Sovereign Debt Restructurings As Exercises Of International Public Authority
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Sovereign Debt Restructurings As Exercises Of International Public Authority
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Author : Armin von Bogdandy
language : en
Publisher:
Release Date : 2018
Sovereign Debt Restructurings As Exercises Of International Public Authority written by Armin von Bogdandy and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
This paper argues that sovereign debt restructurings as agreed between defaulting states and their multilateral, bilateral, or private creditors constitute exercises of international public authority. Their authoritative character results from their effects on the citizens of the defaulting state, especially through adjustment programs. They also affect taxpayers in lending states as well as shareholders of commercial creditors. Their public and international character derives from their legal basis in hard or soft public international law.As a consequence of their qualification as exercises of international public authority, sovereign debt restructurings need to be framed by public law in order to ensure their legitimacy. This paper is based on a discursive approach to legitimacy and shows how legal scholarship might promote the development of such a public law framework.The paper then proposes a set of legal principles for sovereign debt restructurings. Some of them might already exist de lege lata, while others should be understood as proposals de lege ferenda. Legal scholarship is especially useful for developing procedural requirements, while substantive issues require a political decision, with the exception of the need to respect fundamental human rights. Most importantly, however, the qualification of sovereign debt restructurings as exercises of public authority requires domestic and international courts and tribunals to defer to them and to stay proceedings as long as such restructurings are being negotiated or implemented. Domestic and international courts and tribunals might thereby control the legitimacy of these exercises of public 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 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 Restructurings In Belize
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Author : Mr.Tamon Asonuma
language : en
Publisher: International Monetary Fund
Release Date : 2014-07-22
Sovereign Debt Restructurings In Belize written by Mr.Tamon Asonuma 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 2014-07-22 with Business & Economics categories.
This paper examines the causes, processes, and outcomes of the two Belize sovereign debt restructurings in 2006–07 and in 2012–13 that occurred outside of an IMF-supported program. It finds that the motivation for the two debt restructurings differed, as the former was driven by external liquidity concerns while the latter was motivated by a substantial increase in the coupon rates and future fiscal solvency concerns. Despite differential treatment between residents and non-residents, both 2006–07 and 2012–13 debt exchanges were executed through collaborative engagement, due in part to the existence of a broad-based creditor committee and the authorities’ effective communication strategy. However, while providing temporary liquidity relief, neither of the debt restructurings properly addressed long-term debt sustainability concerns. Going forward, the success of the 2012–13 debt restructuring will still depend on the country’s ability to strengthen fiscal efforts and public debt management framework.
Sovereign Financing And International Law
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Author : Carlos Espósito
language : en
Publisher: OUP Oxford
Release Date : 2013-10-03
Sovereign Financing And International Law written by Carlos Espósito and has been published by OUP Oxford this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-10-03 with Law categories.
The regulation of sovereign financing is a highly topical and significant issue, in the light of continuing global financial turmoil. This book assesses the role of international law in sovereign financing, addressing this issue from both legal and economic standpoints. It takes as a starting point the recent report 'Principles on Responsible Sovereign Lending and Borrowing' by the United Nations Conference on Trade and Development (UNCTAD). This report was endorsed by the United Nations General Assembly in its December 2011 Resolution on Debt, which emphasized the need for creditors and debtors to share responsibility for preventing unsustainable debt situations and encouraged all stakeholders to pursue the ongoing discussions within the framework of the UNCTAD Initiative. Investigating the legal and economic basis for the principles which were articulated in the report, the book develops a detailed and nuanced analysis of the controversial and complex issues they raise, including those concerning finance and credit rating agencies, contingent liabilities, debt management, corruption, fiduciary relations and duties, Collective Action Clauses, and the role of the EU and UN. Ultimately, it argues that the principles elaborated in the report correspond with general principles of international law, which provide a strong, pre-existing foundation upon which to build responsible principles for sovereign financing.
Making Sovereign Financing And Human Rights Work
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Author : Juan Pablo Bohoslavsky
language : en
Publisher: Bloomsbury Publishing
Release Date : 2014-12-01
Making Sovereign Financing And Human Rights Work written by Juan Pablo Bohoslavsky and has been published by Bloomsbury Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-12-01 with Law categories.
Poor public resource management and the global financial crisis curbing fundamental fiscal space, millions thrown into poverty, and authoritarian regimes running successful criminal campaigns with the help of financial assistance are all phenomena that raise fundamental questions around finance and human rights. They also highlight the urgent need for more systematic and robust legal and economic thinking about sovereign finance and human rights. This edited collection aims to contribute to filling this gap by introducing novel legal theories and analyses of the links between sovereign debt and human rights from a variety of perspectives. These chapters include studies of financial complicity, UN sanctions, ethics, transitional justice, criminal law, insolvency proceedings, millennium development goals, global financial architecture, corporations, extraterritoriality, state of necessity, sovereign wealth and hedge funds, project financing, state responsibility, international financial institutions, the right to development, UN initiatives, litigation, as well as case studies from Africa, Asia and Latin America. These chapters are then theorised by the editors in an introductory chapter. In July 2012 the UN Human Rights Council finally issued its own guidelines on foreign debt and human rights, yet much remains to be done to promote better understanding of the legal and economic implications of the interface between finance and human rights. This book will contribute to that understanding as well as help practitioners in their everyday work. The authors include world-renowned lawyers and economists, experienced practitioners and officials from international organisations.
International Investment Law And The Global Financial Architecture
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Author : Christian J. Tams
language : en
Publisher: Edward Elgar Publishing
Release Date : 2017-02-24
International Investment Law And The Global Financial Architecture written by Christian J. Tams 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 2017-02-24 with categories.
This book explores whether investment law should protect against such regulatory measures, including where these have the support of multilateral institutions. It considers where the line should be drawn between legitimate regulation and undue interference with investor rights and, equally importantly, who draws it.
Democracy And Financial Order Legal Perspectives
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Author : Matthias Goldmann
language : en
Publisher: Springer
Release Date : 2018-05-17
Democracy And Financial Order Legal Perspectives written by Matthias Goldmann and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-05-17 with Law categories.
This book discusses the relationship between democracy and the financial order from various legal perspectives. Each of the nine contributions adopts a unique perspective on the legal and political challenges brought to the fore by the Global Financial Crisis. This crisis and the ensuing sovereign debt crisis in Europe are only the latest in a long series of financial crises around the globe in recent decades. By their very existence, but also as a result of the political turmoil they have created, these financial crises testify to the well-known tensions between democracy and a market-based economic and financial order. However, what is missing in this debate is an analysis of the role of law for reconciling democracy with a market-based financial order. To fill this lacuna, the book focuses on the controversy surrounding the concept of law, thereby adding another variable to the debate on the relation between democracy and capitalism. Each chapter addresses the concept of law from a particular theoretical angle, be it a full-grown legal theory or an approach in political economy that has a particular view of the law.
Re Imagining Sovereign Debt In International Law Through The Lens Of Socio Economic Rights
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Author : Muhammad Bello
language : en
Publisher: Pretoria University Law Press
Release Date : 2024-07-22
Re Imagining Sovereign Debt In International Law Through The Lens Of Socio Economic Rights written by Muhammad Bello 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 2024-07-22 with Law categories.
Re-imagining sovereign debt examines the extent to which sovereign debtors’ contractual obligations may be honoured where the socio-economic rights of their citizens face clear danger of non-realisation. It critiques the foundational legal paradigm that influences and shapes the substance of the sovereign debt regime. In doing this, the author employs legal theory to show the inadequacies of the regime in terms of its failure to embrace the dynamism of sovereign debt which he characterises as a debt with a complex mix of public-private elements, hybridity of norms and multiplicity of interests beyond the two-sided creditor-debtor matrix. By locating socio-economic rights in all critical phases of the regime, the author shows that the recurring circles of debt crises are linked to the continuing influence of the private law paradigm. The book offers a fresh perspective to re-imagine sovereign debt using insights from transnational legal theorists and advocates prioritising socio-economic rights considerations in debt contracting, restructuring and adjudication through a more concrete recognition of creditors’ responsibilities. Re-imagining sovereign debt will interest lawyers, policymakers, diplomats, scholars and researchers interested in the law, history and politics of sovereign debt.
After Public Law
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Author : Cormac Mac Amhlaigh
language : en
Publisher: OUP Oxford
Release Date : 2013-05-09
After Public Law written by Cormac Mac Amhlaigh and has been published by OUP Oxford this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-05-09 with Law categories.
Public law has been conceived in many different ways, sometimes overlapping, often conflicting. However in recent years a common theme running through the discussions of public law is one of loss. What function and future can public law have in this rapidly transforming landscape, where globalized states and supranational institutions have ever-increasing importance? The contributions to this volume take stock of the idea, concepts, and values of public law as it has developed alongside the growth of the modern state, and assess its continued usefulness as a distinct area of legal inquiry and normativity in light of various historical trends and contemporary pressures affecting the global configuration of law in general. Divided into three parts, the first provides a conceptual, philosophical, and historical understanding of the nature of public law, the nature of private law and the relationship between the public, the private, and the concept of law. The second part focuses on the domains, values, and functions of public law in contemporary (state) legal practice, as seen, in part, through its relationship with private domains, values, and functions. The final part engages with the new legal scholarship on global transformation, analysing the changes in public law at the national level, including the new forms of interpenetration of public and private in the market state, as well as exploring the ubiquitous use of public law values and concepts beyond the state.