Sovereign Debt Restructuring And The Law
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Sovereign Debt Management
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Author : Rosa Lastra
language : en
Publisher: OUP Oxford
Release Date : 2014-01
Sovereign Debt Management written by Rosa Lastra and has been published by OUP Oxford this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-01 with Law categories.
The most authoritative and comprehensive book available on sovereign debt management written by practitioners and scholars of world renown.
Sovereign Debt Restructuring The Role And Limits Of Public International Law
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Author : Annamaria Viterbo
language : en
Publisher:
Release Date : 2020
Sovereign Debt Restructuring The Role And Limits Of Public International Law written by Annamaria Viterbo 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.
Sovereign Debt Restructuring And The Law
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Author : Sebastian Grund
language : en
Publisher: Taylor & Francis
Release Date : 2022-12-30
Sovereign Debt Restructuring And The Law written by Sebastian Grund and has been published by Taylor & Francis this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-12-30 with Law categories.
The book sheds light on the perhaps most important legal conundrum in the context of sovereign debt restructuring: the holdout creditor problem. Absent an international bankruptcy regime for sovereigns, holdout creditors may delay or even thwart the efficient resolution of sovereign debt crises by leveraging contractual provisions and, in an increasing number of cases, by seeking to enforce a debt claim against the sovereign in courts or international tribunals. Following an introduction to sovereign debt and its restructuring, the book provides the first comprehensive analysis of the holdout creditor problem in the context of the two largest sovereign debt restructuring operations in history: the Argentine restructurings of 2005 and 2010 and the 2012 Greek private sector involvement. By reviewing numerous lawsuits and arbitral proceedings initiated against Argentina and Greece across a dozen different jurisdictions, it distils the organizing principles for ongoing and future cases of sovereign debt restructuring and litigation. It highlights the different approaches judges and arbitrators have adopted when dealing with holdout creditors, ranging from the denial of their contractual right to repayment on human rights grounds to leveraging the international financial infrastructure to coerce governments into meeting holdouts’ demands. To this end, it zooms in on the role the governing law plays in sovereign debt restructurings, revisits the contemporary view on sovereign immunity from suit and enforcement in the international debt context, and examines how creditor rights are balanced with the sovereign’s interest in achieving debt sustainability. Finally, it advances a new genealogy of holdouts, distinguishing between official and private sector holdouts and discussing how the proliferation of new types of uncooperative creditors may affect the sovereign debt architecture going forward. While the book is aimed at practitioners and scholars dealing with sovereign debt and its restructuring, it should also provide the general reader with the understanding of the key legal issues facing countries in debt distress. Moreover, by weaving economic, financial, and political considerations into its analysis of holdout creditor litigation and arbitration, the book also speaks to policymakers without a legal background engaged in the field of international finance and economics.
Why Austerity Persists
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Author : Jon Shefner
language : en
Publisher: John Wiley & Sons
Release Date : 2019-12-18
Why Austerity Persists written by Jon Shefner and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-12-18 with Social Science categories.
Several nations in the Global North have turned to austerity policies in an effort to resolve recent financial ills. What many failed to recognize is the longer history and varied pattern of such policies in the Global South over preceding decades – policies which had largely proven to fail. Shefner and Blad trace the 45-year history of austerity and how it became the go-to policy to resolve a host of economic problems. The authors use a variety of international cases to address how austerity has been implemented, who has been hurt, and who has benefited. They argue that the policy has been used to address very different kinds of crises, making states and polities responsible for a variety of errors and misdeeds of private actors. The book answers a number of important questions: why austerity persists as a policy aimed at resolving national crises despite evidence that it often does not work; how the policy has evolved over recent decades; and which powerful people and institutions have helped impose it across the globe. This timely book will appeal to students, researchers, and policymakers interested in globalization, development, political economy, and economic sociology.
Sovereign Default Risk Valuation
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Author : Jochen Andritzky
language : en
Publisher: Springer Science & Business Media
Release Date : 2006-11-23
Sovereign Default Risk Valuation written by Jochen Andritzky and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-11-23 with Business & Economics categories.
Past cycles of sovereign lending and default suggest that debt crises will recur at some point. This book shows why investors should reckon with similar credit events in the future. Surveying the sovereign bond market, the author provides investors with a useful toolkit for analyzing sovereign bonds and foreseeing trends in the international financial architecture. The result should be a better understanding of debt crises and more deliberate investment decisions.
Contractual Knowledge
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Author : Grégoire Mallard
language : en
Publisher: Cambridge University Press
Release Date : 2018-12-20
Contractual Knowledge written by Grégoire Mallard 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 2018-12-20 with Law categories.
Contractual Knowledge: One Hundred Years of Legal Experimentation in Global Markets, edited by Grégoire Mallard and Jérôme Sgard, extends the scholarship of law and globalization in two important directions. First, it provides a unique genealogy of global economic governance by explaining the transition from English law to one where global exchanges are primarily governed by international, multilateral, and finally, transnational legal orders. Second, rather than focusing on macro-political organizations, like the League of Nations or the International Monetary Fund, the book examines elements of contracts, including how and by whom they were designed and exactly who (experts, courts, arbitrators, or international organizations) interpreted, upheld, and established the legal validity of these contracts. By exploring such micro-level aspects of market exchanges, this collection unveils the contractual knowledge that led to the globalization of markets over the last century.
Debt Restructuring
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Author : Rodrigo Olivares-Caminal
language : en
Publisher:
Release Date : 2022
Debt Restructuring written by Rodrigo Olivares-Caminal and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with Bankruptcy categories.
The third edition of 'Debt Restructuring' offers detailed legal analysis of international corporate, banking, and sovereign debt restructuring, from the perspective of creditors and debtors. It provides practical guidance to help practitioners, policy-makers, and academics in the UK and US to understand current developments in debt restructuring, and provides solutions for creditors holding distressed debt and debtor options in a distressed scenario. The Corporate Debt section includes significant changes to highlight the impact of COVID-19 on restructurings. Amendments to the Bank Resolution section reflect decisions by the Single Resolution Board, and national authority resolution decisions notified to the European Banking Authority.
The International Law Of Sovereign Debt Dispute Settlement
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Author : Kei Nakajima
language : en
Publisher: Cambridge University Press
Release Date : 2022-09-22
The International Law Of Sovereign Debt Dispute Settlement written by Kei Nakajima 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 2022-09-22 with Business & Economics categories.
This book fills the normative gap arising from the absence of a multilateral mechanism for sovereign debt restructuring.
Sovereign Debt Restructuring Recent Developments And Implications For The Fund S Legal And Policy Framework
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Author : International Monetary Fund. Asia and Pacific Dept
language : en
Publisher: International Monetary Fund
Release Date : 2013-04-26
Sovereign Debt Restructuring Recent Developments And Implications For The Fund S Legal And Policy Framework written by International Monetary Fund. Asia and Pacific Dept and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-04-26 with Business & Economics categories.
his paper reviews the recent application of the Fund’s policies and practices on sovereign debt restructuring. Specifically, the paper: • recaps in a holistic manner the various policies and practices that underpin the Fund's legal and policy framework for sovereign debt restructuring, including on debt sustainability, market access, financing assurances, arrears, private sector involvement (PSI), official sector involvement (OSI), and the use of legal instruments; • reviews how this framework has been applied in the context of Fund-supported programs and highlights the issues that have emerged in light of recent experience with debt restructuring; and • describes recent initiatives in various fora aimed at promoting orderly sovereign debt restructuring, highlighting differences with the Fund’s existing framework. Based on this stocktaking, the paper identifies issues that could be considered in further depth in follow-up work by staff to assess whether the Fund’s framework for debt restructuring should be adapted: • first, debt restructurings have often been too little and too late, thus failing to re-establish debt sustainability and market access in a durable way. Overcoming these problems likely requires action on several fronts, including (i) increased rigor and transparency of debt sustainability and market access assessments, (ii) exploring ways to prevent the use of Fund resources to simply bail out private creditors, and (iii) measures to alleviate the costs associated with restructurings; • second, while creditor participation has been adequate in recent restructurings, the current contractual, market-based approach to debt restructuring is becoming less potent in overcoming collective action problems, especially in pre-default cases. In response, consideration could be given to making the contractual framework more effective, including through the introduction of more robust aggregation clauses into international sovereign bonds bearing in mind the inter-creditor equity issues that such an approach may raise. The Fund may also consider ways to condition use of its financing more tightly to the resolution of collective action problems; • third, the growing role and changing composition of official lending call for a clearer framework for official sector involvement, especially with regard to non-Paris Club creditors, for which the modality for securing program financing commitments could be tightened; and • fourth, although the collaborative, good-faith approach to resolving external private arrears embedded in the lending into arrears (LIA) policy remains the most promising way to regain market access post-default, a review of the effectiveness of the LIA policy is in order in light of recent experience and the increased complexity of the creditor base. Consideration could also be given to extending the LIA policy to official arrears.
Covid 19 And Sovereign Debt The Case Of Sadc
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Author : Daniel D. Bradlow
language : en
Publisher: Pretoria University Law Press
Release Date : 2022-02-23
Covid 19 And Sovereign Debt The Case Of Sadc written by Daniel D. Bradlow and has been published by Pretoria University Law Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-02-23 with Law categories.
This multi-disciplinary publication focuses on the issue of African sovereign debt management and renegotiation/ restructuring, with a particular concentration on the countries that are members of the Southern Africa Development Community (SADC). It contains a series of essays that were initially presented in several workshops held at the height of the pandemic, in 2020. These essays seek to both understand the debt challenges facing these countries and to offer some policy-oriented suggestions on how they can more effectively address these. They include contributions by global and regional scholars who are seasoned experts and newer researchers and discuss the complexities on debt management and restructuring within the context of the global COVID-19 pandemic. In particular, this presented an opportunity for junior researchers from the region to contribute to international discussions on a topic in which the views of young Africans are not heard as often or as clearly as they should be, especially given the importance of the topic to Africa and its future. Further, this book is expected to stimulate debate among academics, activists, policy makers and practitioners on how SADC should manage its debt.