Odious Debts And State Corruption
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Odious Debts And State Corruption
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Author : David A. Skeel
language : en
Publisher:
Release Date : 2007
Odious Debts And State Corruption written by David A. Skeel and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Debt relief categories.
Part 3. "Private Domestic Law Analogies & Solutions", featuring Lee Buchheit, Deborah DeMott, Adam Feibelman, Melissa Jacoby, Bob Rasmussen, Chantal Thomas, and Robert Thompson.
Sovereign Finance And The Poverty Of Nations
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Author : Yvonne Wong
language : en
Publisher: Edward Elgar Publishing
Release Date : 2012-05-01
Sovereign Finance And The Poverty Of Nations written by Yvonne Wong and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-05-01 with Business & Economics categories.
''Yvonne Wong''s book is one of the best treatments of the Odious Debt problem in the literature. It is thorough, balanced and yet manages to be creative. I have already used an early version in my International Debt class and the discussions that were generated were excellent. For anyone seeking to tackle this age old problem, I highly recommend this book.'' Mitu Gulati, Duke University, US''With some excellent historical research and important analysis of "odious debt" accumulation and sovereign debt restructuring mechanisms in modern times, this book is placing the issue of "odious debt" at the heart of International law. Thus, it will prove an indispensable companion to any scholar or policy-maker who wishes to gain a multi-prismatic understanding of "odious debt" illegality and its implications for the welfare of entire nations.'' Emilios Avgouleas, University of Edinburgh, UK''Whenever a strict application of the law produces a result that is at variance with a general sense of what is morally right, trouble is surely in the offing. This is the central thesis of Yvonne Wong''s Sovereign Finance and the Poverty of Nations. When is it legally permissible, when is it ethically acceptable, for a sovereign borrower to disavow a debt incurred in the name of the sovereign state, but not for its (or its citizens'') benefit? And if debts incurred by unscrupulous politicians in one era can be disowned by their successors later on under gauzy notions of "illegitimacy" or "odiousness", what will prevent future unscrupulous politicians from casually dishonoring sovereign obligations that they would just prefer not to pay? These are deep waters, legally and morally. Wong has given us a fascinating insight into one of the most disquieting issues in international financial law.'' Lee C. Buchheit, Cleary Gottlieb Steen & Hamilton LLP, US''This book provides a very valuable contribution to the discussion about odious debts in that it, quite successfully, structures the often rather elusive argumentation. By developing a new and stringent approach to the emergence of a valid legal concept of odious debts, the author presents a fresh perspective to its underlying evaluations and allows, thus, a re-consideration of the need for effective rules in this context. This book will certainly influence fundamentally the future debate of odious debts.'' Christoph G. Paulus, Humboldt-Universitat zu Berlin, Germany''Saddam Hussein was overthrown and executed, but his successors to power are still liable for the debts that he contracted for the nation. Odious regimes can create debts without consent or benefit of their citizens who must subsequently repay them. This fact puzzles both international law specialists and intellectuals who read magazines like The Economist. Theresult seems wrong, but the right solution is elusive. Yvonne Wong''s important and timely book solves some of the puzzles by using methods and theories from international law, economics, and political science. It explains the law and politics inherent in sovereign debt arrangements, and proposes a new legal framework for odious debt.'' From the foreword by Robert CooterNational debts incurred by illegitimate regimes against the best interests of the citizens is a serious problem of international economics and politics. These sovereign debts, often referred to as odious debts, deplete the public purse and create an ongoing financial liability that serves to constrain investment and economic growth, and conspires to keep millions in poverty. This important and timely book explains the legal principles and politics involved in the issue of odious debts, and sovereign debt arrangements more generally. The author goes beyond abstract arguments and proposes legal rules and international regulation that should be put in place to create the right incentives to stop the transmission of odious debts. Her proposal is for a registration scheme for sovereign debt, and the imposition of positive duties on financiers who provide loans to sovereign borrowers.Sovereign Finance and the Poverty of Nations will appeal to students, academics, debtactivists, policymakers, international finance practitioners and anyone with a general interest in sovereign finance affairs.
Odious Debts And State Corruption
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Author : David A. Skeel (Jr.)
language : en
Publisher:
Release Date : 2007
Odious Debts And State Corruption written by David A. Skeel (Jr.) and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Debt relief categories.
Odious Debts
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Author : Patricia Adams
language : en
Publisher: London ; Toronto : Earthscan Canada
Release Date : 1991
Odious Debts written by Patricia Adams and has been published by London ; Toronto : Earthscan Canada this book supported file pdf, txt, epub, kindle and other format this book has been release on 1991 with Business & Economics categories.
An account of how Third World debt accumulated to its current staggering levels. It examines the role of the different participants responsible among both the lenders and the borrowers and looks at the consequences for the debtor countries.
Odious Debts And State Corruption
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Author :
language : en
Publisher:
Release Date : 2007*
Odious Debts And State Corruption written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007* with categories.
Odious Debts Contemporary Issues
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Author : M. N. Bhavani
language : en
Publisher:
Release Date : 2009-01-01
Odious Debts Contemporary Issues written by M. N. Bhavani and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-01-01 with Debt relief categories.
Odious debt doctrine permits a State to repudiate the liabilityof a sovereign debt on grounds of legitimacy of borrowingby the previous regime. Such repudiations were made bycountries like Iran, Cuba, Costa Rica, Turkey and latestregime of Iraq. The contention made under the doctrine isthat the debt is odious for the population of that country as thedebt raised by the previous regime was not used for publicpurposes. The doctrine provides relief to innocent citizens ina tragedy where the immoral and corrupt rulers are allowed togo scot-free. There is no structured international legal regime to define odious debtsand provide relief to innocent citizens.
Devilry Complicity And Greed
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Author : David C. Gray
language : en
Publisher:
Release Date : 2011
Devilry Complicity And Greed written by David C. Gray and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.
The doctrine of odious debts came into its full in the eighteenth and early nineteenth century to deal with the financial injustices of colonialism and its stalking horse, despotism. The basic rule, as articulated by Alexander Sack in 1927, is that debts incurred by an illegitimate regime that neither benefit nor have the consent of the people of a territory are personal to the regime and are subject to unilateral recision by a successor government. While the traditional doctrine focused on the nature and circumstances of individual debts, it has been expanded in recent years, moving the focus from the details of particular debts and placing the weight of the doctrine on an assessment of the regime itself. The consequence of this move is to allow successor regimes to void all debts incurred by predecessors who indulged in autocratic rule, corruption, and violations of basic human rights. This shift is not without controversy. The contest stems, in part, from the fact that the structural and behavioral characteristics of regimes that might be regarded as odious are diverse, as are the relationships between these regimes and their subjects. Even a cursory survey of these differences presents a more complicated taxonomy of odious debts than is suggested either by Sack's version of the doctrine or by voiding wholesale all debts incurred by regimes that do bad things. This article exposes this complexity and, in broad Linnean strokes, proposes a rough classification of odious regimes and their debts. It then connects odious debt debates to broader issues relevant to transitional justice. In particular, the article focuses on odious regimes characterized by systematic and institutional human rights abuses and argues that fundamental goals of transitional justice warrant against successors' voiding unilaterally debts incurred by their predecessors. Failing to disclaim duties to repay does necessarily leave transitional regimes on the hook for debts incurred by their predecessors. Businesses, banks, and nations that invest in abusive regimes must assume the burdens of their own responsibility for past abuses. The article contends that debts incurred by abusive regimes mark duties of repair owed by those who invested in the past regime. So, while successors to merely corrupt regimes may not have a duty to repay under traditional odious debt rules, in the case of a truly abusive regime, the sword swings the other way, imposing a duty on lenders to compensate those victimized by their past engagements. The article recognizes that this approach to the debts of odious regimes presents potential problems and concerns for investors and the citizens of marginal states, but concludes that through a robust practice of corporate social responsibility corporations and financial institutions can safely invest in marginal regimes while also helping to advance our international human rights culture.
The Doctrine Of Odious Debt In International Law
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Author : Jeff King
language : en
Publisher: Cambridge University Press
Release Date : 2016-05-26
The Doctrine Of Odious Debt In International Law written by Jeff King and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-05-26 with Law categories.
According to the doctrine of odious debt, loans which are knowingly provided to subjugate or defraud the population of a debtor state are not legally binding against that state under international law. Breaking with widespread scepticism, this groundbreaking book reaffirms the original doctrine through a meticulous and definitive examination of state practice and legal history. It restates the doctrine by introducing a new classification of odious debts and defines 'odiousness' by reference to the current, much more determinate and litigated framework of existing public international law. Acknowledging that much of sovereign debt is now governed by the private law of New York and England, Jeff King explores how 'odious debts' in international law should also be regarded as contrary to public policy in private law. This book is essential reading for practising lawyers, scholars, and development and human rights workers.
Debts Of Dishonor
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Author : Amado Mendoza
language : en
Publisher:
Release Date : 1991
Debts Of Dishonor written by Amado Mendoza and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1991 with Debts, External categories.
The Law And Political Economy Of Mozambique S Odious Debt
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Author : Matthias Goldmann
language : en
Publisher:
Release Date : 2020
The Law And Political Economy Of Mozambique S Odious Debt written by Matthias Goldmann and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with categories.
The thesis of this paper is a very simple one. Mozambique should not repay the loans which three of its state-owned enterprises took out in 2013-2014 in the context of a gigantic scheme of corruption. I will provide two types of reasons for this conclusion. The first type is rather legal and straightforward. Debts incurred due to corruption and in violation of the constitution do not need to be repaid. The second type is of a more contextual character. While the loans in question are void as a matter of law, they reveal certain characteristic traits of our current worldwide financial system, which I believe must be changed. An oversupply of liquidity in capital-rich countries may have devastating effects for capital-importing, developing countries. Not the interest of creditors, but the needs of borrowers should determine sovereign lending. The current legal order governing sovereign debts needs to be adjusted to this end.