origin and management of crises by relating the insights of the new literature on global games to earlier work on currency crises, bank runs, and sovereign debt default. It draws on recent research and policy work to examine the debate on the design of sovereign bankruptcy procedures, the role of the IMF in influencing the actions of creditors and debtors, and the role of private sector involvement in the management of financial crises.
Byron L. Sherwin
- Published in print:
- 2009
- Published Online:
- February 2010
- ISBN:
- 9780195336238
- eISBN:
- 9780199868520
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195336238.001.0001
- Subject:
- Religion, Judaism
Recent sociological studies have confirmed the persistence of profound internal challenges to the continuity of Judaism as a religion and to the Jews as a people. These challenges are eroding the ...
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Recent sociological studies have confirmed the persistence of profound internal challenges to the continuity of Judaism as a religion and to the Jews as a people. These challenges are eroding the foundations of Jewish identity and are threatening the authenticity of Judaism as a historical living faith-tradition. This work “makes the case” for a return to Jewish theology as a means of restoring Jewish authenticity and for reversing self-destructive trends. After identifying and critiquing various “substitute faiths” embraced by many contemporary Jews in Chapters One and Two, the nature and goals of Jewish theology are examined (Chapter Three). Rather than depicting theology as “faith seeking understanding,” the chapters that follow present a comprehensive theology of Judaism, deeply rooted in classical Jewish texts, and an understanding of theology as “faith seeking meaning (Chapter Four). Rather than portraying theology, as often has been the case, as a systematic creed imposed from without, theology is presented here as an outcome of the dialogue between an individual's quest for meaning and the spiritual and intellectual resources of a historical faith-tradition—in this case, Judaism. Features of faith such as living in a covenantal relationship (Chapter Five), seeking a rendezvous with God in the self, the sacred word, the world, and the sacred and ethical deed, are offered as paths to individual meaning and to creating one's life as a work of art (Chapter Six), despite the challenges of evil and absurdity encountered in daily experience (Chapters Seven and Eight).Less
Recent sociological studies have confirmed the persistence of profound internal challenges to the continuity of Judaism as a religion and to the Jews as a people. These challenges are eroding the foundations of Jewish identity and are threatening the authenticity of Judaism as a historical living faith-tradition. This work “makes the case” for a return to Jewish theology as a means of restoring Jewish authenticity and for reversing self-destructive trends. After identifying and critiquing various “substitute faiths” embraced by many contemporary Jews in Chapters One and Two, the nature and goals of Jewish theology are examined (Chapter Three). Rather than depicting theology as “faith seeking understanding,” the chapters that follow present a comprehensive theology of Judaism, deeply rooted in classical Jewish texts, and an understanding of theology as “faith seeking meaning (Chapter Four). Rather than portraying theology, as often has been the case, as a systematic creed imposed from without, theology is presented here as an outcome of the dialogue between an individual's quest for meaning and the spiritual and intellectual resources of a historical faith-tradition—in this case, Judaism. Features of faith such as living in a covenantal relationship (Chapter Five), seeking a rendezvous with God in the self, the sacred word, the world, and the sacred and ethical deed, are offered as paths to individual meaning and to creating one's life as a work of art (Chapter Six), despite the challenges of evil and absurdity encountered in daily experience (Chapters Seven and Eight).
Steffen Hindelang
- Published in print:
- 2009
- Published Online:
- September 2009
- ISBN:
- 9780199572656
- eISBN:
- 9780191705540
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199572656.001.0001
- Subject:
- Law, EU Law
The book presents a coherent doctrinal construction of the EC Treaty provisions on free movement of capital in a third-country context with a focus on direct investment. The respective regime ...
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The book presents a coherent doctrinal construction of the EC Treaty provisions on free movement of capital in a third-country context with a focus on direct investment. The respective regime applicable to intra-Community capital movement serves as a point of reference and a benchmark and, thus, is also part of a substantial review. The central question of the study is: What rights does a private market participant, engaged in cross border direct investment originating from or directed to a non EC Member State, enjoy by virtue of Article 56 EC et seqq.? The book argues that in principle, the provisions on free movement of capital apply the same liberal standards irrespective of whether intra-Community or third country direct investment is involved. Hence, those who participate in third country direct investment enjoy essentially the same guarantees by virtue of the provisions on free movement of capital as those active in intra-Community direct investment. The book's subject matter is highly topical and of considerable relevance. Currently, neo protectionist ideas are on the rise within the Member States of the EC. The Member States face considerable problems in acclimating themselves to increasing inward direct investment originating from developing and emerging market countries. Scepticism increases, at times bordering on irrational blunt hostility, if an investment is placed by a so called sovereign wealth fund headquartered in an emerging market. Political opinion after a very emotional debate has been strong enough that some Member States have started tightening their regulatory framework on foreign direct investment. However, such protectionist regulatory measures restricting the admission and treatment of foreign direct investment cannot be imposed ad libitum. They must be measured against the freedom of capital movement.Less
The book presents a coherent doctrinal construction of the EC Treaty provisions on free movement of capital in a third-country context with a focus on direct investment. The respective regime applicable to intra-Community capital movement serves as a point of reference and a benchmark and, thus, is also part of a substantial review. The central question of the study is: What rights does a private market participant, engaged in cross border direct investment originating from or directed to a non EC Member State, enjoy by virtue of Article 56 EC et seqq.? The book argues that in principle, the provisions on free movement of capital apply the same liberal standards irrespective of whether intra-Community or third country direct investment is involved. Hence, those who participate in third country direct investment enjoy essentially the same guarantees by virtue of the provisions on free movement of capital as those active in intra-Community direct investment. The book's subject matter is highly topical and of considerable relevance. Currently, neo protectionist ideas are on the rise within the Member States of the EC. The Member States face considerable problems in acclimating themselves to increasing inward direct investment originating from developing and emerging market countries. Scepticism increases, at times bordering on irrational blunt hostility, if an investment is placed by a so called sovereign wealth fund headquartered in an emerging market. Political opinion after a very emotional debate has been strong enough that some Member States have started tightening their regulatory framework on foreign direct investment. However, such protectionist regulatory measures restricting the admission and treatment of foreign direct investment cannot be imposed ad libitum. They must be measured against the freedom of capital movement.
Kunibert Raffer
- Published in print:
- 2006
- Published Online:
- May 2006
- ISBN:
- 9780195168006
- eISBN:
- 9780199783458
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195168003.003.0013
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This chapter argues that that the IMF's sovereign debt restructuring mechanism (SDRM) is misguided in several ways. Most importantly, the SDRM proposal leaves the IMF itself in the position of having ...
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This chapter argues that that the IMF's sovereign debt restructuring mechanism (SDRM) is misguided in several ways. Most importantly, the SDRM proposal leaves the IMF itself in the position of having to make two crucial decisions: whether to endorse a stay of payments to creditors, and what amount of debt is “sustainable”, i.e., how much debt should be written off. This decision-making capacity creates a conflict of interest, as the IMF itself is almost always a creditor to countries experiencing debt crises. As an alternative to the IMF's SDRM, a mechanism modeled on Chapter 9 of the US bankruptcy code is proposed, which applies to municipalities and resolves some of the knotty problems of dealing with public (as compared with private) insolvency. This approach would rely on ad hoc panels formed by the debtor and creditor committees and therefore would not require that the IMF serve as arbitrator.Less
This chapter argues that that the IMF's sovereign debt restructuring mechanism (SDRM) is misguided in several ways. Most importantly, the SDRM proposal leaves the IMF itself in the position of having to make two crucial decisions: whether to endorse a stay of payments to creditors, and what amount of debt is “sustainable”, i.e., how much debt should be written off. This decision-making capacity creates a conflict of interest, as the IMF itself is almost always a creditor to countries experiencing debt crises. As an alternative to the IMF's SDRM, a mechanism modeled on Chapter 9 of the US bankruptcy code is proposed, which applies to municipalities and resolves some of the knotty problems of dealing with public (as compared with private) insolvency. This approach would rely on ad hoc panels formed by the debtor and creditor committees and therefore would not require that the IMF serve as arbitrator.
Christopher Balding
- Published in print:
- 2012
- Published Online:
- May 2012
- ISBN:
- 9780199842902
- eISBN:
- 9780199932498
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199842902.001.0001
- Subject:
- Economics and Finance, Financial Economics
Sovereign wealth funds are a dynamic and sizeable force in international finance. There is surprisingly little information about their history, economics, investments, and politics. This book seeks ...
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Sovereign wealth funds are a dynamic and sizeable force in international finance. There is surprisingly little information about their history, economics, investments, and politics. This book seeks to provide a better understanding of sovereign wealth funds beginning with their history and their evolution from small stabilization funds into major institutional investors. Then the book turns to the economics and finance of sovereign wealth funds seeking to understand the unique challenges facing states that establish sovereign wealth funds and how well they accomplish their task of stabilizing small oil dependent states and managing surplus capital reserves. Despite the focus on the potential for sovereign wealth funds to leverage their financial capital into foreign policy influence, the political ramifications of concentrated public wealth is demonstrated through distorted local economies and stunted domestic politics. Using a variety of case studies from major and unique sovereign wealth fund states coupled with an analysis of their historical, economic, and financial framework, this books lays out a framework of the challenges facing sovereign wealth funds and their founding states.Less
Sovereign wealth funds are a dynamic and sizeable force in international finance. There is surprisingly little information about their history, economics, investments, and politics. This book seeks to provide a better understanding of sovereign wealth funds beginning with their history and their evolution from small stabilization funds into major institutional investors. Then the book turns to the economics and finance of sovereign wealth funds seeking to understand the unique challenges facing states that establish sovereign wealth funds and how well they accomplish their task of stabilizing small oil dependent states and managing surplus capital reserves. Despite the focus on the potential for sovereign wealth funds to leverage their financial capital into foreign policy influence, the political ramifications of concentrated public wealth is demonstrated through distorted local economies and stunted domestic politics. Using a variety of case studies from major and unique sovereign wealth fund states coupled with an analysis of their historical, economic, and financial framework, this books lays out a framework of the challenges facing sovereign wealth funds and their founding states.
Raquel García Alcubilla and Javier Ruiz del Pozo
- Published in print:
- 2012
- Published Online:
- May 2012
- ISBN:
- 9780199608867
- eISBN:
- 9780191739125
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199608867.001.0001
- Subject:
- Economics and Finance, Financial Economics, Macro- and Monetary Economics
In a non-technical language, the book provides an overview of the history of ratings, the role of rating agencies, the industry, the uses of ratings and the rating process. The US subprime crisis ...
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In a non-technical language, the book provides an overview of the history of ratings, the role of rating agencies, the industry, the uses of ratings and the rating process. The US subprime crisis that highlighted relevant deficiencies in the rating agencies’ activities and their systemic relevance, led to an international consensus to establish public oversight and regulation of the rating business. The book explains the global initiatives undertaken by the G-20, the Financial Stability Board, and IOSCO to address those failures and the European implementation of such a consensus. It also provides an overview of the new European System of Financial Supervisors implemented as a reaction to the crisis and examines the supervisory and enforcement powers of ESMA, the new authority in charge of the registration and oversight of rating agencies. Through an in-depth analysis of the European Regulation’s requirements on governance, conflicts of interest, methodologies, disclosures, and transparency, the book provides a clear explanation of how rating agencies operate and how the identified failures have been addressed. The explanation of all these aspects is complemented with an analysis of guidance from supervisors (ESMA and EBA), IOSCO’s recommendations, and US legislation. Finally, the book discusses possible new regulatory developments in areas such as the agencies’ business model, competition, civil liability, and ratings of sovereign debt. It concludes with the authors’ support for an enhanced regulatory and oversight coordination at global level, a reduction of the existing over-reliance on ratings, and a concentration of resources on the enforcement of the current regulatory regime.Less
In a non-technical language, the book provides an overview of the history of ratings, the role of rating agencies, the industry, the uses of ratings and the rating process. The US subprime crisis that highlighted relevant deficiencies in the rating agencies’ activities and their systemic relevance, led to an international consensus to establish public oversight and regulation of the rating business. The book explains the global initiatives undertaken by the G-20, the Financial Stability Board, and IOSCO to address those failures and the European implementation of such a consensus. It also provides an overview of the new European System of Financial Supervisors implemented as a reaction to the crisis and examines the supervisory and enforcement powers of ESMA, the new authority in charge of the registration and oversight of rating agencies. Through an in-depth analysis of the European Regulation’s requirements on governance, conflicts of interest, methodologies, disclosures, and transparency, the book provides a clear explanation of how rating agencies operate and how the identified failures have been addressed. The explanation of all these aspects is complemented with an analysis of guidance from supervisors (ESMA and EBA), IOSCO’s recommendations, and US legislation. Finally, the book discusses possible new regulatory developments in areas such as the agencies’ business model, competition, civil liability, and ratings of sovereign debt. It concludes with the authors’ support for an enhanced regulatory and oversight coordination at global level, a reduction of the existing over-reliance on ratings, and a concentration of resources on the enforcement of the current regulatory regime.
Roger M. Barker
- Published in print:
- 2010
- Published Online:
- May 2010
- ISBN:
- 9780199576814
- eISBN:
- 9780191722509
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199576814.003.00011
- Subject:
- Business and Management, International Business, Corporate Governance and Accountability
The empirical evidence examined in this book is highly supportive of the idea that economic rents play a key role in determining the degree of association between partisanship and corporate ...
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The empirical evidence examined in this book is highly supportive of the idea that economic rents play a key role in determining the degree of association between partisanship and corporate governance change in nonliberal market economies. Economic rents are the key factor that mould the preferences of political parties vis‐à‐vis corporate governance policy, and determine the ability of such policy to translate into changes in firm‐level corporate governance outcomes.Less
The empirical evidence examined in this book is highly supportive of the idea that economic rents play a key role in determining the degree of association between partisanship and corporate governance change in nonliberal market economies. Economic rents are the key factor that mould the preferences of political parties vis‐à‐vis corporate governance policy, and determine the ability of such policy to translate into changes in firm‐level corporate governance outcomes.
Paolo Mauro, Nathan Sussman, and Yishay Yafeh
- 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 ...
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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 describes the coordination among creditors fostered by the CFB and evaluates its successes and failures. It is shown that a revamped creditor association might facilitate creditor coordination today and facilitate sovereign debt crisis resolution. The CFB may have had an easier time than a comparable body would have today.Less
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 describes the coordination among creditors fostered by the CFB and evaluates its successes and failures. It is shown that a revamped creditor association might facilitate creditor coordination today and facilitate sovereign debt crisis resolution. The CFB may have had an easier time than a comparable body would have today.
Maurizio Ferrera
- Published in print:
- 2005
- Published Online:
- February 2006
- ISBN:
- 9780199284665
- eISBN:
- 9780191603273
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199284660.003.0005
- Subject:
- Political Science, Political Economy
This chapter reconstructs developments of EC law (including case law) relating to social protection, and traces the differential impact that free movement and competition rules have had on the ...
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This chapter reconstructs developments of EC law (including case law) relating to social protection, and traces the differential impact that free movement and competition rules have had on the various functional schemes and tiers or pillars of provision within national welfare states. It also identifies and illustrates the new strategies of spatial politics prompted by the boundary redefinitions operated by the EU, focussing on pensions (including pension funds), health care, and social assistance. Special attention is devoted to the position of third country nationals.Less
This chapter reconstructs developments of EC law (including case law) relating to social protection, and traces the differential impact that free movement and competition rules have had on the various functional schemes and tiers or pillars of provision within national welfare states. It also identifies and illustrates the new strategies of spatial politics prompted by the boundary redefinitions operated by the EU, focussing on pensions (including pension funds), health care, and social assistance. Special attention is devoted to the position of third country nationals.
Jason Ralph
- Published in print:
- 2007
- Published Online:
- September 2007
- ISBN:
- 9780199214310
- eISBN:
- 9780191706615
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199214310.003.0002
- Subject:
- Political Science, International Relations and Politics
This chapter examines why legal positivism emphasises the importance of sovereign consent and relates it to the pluralist conception of international society introduced in the previous chapter. This ...
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This chapter examines why legal positivism emphasises the importance of sovereign consent and relates it to the pluralist conception of international society introduced in the previous chapter. This is contrasted with a solidarist conception that identifies sources of law in processes that override the principle of sovereign consent. The chapter also examines the specific and contested role that peremptory norms play in the constitution of international society. Finally, it relates this debate to the contemporary critique of customary international law within American academia and within certain parts of the political and judicial branches of US government. It illustrates this with reference to the debate on the Alien Tort Claims Act and to documents claiming executive privilege in the war on terror.Less
This chapter examines why legal positivism emphasises the importance of sovereign consent and relates it to the pluralist conception of international society introduced in the previous chapter. This is contrasted with a solidarist conception that identifies sources of law in processes that override the principle of sovereign consent. The chapter also examines the specific and contested role that peremptory norms play in the constitution of international society. Finally, it relates this debate to the contemporary critique of customary international law within American academia and within certain parts of the political and judicial branches of US government. It illustrates this with reference to the debate on the Alien Tort Claims Act and to documents claiming executive privilege in the war on terror.
William K. Reilly
- Published in print:
- 2006
- Published Online:
- May 2006
- ISBN:
- 9780195168006
- eISBN:
- 9780199783458
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195168003.003.0010
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This chapter examines debt-for-nature swaps and their potential for offsetting sovereign debt. Debt-for-nature swaps originated in the 1980s as a way of preserving natural areas in the developing ...
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This chapter examines debt-for-nature swaps and their potential for offsetting sovereign debt. Debt-for-nature swaps originated in the 1980s as a way of preserving natural areas in the developing world while at the same time reducing the external debt of the host country. The win-win nature of this type of transaction created many potential applications, and the US Congress and other national legislatures soon passed legislation enabling billions of dollars worth of swaps to take place. However, that potential was never realized. Legislative mandates were not funded, developing countries became suspicious of swaps as they believed they posed a threat to their sovereignty, and an improvement in debt markets reduced the attractiveness of swap economics. It is argued that although swaps are not a panacea for either debt reduction or environmental protection, they offer a concrete tool to promote both ends, and tremendous potential for swaps still exists.Less
This chapter examines debt-for-nature swaps and their potential for offsetting sovereign debt. Debt-for-nature swaps originated in the 1980s as a way of preserving natural areas in the developing world while at the same time reducing the external debt of the host country. The win-win nature of this type of transaction created many potential applications, and the US Congress and other national legislatures soon passed legislation enabling billions of dollars worth of swaps to take place. However, that potential was never realized. Legislative mandates were not funded, developing countries became suspicious of swaps as they believed they posed a threat to their sovereignty, and an improvement in debt markets reduced the attractiveness of swap economics. It is argued that although swaps are not a panacea for either debt reduction or environmental protection, they offer a concrete tool to promote both ends, and tremendous potential for swaps still exists.
Jack Boorman
- Published in print:
- 2006
- Published Online:
- May 2006
- ISBN:
- 9780195168006
- eISBN:
- 9780199783458
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195168003.003.0012
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This chapter discusses ideas for resolving debt crises. It argues that a narrow focus on debt relief in HIPCs is insufficient and that the activist community and lenders must look to finding broader ...
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This chapter discusses ideas for resolving debt crises. It argues that a narrow focus on debt relief in HIPCs is insufficient and that the activist community and lenders must look to finding broader measures of foreign aid and creating a fair trading environment. In the end, finding the “right” level of debt relief is impossible and ignores the more important aim of delivering a better life to impoverished people. Support is given to a proposal floated by the IMF for a sovereign debt restructuring mechanism (SDRM) to resolve pending debt crises in developing countries.Less
This chapter discusses ideas for resolving debt crises. It argues that a narrow focus on debt relief in HIPCs is insufficient and that the activist community and lenders must look to finding broader measures of foreign aid and creating a fair trading environment. In the end, finding the “right” level of debt relief is impossible and ignores the more important aim of delivering a better life to impoverished people. Support is given to a proposal floated by the IMF for a sovereign debt restructuring mechanism (SDRM) to resolve pending debt crises in developing countries.
Arturo C. Porzecanski
- 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 ...
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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 foreign). It describes the manner in which private lenders and investors, and official bilateral and multilateral agencies, have dealt with sovereign defaults during the 1980s and 1990s. It closes with an in-depth consideration of the case of Argentina post-2001, which promises to be the most complex sovereign default case in contemporary history. It argues that private lenders and investors have been, and continue to be, able to deal promptly and effectively with instances of sovereign default, such that new, supranational bankruptcy procedures are not necessary.Less
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 foreign). It describes the manner in which private lenders and investors, and official bilateral and multilateral agencies, have dealt with sovereign defaults during the 1980s and 1990s. It closes with an in-depth consideration of the case of Argentina post-2001, which promises to be the most complex sovereign default case in contemporary history. It argues that private lenders and investors have been, and continue to be, able to deal promptly and effectively with instances of sovereign default, such that new, supranational bankruptcy procedures are not necessary.
Chris Jochnick and Fraser A. Preston
- Published in print:
- 2006
- Published Online:
- May 2006
- ISBN:
- 9780195168006
- eISBN:
- 9780199783458
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195168003.003.0001
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This introductory chapter begins with a brief discussion of the real cost of sovereign debt. It then describes the three parts of the book. An overview of the chapters included in this volume is ...
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This introductory chapter begins with a brief discussion of the real cost of sovereign debt. It then describes the three parts of the book. An overview of the chapters included in this volume is presented.Less
This introductory chapter begins with a brief discussion of the real cost of sovereign debt. It then describes the three parts of the book. An overview of the chapters included in this volume is presented.
David Roodman
- Published in print:
- 2006
- Published Online:
- May 2006
- ISBN:
- 9780195168006
- eISBN:
- 9780199783458
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195168003.003.0002
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This chapter presents an overview of the sovereign-debt initiatives from the last twenty-five years. It examines the programs devised by creditors, namely the World Bank and IMF, during the 1980s and ...
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This chapter presents an overview of the sovereign-debt initiatives from the last twenty-five years. It examines the programs devised by creditors, namely the World Bank and IMF, during the 1980s and 1990s, that aimed at addressing the mounting problem of developing-country debt. The “austerity” lending of the 1980s and the structural adjustment programs of the 1990s are discussed, and the inherent failings that characterized those efforts, including reduced public investment which has led to economic stagnation, are criticized.Less
This chapter presents an overview of the sovereign-debt initiatives from the last twenty-five years. It examines the programs devised by creditors, namely the World Bank and IMF, during the 1980s and 1990s, that aimed at addressing the mounting problem of developing-country debt. The “austerity” lending of the 1980s and the structural adjustment programs of the 1990s are discussed, and the inherent failings that characterized those efforts, including reduced public investment which has led to economic stagnation, are criticized.
Daniel Marx, Jose Echague, and Guido Sandleris
- Published in print:
- 2006
- Published Online:
- May 2006
- ISBN:
- 9780195168006
- eISBN:
- 9780199783458
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195168003.003.0004
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This chapter analyzes the main problems of the current global sovereign debt markets, particularly in relation to emerging countries, and presents some policy recommendations. It describes the ...
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This chapter analyzes the main problems of the current global sovereign debt markets, particularly in relation to emerging countries, and presents some policy recommendations. It describes the evolution of sovereign debt markets during the 1990s. It then focuses on the emerging countries' debt crises of the late 1990s and their resolution. Finally, drawing from the analysis of the previous sections, it argues that there is room for significant improvements in the architecture of sovereign debt markets and that emerging countries have much to do in terms of unilateral reforms.Less
This chapter analyzes the main problems of the current global sovereign debt markets, particularly in relation to emerging countries, and presents some policy recommendations. It describes the evolution of sovereign debt markets during the 1990s. It then focuses on the emerging countries' debt crises of the late 1990s and their resolution. Finally, drawing from the analysis of the previous sections, it argues that there is room for significant improvements in the architecture of sovereign debt markets and that emerging countries have much to do in terms of unilateral reforms.
Andrew Simms
- Published in print:
- 2006
- Published Online:
- May 2006
- ISBN:
- 9780195168006
- eISBN:
- 9780199783458
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195168003.003.0005
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This chapter broadens the analysis of sovereign debt by incorporating ecological concerns. Centuries of consumption of the natural resources of the developing world by the developed world, resources ...
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This chapter broadens the analysis of sovereign debt by incorporating ecological concerns. Centuries of consumption of the natural resources of the developing world by the developed world, resources that in many cases were acquired illegally or by force, have produced what is describes as an ecological debt of the rich countries to the poor countries. The imbalance in resource consumption helps explain the dramatic divergence in income levels between rich nations and poor nations that has occurred since the early 20th century. It is argued that there is a sustainable equilibrium in the use of the world's natural resources — clean air, fresh water, timber, and petroleum. The wealthy nations of the world have upset that equilibrium at the expense of the poor — taking more than their share of the goods while inflicting the costs of resource depletion and pollution on the poor.Less
This chapter broadens the analysis of sovereign debt by incorporating ecological concerns. Centuries of consumption of the natural resources of the developing world by the developed world, resources that in many cases were acquired illegally or by force, have produced what is describes as an ecological debt of the rich countries to the poor countries. The imbalance in resource consumption helps explain the dramatic divergence in income levels between rich nations and poor nations that has occurred since the early 20th century. It is argued that there is a sustainable equilibrium in the use of the world's natural resources — clean air, fresh water, timber, and petroleum. The wealthy nations of the world have upset that equilibrium at the expense of the poor — taking more than their share of the goods while inflicting the costs of resource depletion and pollution on the poor.
Adom Getachew
- Published in print:
- 2019
- Published Online:
- May 2019
- ISBN:
- 9780691179155
- eISBN:
- 9780691184340
- Item type:
- book
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691179155.001.0001
- Subject:
- Philosophy, Political Philosophy
Decolonization revolutionized the international order during the twentieth century. Yet standard histories that present the end of colonialism as an inevitable transition from a world of empires to ...
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Decolonization revolutionized the international order during the twentieth century. Yet standard histories that present the end of colonialism as an inevitable transition from a world of empires to one of nations—a world in which self-determination was synonymous with nation-building—obscure just how radical this change was. Drawing on the political thought of anticolonial intellectuals and statesmen such as Nnamdi Azikiwe, W. E. B Du Bois, George Padmore, Kwame Nkrumah, Eric Williams, Michael Manley, and Julius Nyerere, this book reveals the full extent of their unprecedented ambition to remake not only nations but the world. The book shows that African, African American, and Caribbean anticolonial nationalists were not solely or even primarily nation-builders. Responding to the experience of racialized sovereign inequality, dramatized by interwar Ethiopia and Liberia, Black Atlantic thinkers and politicians challenged international racial hierarchy and articulated alternative visions of worldmaking. Seeking to create an egalitarian postimperial world, they attempted to transcend legal, political, and economic hierarchies by securing a right to self-determination within the newly founded United Nations, constituting regional federations in Africa and the Caribbean, and creating the New International Economic Order. Using archival sources from Barbados, Trinidad, Ghana, Switzerland, and the United Kingdom, this book recasts the history of decolonization, reconsiders the failure of anticolonial nationalism, and offers a new perspective on debates about today's international order.Less
Decolonization revolutionized the international order during the twentieth century. Yet standard histories that present the end of colonialism as an inevitable transition from a world of empires to one of nations—a world in which self-determination was synonymous with nation-building—obscure just how radical this change was. Drawing on the political thought of anticolonial intellectuals and statesmen such as Nnamdi Azikiwe, W. E. B Du Bois, George Padmore, Kwame Nkrumah, Eric Williams, Michael Manley, and Julius Nyerere, this book reveals the full extent of their unprecedented ambition to remake not only nations but the world. The book shows that African, African American, and Caribbean anticolonial nationalists were not solely or even primarily nation-builders. Responding to the experience of racialized sovereign inequality, dramatized by interwar Ethiopia and Liberia, Black Atlantic thinkers and politicians challenged international racial hierarchy and articulated alternative visions of worldmaking. Seeking to create an egalitarian postimperial world, they attempted to transcend legal, political, and economic hierarchies by securing a right to self-determination within the newly founded United Nations, constituting regional federations in Africa and the Caribbean, and creating the New International Economic Order. Using archival sources from Barbados, Trinidad, Ghana, Switzerland, and the United Kingdom, this book recasts the history of decolonization, reconsiders the failure of anticolonial nationalism, and offers a new perspective on debates about today's international order.
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, ...
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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, chronicling the forgotten experiences of leading financiers of the age. Shedding critical new light on the decision making of the powerful personalities who acted as the gatekeepers of international finance, the book explains how they channeled foreign capital into Russia in the late nineteenth and early twentieth centuries. While economists have long relied on quantitative analysis to grapple with questions relating to the drivers of cross-border capital flows, this book adopts an historical approach, drawing on banking and government archives in four countries. It provides rare insights into the thinking of influential figures in world finance as they sought to navigate one of the most challenging and lucrative markets of the first modern age of globalization. The book reveals how a complex web of factors—from government interventions to competitive dynamics and cultural influences—drove a large inflow of capital during this tumultuous period in world history. The book demonstrates how the realms of finance and politics—of bankers and Bolsheviks—grew increasingly intertwined, and how investing in Russia became a political act with unforeseen repercussions.Less
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, chronicling the forgotten experiences of leading financiers of the age. Shedding critical new light on the decision making of the powerful personalities who acted as the gatekeepers of international finance, the book explains how they channeled foreign capital into Russia in the late nineteenth and early twentieth centuries. While economists have long relied on quantitative analysis to grapple with questions relating to the drivers of cross-border capital flows, this book adopts an historical approach, drawing on banking and government archives in four countries. It provides rare insights into the thinking of influential figures in world finance as they sought to navigate one of the most challenging and lucrative markets of the first modern age of globalization. The book reveals how a complex web of factors—from government interventions to competitive dynamics and cultural influences—drove a large inflow of capital during this tumultuous period in world history. The book demonstrates how the realms of finance and politics—of bankers and Bolsheviks—grew increasingly intertwined, and how investing in Russia became a political act with unforeseen repercussions.
