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Sovereign Insolvency An Essay On State Bankruptcy
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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 Bankruptcy Proceedings for Sovereign State Insolvency by : Jonathan Thomas
Download or read book Bankruptcy Proceedings for Sovereign State Insolvency written by Jonathan Thomas and published by . This book was released on 2004 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the main issues involved in translating domestic bankruptcy procedures to the sovereign context. It considers some of the principles by which domestic bankruptcy procedures operate, and the extent to which they apply to international lending. Two recent proposals are considered in more detail, that of Krueger (A New Approach to Sovereign Debt Restructuring) and that of Pettifor (ch. 9/11, Resolving International Debt Crises - the Jubilee Framework for International Insolvency). The paper also considers the question of the ex ante effects of a procedure which makes default less costly, and concludes that despite a negative impact on the ability to borrow, the overall welfare effect need not be negative.
Book Synopsis Bankruptcy Proceedings for Sovereign State Insolvency and Their Effect on Capital Flows by : Jonathan P. Thomas
Download or read book Bankruptcy Proceedings for Sovereign State Insolvency and Their Effect on Capital Flows written by Jonathan P. Thomas and published by . This book was released on 2003 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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.
Book Synopsis Sovereign Debt and Exclusions from Insolvency Proceedings by : Jay Lawrence Westbrook
Download or read book Sovereign Debt and Exclusions from Insolvency Proceedings written by Jay Lawrence Westbrook and published by . This book was released on 2014 with total page 11 pages. Available in PDF, EPUB and Kindle. Book excerpt: Underlying this short paper are two propositions. The first is that three forms of exclusion from bankruptcy laws or bankruptcy-like procedures represent a serious threat to the global financial system that has developed since the Second World War. The exclusions are sovereign default, SIFI default, and default on derivative contracts. The second proposition is that the danger to the financial system represented by these exclusions is greatly increased by the fact that the three excluded phenomena are strongly interactive and reinforcing. These two propositions were the subject of a symposium held at The University of Texas School of Law in February of 2013.The excellent conference organized by Professor Christopher Paulus addresses sovereign default directly and implicates the SIFI and derivative defaults indirectly. In this paper I will write in a preliminary way about sovereign debt, including the United States experience with debt at the level of individual states of the United States; and about the derivative exemption from bankruptcy as it relates to sovereign debt.
Book Synopsis Bankruptcy Proceedings for Sovereign State Insolvency by : Jonathan P. Thomas
Download or read book Bankruptcy Proceedings for Sovereign State Insolvency written by Jonathan P. Thomas and published by . This book was released on 2002 with total page 17 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Resolution of Sovereign Debt Crises by : Jeannette Abel
Download or read book The Resolution of Sovereign Debt Crises written by Jeannette Abel and published by . This book was released on 2019 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The insolvency of states is by no means a rare or new phenomenon. Despite this, it still seems to be widely felt that states do not go bankrupt. As of yet, there are no regulated insolvency proceedings for states. This book examines the current mechanisms for solving sovereign debt crises. It presents an analysis of their weaknesses and shows possibilities for dealing with such crises in the future. In this respect, the work focusses on crisis resolution measures at European level: the aid packages for Greece, the European Financial Stabilisation Mechanism, the European Financial Stabilisation Facility and the European Stability Mechanism. These are examined for their appropriateness as well as whether they contain elements of insolvency law. Ultimately, it explores possible insolvency proceedings for states at EU level and their implementation options
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.
Author :International Monetary Fund Publisher :International Monetary Fund ISBN 13 :9781557758200 Total Pages :108 pages Book Rating :4.7/5 (582 download)
Book Synopsis Orderly and Effective Insolvency Procedures by : International Monetary Fund
Download or read book Orderly and Effective Insolvency Procedures written by International Monetary Fund and published by International Monetary Fund. This book was released on 1999-08-02 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt: Written by IMF's Legal Department, this book outlines the key issues involved in designing and implementing orderly and effective insolvency procedures, which play a critical role in fostering growth and competitiveness and may also assist in the prevention and resolution of financial crises. The book draws on lessons learned from firsthand experience by some of the IMF's 182 member countries. It includes an analysis of the major policy choices that countries need to address when designing an insolvency system, a discussion of the advantages and disadvantages of these choices, and a number of specific recommendations.
Author :American Bar Association. House of Delegates Publisher :American Bar Association ISBN 13 :9781590318737 Total Pages :216 pages Book Rating :4.3/5 (187 download)
Book Synopsis Model Rules of Professional Conduct by : American Bar Association. House of Delegates
Download or read book Model Rules of Professional Conduct written by American Bar Association. House of Delegates and published by American Bar Association. This book was released on 2007 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Model Rules of Professional Conduct provides an up-to-date resource for information on legal ethics. Federal, state and local courts in all jurisdictions look to the Rules for guidance in solving lawyer malpractice cases, disciplinary actions, disqualification issues, sanctions questions and much more. In this volume, black-letter Rules of Professional Conduct are followed by numbered Comments that explain each Rule's purpose and provide suggestions for its practical application. The Rules will help you identify proper conduct in a variety of given situations, review those instances where discretionary action is possible, and define the nature of the relationship between you and your clients, colleagues and the courts.
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.
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.
Book Synopsis Accounting and Finance by : Reza Gharoie Ahangar
Download or read book Accounting and Finance written by Reza Gharoie Ahangar and published by BoD – Books on Demand. This book was released on 2019-12-18 with total page 150 pages. Available in PDF, EPUB and Kindle. Book excerpt: Accounting and finance are common terms for users of financial information. Nowadays the reporting of financial as well as non-financial information of an entity, and efficiency in the banking system, are considered to be important issues by creditors, investors, and managers of financial markets.Over four sections this book addresses topics including national accounting standards and financial statement disclosure; foreign direct investment and the roles of accounting valuations and earnings management during the global financial crisis; and bankruptcy risk, banking efficiency, and debt restructuring in the United Nations General Assembly Resolution.
Book Synopsis Resolving China’s Corporate Debt Problem by : Wojciech Maliszewski
Download or read book Resolving China’s Corporate Debt Problem written by Wojciech Maliszewski and published by International Monetary Fund. This book was released on 2016-10-14 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate credit growth in China has been excessive in recent years. This credit boom is related to the large increase in investment after the Global Financial Crisis. Investment efficiency has fallen and the financial performance of corporates has deteriorated steadily, affecting asset quality in financial institutions. The corporate debt problem should be addressed urgently with a comprehensive strategy. Key elements should include identifying companies in financial difficulties, proactively recognizing losses in the financial system, burden sharing, corporate restructuring and governance reform, hardening budget constraints, and facilitating market entry. A proactive strategy would trade off short-term economic pain for larger longer-term gain.
Book Synopsis Sovereignty, International Law, and the French Revolution by : Edward James Kolla
Download or read book Sovereignty, International Law, and the French Revolution written by Edward James Kolla and published by Cambridge University Press. This book was released on 2017-10-12 with total page 353 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book argues that the introduction of popular sovereignty as the basis for government in France facilitated a dramatic transformation in international law in the eighteenth century.
Book Synopsis This Time Is Different by : Carmen M. Reinhart
Download or read book This Time Is Different written by Carmen M. Reinhart and published by Princeton University Press. This book was released on 2011-08-07 with total page 513 pages. Available in PDF, EPUB and Kindle. Book excerpt: An empirical investigation of financial crises during the last 800 years.
Book Synopsis Is U. S. Government Debt Different? by : Donald S. Bernstein
Download or read book Is U. S. Government Debt Different? written by Donald S. Bernstein and published by . This book was released on 2012-11-27 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt:
