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Sovereign Insolvency
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Book Synopsis Too Little, Too Late by : Martin Guzman
Download or read book Too Little, Too Late written by Martin Guzman and published by Columbia University Press. This book was released on 2016-05-10 with total page 307 pages. Available in PDF, EPUB and Kindle. Book excerpt: The current approach to resolving sovereign debt crises does not work: sovereign debt restructurings come too late and address too little. Though unresolved debt crises impose enormous costs on societies, many recent restructurings have not been deep enough to provide the conditions for economic recovery (as illustrated by the Greek debt restructuring of 2012). And if the debtor decides not to accept the terms demanded by the creditors, finalizing a restructuring can be slowed by legal challenges (as illustrated by the recent case of Argentina, deemed as "the trial of the century"). A fresh start for distressed debtors is a basic principle of a well-functioning market economy, yet there is no international bankruptcy framework for sovereign debts. While this problem is not new, the United Nations and the global community are now willing to do something about it. Providing guidance for those who intend to take up reform, this book assesses the relative merits of various debt-restructuring proposals, especially in relation to the main deficiencies of the current nonsystem. With contributions by leading academics and practitioners, Too Little, Too Late reflects the overwhelming consensus among specialists on the need to find workable solutions.
Book Synopsis Sovereign Debt Restructurings 1950-2010 by : Mr.Udaibir S. Das
Download or read book Sovereign Debt Restructurings 1950-2010 written by Mr.Udaibir S. Das and published by International Monetary Fund. This book was released on 2012-08-01 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides a comprehensive survey of pertinent issues on sovereign debt restructurings, based on a newly constructed database. This is the first complete dataset of sovereign restructuring cases, covering the six decades from 1950–2010; it includes 186 debt exchanges with foreign banks and bondholders, and 447 bilateral debt agreements with the Paris Club. We present new stylized facts on the outcome and process of debt restructurings, including on the size of haircuts, creditor participation, and legal aspects. In addition, the paper summarizes the relevant empirical literature, analyzes recent restructuring episodes, and discusses ongoing debates on crisis resolution mechanisms, credit default swaps, and the role of collective action clauses.
Book Synopsis Resolving Sovereign Debt Crises by : Jürgen Kaiser
Download or read book Resolving Sovereign Debt Crises written by Jürgen Kaiser and published by . This book was released on 2010 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Sovereign Debt Crises by : Juan Pablo Bohoslavsky
Download or read book Sovereign Debt Crises written by Juan Pablo Bohoslavsky and published by Cambridge University Press. This book was released on 2017-11-02 with total page 309 pages. Available in PDF, EPUB and Kindle. Book excerpt: Contributes to a better understanding of the policy, economic, and legal options of countries struggling with debt problems.
Book Synopsis Sovereign Insolvency by : Gerald G. Sander
Download or read book Sovereign Insolvency written by Gerald G. Sander and published by Springer. This book was released on 2016-02-07 with total page 265 pages. Available in PDF, EPUB and Kindle. Book excerpt: The regulation of sovereign debts raises many complex economic and legal questions. The primary objective of this volume is to focus on the possible legal solutions for the challenges facing the insolvent states. Finding a way out of the sovereign debt crisis requires not only economic considerations, but it implies also a better understanding of the rage of different social and ethical aspects associated with this problem.
Book Synopsis A Debt Restructuring Mechanism for Sovereigns by : Christoph G Paulus
Download or read book A Debt Restructuring Mechanism for Sovereigns written by Christoph G Paulus and published by Bloomsbury Publishing. This book was released on 2014-12-01 with total page 343 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Eurozone crisis which started in spring 2010 as a Greek budget crisis has alerted Europeans that the issue of defaulting sovereigns is not one reserved just for the poor and poorest countries on this globe. The crisis painfully amplified that developed countries, too, might be hit by this phenomenon. To be sure, this insight is far from novel - the history of defaulting states reaches back into history for at least two millennia. And yet, lawyers have surprisingly abstained more or less completely from discussing this subject and developing possible solutions. Beginning with the Argentina crisis in 2001, this neglect began to vanish to a certain degree and this movement got some momentum in 2010 by the Eurozone crisis. The present book collects contributions from authors most of whom have participated in a conference on this issue in January 2012 at the Humboldt-Universität zu Berlin. The presentations, thus, provide a unique overview of the present discussion both from an economic and legal perspective.
Book Synopsis Sovereign Insolvency - An Essay on State Bankruptcy by : Jukka Kilpi
Download or read book Sovereign Insolvency - An Essay on State Bankruptcy written by Jukka Kilpi and published by Kapaibooks. This book was released on 2020-11-24 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: Sovereign Insolvency examines the ethical issues that arise from state bankruptcy. Are states bound by any moral obligation to pay their debts and how sovereign insolvencies should be treated? Now we are seeing an unprecedented piling up of sovereign debt and issuing of electronic money by central banks. To be exact, the scale of public debt is not entirely unprecedented. Individual states have been more heavily indebted, and their central banks have financed the deficits even more liberally than what is going on now on a global scale. However, we have never before seen a pandemic of growing public debt funded by central banks. In the case of an individual state establishing its fiscal policy on the central bank’s note printing the historical outcome has been pretty straightforward: economic unrest and instability, often state bankruptcy. Will history repeat itself on a global scale? What are the ethical implications of state bankruptcy?
Book Synopsis Managing the Sovereign-Bank Nexus by : Mr.Giovanni Dell'Ariccia
Download or read book Managing the Sovereign-Bank Nexus written by Mr.Giovanni Dell'Ariccia and published by International Monetary Fund. This book was released on 2018-09-07 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews empirical and theoretical work on the links between banks and their governments (the bank-sovereign nexus). How significant is this nexus? What do we know about it? To what extent is it a source of concern? What is the role of policy intervention? The paper concludes with a review of recent policy proposals.
Book Synopsis Rethinking Sovereign Debt by : Odette Lienau
Download or read book Rethinking Sovereign Debt written by Odette Lienau and published by Harvard University Press. This book was released on 2014-02-18 with total page 342 pages. Available in PDF, EPUB and Kindle. Book excerpt: Conventional wisdom holds that all nations must repay debt. Regardless of the legitimacy of the regime that signs the contract, a country that fails to honor its obligations damages its reputation. Yet should today's South Africa be responsible for apartheid-era debt? Is it reasonable to tether postwar Iraq with Saddam Hussein's excesses? Rethinking Sovereign Debt is a probing analysis of how sovereign debt continuity--the rule that nations should repay loans even after a major regime change, or else expect consequences--became dominant. Odette Lienau contends that the practice is not essential for functioning capital markets, and demonstrates its reliance on absolutist ideas that have come under fire over the last century. Lienau traces debt continuity from World War I to the present, emphasizing the role of government officials, the World Bank, and private markets in shaping our existing framework. Challenging previous accounts, she argues that Soviet Russia's repudiation of Tsarist debt and Great Britain's 1923 arbitration with Costa Rica hint at the feasibility of selective debt cancellation. Rethinking Sovereign Debt calls on scholars and policymakers to recognize political choice and historical precedent in sovereign debt and reputation, in order to move beyond an impasse when a government is overthrown.
Book Synopsis Towards a Reorganisation System for Sovereign Debt by : Holger Schier
Download or read book Towards a Reorganisation System for Sovereign Debt written by Holger Schier and published by Martinus Nijhoff Publishers. This book was released on 2007 with total page 325 pages. Available in PDF, EPUB and Kindle. Book excerpt: The insolvency of sovereign debtors is a virtually timeless phenomenon and yet the existing international financial architecture does not provide any legal framework to deal with this issue. Following an overview of the main proposals as to how to bridge this gap, this study analyses the extent to which public international law can be used as a source for the establishment of a reorganisation system for sovereign debt. While there is no adequate customary international law relating to sovereign insolvencies, reference can instead be made to the growing body of general principles of law. This is illustrated by a comparison of the systems of corporate financial reorganisation in insolvency in six representatively selected countries - Argentina, England, France, Germany, Indonesia and the U.S. Due to the inherent lack of enforceability with regard to sovereign debtors, in order to be able to provide a basis for a reorganisation system for sovereign debt, these principles need to be complemented with a compliance control mechanism. This study suggests how such a system could be constructed and implemented.
Book Synopsis Bankruptcy Procedures for Sovereigns by : Kenneth Rogoff
Download or read book Bankruptcy Procedures for Sovereigns written by Kenneth Rogoff and published by International Monetary Fund. This book was released on 2002-08 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper describes the evolution of ideas to apply bankruptcy reorganization principles to sovereign debt crises. Our focus is on policy proposals between the late 1970s and Anne Krueger's (2001) proposed "Sovereign Debt-Restructuring Mechanism," with brief reference to the economics literature on sovereign debt. We describe the perceived inefficiencies that motivate proposals, and how proposals seek to change debtor and creditor incentives. We find that there has been a moving concensus on what constitutes the underlying problem, but not on how to fix it. The range of proposed approaches remains broad and only recently shows some signs of narrowing.
Download or read book The Debt System written by Éric Toussaint and published by Haymarket Books. This book was released on 2019-04-23 with total page 243 pages. Available in PDF, EPUB and Kindle. Book excerpt: “A compelling explanation of the deep-seated mechanisms at work in the international credit system” from the coauthor of Debt, the IMF, and the World Bank (Counterfire). For as long as there have been rich nations and poor nations, debt has been a powerful force for maintaining the unequal relations between them. Treated as sacrosanct, immutable, and eternally binding, it has become the yoke of choice for imperial powers in the post-colonial world to enforce their subservience over the global south. In this ground-breaking history, renowned economist Éric Toussaint argues for a radical reversal of this balance of accounts through the repudiation of sovereign debt. “Since 2008 CADTM has campaigned for ‘a new doctrine of illegitimate, illegal, odious, and unsustainable debt’ cancellation. This doctrine includes considerations of whether the debtor state is democratic, whether it respects human rights, whether the debt is incurred within the framework of ‘structural adjustments’ (enforced austerity), and includes all debts incurred to pay back previous odious debts. On grounds of global social justice, The Debt System makes a strong case for this new doctrine.” —Against the Current “This work has much to commend it; it provides detailed analyses of the impact of indebtedness in several nations . . . The author shows that, contrary to orthodox arguments, debt repudiation can be both justified and successfully carried out. I recommend the book wholeheartedly.” —Counterfire
Book Synopsis Sovereign Debt Management by : Rosa Lastra
Download or read book Sovereign Debt Management written by Rosa Lastra and published by OUP Oxford. This book was released on 2014-01 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The most authoritative and comprehensive book available on sovereign debt management written by practitioners and scholars of world renown.
Book Synopsis Sovereign Default Risk Valuation by : Jochen Andritzky
Download or read book Sovereign Default Risk Valuation written by Jochen Andritzky and published by Springer Science & Business Media. This book was released on 2006-11-23 with total page 261 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Toward a Statutory Approach to Sovereign Debt Restructuring by : Mr.Patrick Bolton
Download or read book Toward a Statutory Approach to Sovereign Debt Restructuring written by Mr.Patrick Bolton and published by International Monetary Fund. This book was released on 2003-01-01 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides an overview of key elements of Corporate Bankruptcy Codes and Practice around the world that are relevant to the debate on Sovereign Debt Restructuring. It highlights four components common to most bankruptcy reorganization institutions: a stay on debt collection efforts to prevent a costly run for the assets, broad enforcement of absolute priority, majority voting among creditors on the proposed reorganization plan, and new higher priority financing to keep the firm going while its liabilities are restructured. The paper argues that these components ought to be present in any sovereign debt restructuring procedure.
Download or read book Sovereign Debt written by Rob Quail and published by John Wiley & Sons. This book was released on 2011-02-25 with total page 435 pages. Available in PDF, EPUB and Kindle. Book excerpt: An intelligent analysis of the dangers, opportunities, and consequences of global sovereign debt Sovereign debt is growing internationally at a terrifying rate, as nations seek to prop up their collapsing economies. One only needs to look at the sovereign risk pressures faced by Greece, Spain, and Ireland to get an idea of how big this problem has become. Understanding this dilemma is now more important than ever, that's why Robert Kolb has compiled Sovereign Debt. With this book as your guide, you'll gain a better perspective on the essential issues surrounding sovereign debt and default through discussions of national defaults, systemic risk, associated costs, and much more. Historical studies are also included to provide a realistic framework of reference. Contains up-to-date research and analysis on sovereign debt from today's leading practitioners and academics Details the dangers of defaults and their associated systemic risks Explores the past, present, and future of sovereign debt The repercussions of a national default are all-encompassing as global markets are intricately interwoven in the modern world. Sovereign Debt examines what it will take to overcome the challenges of this market and how you can deal with the uncertainty surrounding it.
Book Synopsis Early Ideas on Sovereign Bankruptcy Reorganization by : Mr.Kenneth Rogoff
Download or read book Early Ideas on Sovereign Bankruptcy Reorganization written by Mr.Kenneth Rogoff and published by International Monetary Fund. This book was released on 2002-03-01 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper surveys early intellectual antecedents of the Krueger (2001) proposal for creating bankruptcy reorganization procedures at the international level. We focus on actual proposals for new procedures made from the late 1970s up to an influential lecture by Sachs (1995), with brief reference to the formal economics literature on sovereign debt. Beginning with a paper by Oechsli (1981), several key contributions are made during this period, including the analogy with domestic bankruptcy procedures, an understanding of the inefficiencies in international lending that might justify such procedures, and specific institutional and legal suggestions that continue to play a role in the current debate.
