Sovereign Debt Diplomacies

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Sovereign Debt Diplomacies

Author : Pierre Penet
Publisher : Oxford University Press
ISBN 13 : 0198866356
Total Pages : 371 pages
Book Rating : 4.1/5 (988 download)

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Book Synopsis Sovereign Debt Diplomacies by : Pierre Penet

Download or read book Sovereign Debt Diplomacies written by Pierre Penet and published by Oxford University Press. This book was released on 2021 with total page 371 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is an open access title available under the terms of a CC BY-NC-ND 4.0 International licence. It is free to read at Oxford Scholarship Online and offered as a free PDF download from OUP and selected open access locations. Sovereign Debt Diplomacies aims to revisit the meaning of sovereign debt in relation to colonial history and postcolonial developments. It offers three main contributions. The first contribution is historical. The volume historicises a research field that has so far focused primarily on the post-1980 years. A focus on colonial debt from the 19th century building of colonial empires to the decolonisation era in the 1960s-70s fills an important gap in recent debt historiographies. Economic historians have engaged with colonialism only reluctantly or en passant, giving credence to the idea that colonialism is not a development that deserves to be treated on its own. This has led to suboptimal developments in recent scholarship. The second contribution adds a 'law and society' dimension to studies of debt. The analytical payoff of the exercise is to capture the current developments and functional limits of debt contracting and adjudication in relation to the long-term political and sociological dynamics of sovereignty. Finally, Sovereign Debt Diplomacies imports insights from, and contributes to the body of research currently developed in the Humanities under the label 'colonial and postcolonial studies'. The emphasis on 'history from below' and focus on 'subaltern agency' usefully complement the traditional elite-perspective on financial imperialism favoured by the British school of empire history.

Reputation and International Cooperation

Author : Michael Tomz
Publisher : Princeton University Press
ISBN 13 : 1400842921
Total Pages : 328 pages
Book Rating : 4.4/5 (8 download)

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Book Synopsis Reputation and International Cooperation by : Michael Tomz

Download or read book Reputation and International Cooperation written by Michael Tomz and published by Princeton University Press. This book was released on 2012-01-09 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: How does cooperation emerge in a condition of international anarchy? Michael Tomz sheds new light on this fundamental question through a study of international debt across three centuries. Tomz develops a reputational theory of cooperation between sovereign governments and foreign investors. He explains how governments acquire reputations in the eyes of investors, and argues that concerns about reputation sustain international lending and repayment. Tomz's theory generates novel predictions about the dynamics of cooperation: how investors treat first-time borrowers, how access to credit evolves as debtors become more seasoned, and how countries ascend and descend the reputational ladder by acting contrary to investors' expectations. Tomz systematically tests his theory and the leading alternatives across three centuries of financial history. His remarkable data, gathered from archives in nine countries, cover all sovereign borrowers. He deftly combines statistical methods, case studies, and content analysis to scrutinize theories from as many angles as possible. Tomz finds strong support for his reputational theory while challenging prevailing views about sovereign debt. His pathbreaking study shows that, across the centuries, reputations have guided lending and repayment in consistent ways. Moreover, Tomz uncovers surprisingly little evidence of punitive enforcement strategies. Creditors have not compelled borrowers to repay by threatening military retaliation, imposing trade sanctions, or colluding to deprive defaulters of future loans. He concludes by highlighting the implications of his reputational logic for areas beyond sovereign debt, further advancing our understanding of the puzzle of cooperation under anarchy.

Why Not Default?

Author : Jerome E. Roos
Publisher : Princeton University Press
ISBN 13 : 0691184933
Total Pages : 398 pages
Book Rating : 4.6/5 (911 download)

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Book Synopsis Why Not Default? by : Jerome E. Roos

Download or read book Why Not Default? written by Jerome E. Roos and published by Princeton University Press. This book was released on 2019-02-12 with total page 398 pages. Available in PDF, EPUB and Kindle. Book excerpt: How creditors came to wield unprecedented power over heavily indebted countries—and the dangers this poses to democracy The European debt crisis has rekindled long-standing debates about the power of finance and the fraught relationship between capitalism and democracy in a globalized world. Why Not Default? unravels a striking puzzle at the heart of these debates—why, despite frequent crises and the immense costs of repayment, do so many heavily indebted countries continue to service their international debts? In this compelling and incisive book, Jerome Roos provides a sweeping investigation of the political economy of sovereign debt and international crisis management. He takes readers from the rise of public borrowing in the Italian city-states to the gunboat diplomacy of the imperialist era and the wave of sovereign defaults during the Great Depression. He vividly describes the debt crises of developing countries in the 1980s and 1990s and sheds new light on the recent turmoil inside the Eurozone—including the dramatic capitulation of Greece’s short-lived anti-austerity government to its European creditors in 2015. Drawing on in-depth case studies of contemporary debt crises in Mexico, Argentina, and Greece, Why Not Default? paints a disconcerting picture of the ascendancy of global finance. This important book shows how the profound transformation of the capitalist world economy over the past four decades has endowed private and official creditors with unprecedented structural power over heavily indebted borrowers, enabling them to impose painful austerity measures and enforce uninterrupted debt service during times of crisis—with devastating social consequences and far-reaching implications for democracy.

A World Safe for Capitalism

Author : Cyrus Veeser
Publisher : Columbia University Press
ISBN 13 : 0231235879
Total Pages : 277 pages
Book Rating : 4.2/5 (312 download)

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Book Synopsis A World Safe for Capitalism by : Cyrus Veeser

Download or read book A World Safe for Capitalism written by Cyrus Veeser and published by Columbia University Press. This book was released on 2007-04-22 with total page 277 pages. Available in PDF, EPUB and Kindle. Book excerpt: "A rich and insightful analysis of the political economy of dollar diplomacy."-Emily S. Rosenberg, Macalester College A World Safe for Capitalism unravels a little-known incident a Wall Street corporation's takeover of the foreign debt, national railroad, and national bank of the Dominican Republic in the 1890's. Working with the republic's tyrannical president, the American firm tried to turn self-sufficient peasants into cash-crop farmers, with disastrous results. By 1904, the company's narrow pursuit of profit clashed with Theodore Roosevelt's goal of making the United States a great power, thus triggering a sweeping new policyùthe Roosevelt Corollary to the Monroe Doctrine. Praised by Diplomatic History as "a model of globe-trotting multiarchival research," this exciting history covers events in New York, Washington, Santo Domingo, Brussels, and London. "A major contribution to the fields of U.S. economic and diplomatic history as well as Dominican history."-Journal of American History "Veeser joins an emergent historiography, which emphasizes the reception of US hegemony by local elites."-American Sudies International "Meticulously researched and carefully argued, Veeser's book challenges conventional wisdom and offers a persuasive interpretation of the origins of Dollar Diplomacy."-H.W. Brands, author of T.R.: The Last Romantic "A detailed and well-written account of the early growth of U.S. overseas interest"-Library Jouranl "Veeser disrupts the simplistic notion of foreign policy as window dressing for the...class interests of finance capitalists."-Business History Review "A significant chapter in the development of the practices of economic intervention that marked Washington's emergence as the dominant force in global capitalism in the twentieth century."-Hispanic American Historical Review

Sovereign Debt Crisis

Author : D. Chorafas
Publisher : Springer
ISBN 13 : 0230307124
Total Pages : 275 pages
Book Rating : 4.2/5 (33 download)

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Book Synopsis Sovereign Debt Crisis by : D. Chorafas

Download or read book Sovereign Debt Crisis written by D. Chorafas and published by Springer. This book was released on 2011-06-13 with total page 275 pages. Available in PDF, EPUB and Kindle. Book excerpt: Restructuring the balance sheets of Western governments, banks and households is an important issue in the recovery after the recent crisis. Chorafas' latest book focuses on sovereign debt, sovereign risk and the developing economic and financial business climate and explains why the year of the big crisis may fall in the middle of this decade.

What We Owe

Author : Carlo Cottarelli
Publisher : Brookings Institution Press
ISBN 13 : 0815730691
Total Pages : 204 pages
Book Rating : 4.8/5 (157 download)

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Book Synopsis What We Owe by : Carlo Cottarelli

Download or read book What We Owe written by Carlo Cottarelli and published by Brookings Institution Press. This book was released on 2017-09-05 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt: The euro crisis, Japan's sluggish economy, and partisan disagreements in the United States about the role of government all have at least one thing in common: worries about high levels of public debt. Nearly everyone agrees that public debt in many advanced economies is too high to be sustainable and must be addressed. There is little agreement, however, about when and how that addressing should be done—or even, in many cases, just how serious the debt problem is. As the former director of the International Monetary Fund's Fiscal Affairs Department, Carlo Cottarelli has helped countries across the globe confront their public finance woes. He also had direct experience in advising his own country, Italy, about its chronic fiscal ailments. In this straightforward, plain-language book, Cottarelli explains how and why excessive public debt can harm economic growth and can lead to crises such as those experienced recently in Italy and several other European countries. But Cottarelli also has some good news: reducing public debt often can be done without trauma and through moderate changes in spending habits that contribute to economic growth. His book focuses on positive remedies that countries can adopt to deal with their public debt, analyzing both the benefits and potential downsides to each approach, as well as suggesting which remedies might be preferable in particular situations. Too often, public debate about public debt is burdened by lies and myths. This book not only explains the basic facts about public debt but also aims to bring truth and reasoned nonpartisan analysis to the debate.

Hope Springs Eternal

Author : Kim Oosterlinck
Publisher : Yale University Press
ISBN 13 : 0300220936
Total Pages : 261 pages
Book Rating : 4.3/5 (2 download)

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Book Synopsis Hope Springs Eternal by : Kim Oosterlinck

Download or read book Hope Springs Eternal written by Kim Oosterlinck and published by Yale University Press. This book was released on 2016-05-28 with total page 261 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 1918, the Soviet revolutionary government repudiated the Tsarist regime’s sovereign debt, triggering one of the biggest sovereign defaults ever. Yet the price of Russian bonds remained high for years. Combing French archival records, Kim Oosterlinck shows that, far from irrational, investors had legitimate reasons to hope for repayment. Soviet debt recognition, a change in government, a bailout by the French government, or French banks, or a seceding country would have guaranteed at least a partial reimbursement. As Greece and other European countries raise the possibility of sovereign default, Oosterlinck’s superbly researched study is more urgent than ever.

Britain, America and the War Debt Controversy

Author : Robert Self
Publisher :
ISBN 13 : 9780415511452
Total Pages : 288 pages
Book Rating : 4.5/5 (114 download)

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Book Synopsis Britain, America and the War Debt Controversy by : Robert Self

Download or read book Britain, America and the War Debt Controversy written by Robert Self and published by . This book was released on 2012-03-01 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume throws important new light upon a pivotal period of transition in the Anglo-American relationship and sets the stage for its equally dramatic transformation during and after the Second World War. Based upon extensive research in previously unpublished archival material on both sides of the Atlantic, for the first time this book offers a detailed and comprehensive analysis of the war debt problem from its origins at the end of the First World War until its final removal with the launch of Roosevelt's Lend-Lease programme in 1940-41. This work will be of great interest to diplomats and journalists, as well as to students and scholars of political, diplomatic, economic and international history.

Colonialism in Global Perspective

Author : Kris Manjapra
Publisher : Cambridge University Press
ISBN 13 : 1108425267
Total Pages : 291 pages
Book Rating : 4.1/5 (84 download)

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Book Synopsis Colonialism in Global Perspective by : Kris Manjapra

Download or read book Colonialism in Global Perspective written by Kris Manjapra and published by Cambridge University Press. This book was released on 2020-05-07 with total page 291 pages. Available in PDF, EPUB and Kindle. Book excerpt: A provocative, breath-taking, and concise relational history of colonialism over the past 500 years, from the dawn of the New World to the twenty-first century.

Sovereign Defaults before International Courts and Tribunals

Author : Michael Waibel
Publisher : Cambridge University Press
ISBN 13 : 1139496131
Total Pages : 429 pages
Book Rating : 4.1/5 (394 download)

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Book Synopsis Sovereign Defaults before International Courts and Tribunals by : Michael Waibel

Download or read book Sovereign Defaults before International Courts and Tribunals written by Michael Waibel and published by Cambridge University Press. This book was released on 2011-05-26 with total page 429 pages. Available in PDF, EPUB and Kindle. Book excerpt: International law on sovereign defaults is underdeveloped because States have largely refrained from adjudicating disputes arising out of public debt. The looming new wave of sovereign defaults is likely to shift dispute resolution away from national courts to international tribunals and transform the current regime for restructuring sovereign debt. Michael Waibel assesses how international tribunals balance creditor claims and sovereign capacity to pay across time. The history of adjudicating sovereign defaults internationally over the last 150 years offers a rich repository of experience for future cases: US state defaults, quasi-receiverships in the Dominican Republic and Ottoman Empire, the Venezuela Preferential Case, the Soviet repudiation in 1917, the League of Nations, the World War Foreign Debt Commission, Germany's 30-year restructuring after 1918 and ICSID arbitration on Argentina's default in 2001. The remarkable continuity in international practice and jurisprudence suggests avenues for building durable institutions capable of resolving future sovereign defaults.

Sovereign Wealth and Sovereign Power

Author : Brad Setser
Publisher : Council on Foreign Relations
ISBN 13 : 0876094159
Total Pages : 68 pages
Book Rating : 4.8/5 (76 download)

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Book Synopsis Sovereign Wealth and Sovereign Power by : Brad Setser

Download or read book Sovereign Wealth and Sovereign Power written by Brad Setser and published by Council on Foreign Relations. This book was released on 2008 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: The rise in China's trade surplus, the increase in oil prices, and a slowdown in demand for U.S. assets from private investors abroad has increased the United States' reliance on foreign governments for financing. This report examines whether America's ability to secure large quantities of external financing from foreign governments is a reflection of its political power, a constraint on its ability to exercise power, or a combination of the two.

White House Burning

Author : Simon Johnson
Publisher : Vintage
ISBN 13 : 0307947645
Total Pages : 386 pages
Book Rating : 4.3/5 (79 download)

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Book Synopsis White House Burning by : Simon Johnson

Download or read book White House Burning written by Simon Johnson and published by Vintage. This book was released on 2013-02-12 with total page 386 pages. Available in PDF, EPUB and Kindle. Book excerpt: From the authors of the national bestseller 13 Bankers, a chilling account of America’s unprecedented debt crisis: how it came to pass, why it threatens to topple the nation as a superpower, and what needs to be done about it. With bracing clarity, White House Burning explains why the national debt matters to your everyday life. Simon Johnson and James Kwak describe how the government has been able to pay off its debt in the past, even after the massive deficits incurred as a result of World War II, and analyze why this is near-impossible today. They closely examine, among other factors, macroeconomic shifts of the 1970s, Reaganism and the rise of conservatism, and demographic changes that led to the growth of major—and extremely popular—social insurance programs. What is unquestionably clear is how recent financial turmoil exacerbated the debt crisis while creating a political climate in which it is even more difficult to solve.

In Good Times Prepare for Crisis

Author : Ira Lieberman
Publisher : Brookings Institution Press
ISBN 13 : 0815735464
Total Pages : 554 pages
Book Rating : 4.8/5 (157 download)

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Book Synopsis In Good Times Prepare for Crisis by : Ira Lieberman

Download or read book In Good Times Prepare for Crisis written by Ira Lieberman and published by Brookings Institution Press. This book was released on 2018-10-09 with total page 554 pages. Available in PDF, EPUB and Kindle. Book excerpt: Sovereign debt crises are a little like the weather: One can get ready to endure them and maybe take some steps to lessen their impact, but so far it hasn't been possible to prevent them. Like the weather, they just keep happening. That's the overriding thesis of this book tracing the major debt crises of the past century, starting with the Great Depression and running through the recent Great Recession. Written by a former World Bank expert on debt crises, this book discusses best practices for how such crises can be resolved. As the painful experience of the past decade reminded everyone, frequent debt crises and defaults do great damage to economies and cause vast personal hardship. But resolving them has proven difficult—both economically and politically—and has taken time, almost always requiring a lender of last resort such as a country's central bank or the International Monetary Fund. Too often, efforts to end debt crises have been little more than a palliative, and the debt overhang from one crisis contributes to the next, as illustrated by the ongoing saga in Greece. Both private and sovereign debts have increased substantially since the 2008 crisis, with inadequate deleveraging. This debt overhang leaves countries vulnerable and with limited maneuverability to address the next crisis. This book does not pretend to describe how debt crises can be prevented. But it does draw useful lessons from recent crises that can help economists, bankers, policymakers, and others resolve the inevitable future crises with the least possible damage.

Until Debt Do Us Part

Author : Otaviano Canuto
Publisher : World Bank Publications
ISBN 13 : 0821397672
Total Pages : 654 pages
Book Rating : 4.8/5 (213 download)

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Book Synopsis Until Debt Do Us Part by : Otaviano Canuto

Download or read book Until Debt Do Us Part written by Otaviano Canuto and published by World Bank Publications. This book was released on 2013-02-13 with total page 654 pages. Available in PDF, EPUB and Kindle. Book excerpt: With decentralization and urbanization, the debts of state and local governments and of quasi-public agencies have grown in importance. Rapid urbanization in developing countries requires large-scale infrastructure financing to help absorb influxes of rural populations. Borrowing enables state and local governments to capture the benefits of major capital investments immediately and to finance infrastructure more equitably across multiple generations of service users. With debt comes the risk of insolvency. Subnational debt crises have reoccurred in both developed and developing countries. Restructuring debt and ensuring its sustainability confront moral hazard and fiscal incentives in a multilevel government system; individual subnational governments might free-ride common resources, and public officials at all levels might shift the cost of excessive borrowing to future generations. This book brings together the reform experiences of emerging economies and developed countries. Written by leading practitioners and experts in public finance in the context of multilevel government systems, the book examines the interaction of markets, regulators, subnational borrowers, creditors, national governments, taxpayers, ex-ante rules, and ex-post insolvency systems in the quest for subnational fiscal discipline. Such a quest is intertwined with a country s historical, political, and economic context. The formal legal framework interacts with political reality to influence the dynamics of and incentives for reform. Often, the resolution of a subnational debt crisis unfolds in the context of macroeconomic stabilization and structural reforms. The book includes reforms that have not been covered by previous literature, such as those of China, Colombia, France, Hungary, Mexico, and South Africa. The book also presents a comprehensive review of how the United States developed its debt market for state and local governments, through a series of reforms that are path dependent, including the reforms and lessons learned following state defaults in the 1840s and the debates that shaped the enactment of Chapter 9 of the Bankruptcy Code in 1937. Looking forward, pressures on subnational finance are likely to continue from the fragility of global recovery, the potentially higher cost of capital, refinancing risks, and sovereign risks. This book is essential reading for anyone wanting to know the challenges and reform options in debt restructuring, insolvency frameworks, and public debt market development.

Debtor Diplomacy

Author : Jay Sexton
Publisher : Clarendon Press
ISBN 13 : 9780199281039
Total Pages : 298 pages
Book Rating : 4.2/5 (81 download)

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Book Synopsis Debtor Diplomacy by : Jay Sexton

Download or read book Debtor Diplomacy written by Jay Sexton and published by Clarendon Press. This book was released on 2005 with total page 298 pages. Available in PDF, EPUB and Kindle. Book excerpt: Drawing on the archives of London banks and the papers of statesmen on both sides of the Atlantic, this text explores the United States' foreign debt during the mid-19th century, a crucial but previously neglected aspect of the Civil War period.

Financial Diplomacy

Author : Stephen D. Bodayla
Publisher : Dissertations-G
ISBN 13 :
Total Pages : 240 pages
Book Rating : 4.3/5 (91 download)

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Book Synopsis Financial Diplomacy by : Stephen D. Bodayla

Download or read book Financial Diplomacy written by Stephen D. Bodayla and published by Dissertations-G. This book was released on 1987 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Global Waves of Debt

Author : M. Ayhan Kose
Publisher : World Bank Publications
ISBN 13 : 1464815453
Total Pages : 403 pages
Book Rating : 4.4/5 (648 download)

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Book Synopsis Global Waves of Debt by : M. Ayhan Kose

Download or read book Global Waves of Debt written by M. Ayhan Kose and published by World Bank Publications. This book was released on 2021-03-03 with total page 403 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.