Sovereign Debt at the Crossroads

Sovereign Debt at the Crossroads

Author: Chris Jochnick

Publisher: Oxford University Press

Published: 2006-04-13

Total Pages: 336

ISBN-13: 0190290579

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Recent world events have created a compelling need for new perspectives and realistic solutions to the problem of sovereign debt. The success of the Jubilee 2000 movement in raising public awareness of the devastating effects of debt, coupled with the highly publicized Bono/O'Neill tour of Africa, and the spectacular default and economic implosion of Argentina have helped spur a global debate over debt. A growing chorus of globalization critics, galvanized by the Catholic Church's demand for forgiveness and bolstered by recent defaults, has put debt near the top of the international agenda. Creditor governments and international financial institutions have belatedly recognized the need for more sustainable progress on debt as an inescapable step towards economic recovery in many parts of the world. This book is intended to advance the dialogue around these issues by providing a comprehensive overview of the problems raised by debt and describing new and practical approaches to overcoming them. It will be the first in more than a decade to bring together under one cover the voices of prominent members of the international debt community. It will include pieces from the most relevant constituencies: from creditors (the IMF/World Bank, government lenders, private investors) to critics (debtor representatives, activists, and academics) and analysis from economists, bankers, lawyers, social scientists, and politicians. As contributions come from such leading thinkers across a range of disciplines, this book will offer a timely guide for understanding and influencing the debt debate.


Book Synopsis Sovereign Debt at the Crossroads by : Chris Jochnick

Download or read book Sovereign Debt at the Crossroads written by Chris Jochnick and published by Oxford University Press. This book was released on 2006-04-13 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent world events have created a compelling need for new perspectives and realistic solutions to the problem of sovereign debt. The success of the Jubilee 2000 movement in raising public awareness of the devastating effects of debt, coupled with the highly publicized Bono/O'Neill tour of Africa, and the spectacular default and economic implosion of Argentina have helped spur a global debate over debt. A growing chorus of globalization critics, galvanized by the Catholic Church's demand for forgiveness and bolstered by recent defaults, has put debt near the top of the international agenda. Creditor governments and international financial institutions have belatedly recognized the need for more sustainable progress on debt as an inescapable step towards economic recovery in many parts of the world. This book is intended to advance the dialogue around these issues by providing a comprehensive overview of the problems raised by debt and describing new and practical approaches to overcoming them. It will be the first in more than a decade to bring together under one cover the voices of prominent members of the international debt community. It will include pieces from the most relevant constituencies: from creditors (the IMF/World Bank, government lenders, private investors) to critics (debtor representatives, activists, and academics) and analysis from economists, bankers, lawyers, social scientists, and politicians. As contributions come from such leading thinkers across a range of disciplines, this book will offer a timely guide for understanding and influencing the debt debate.

Latin America At The Crossroads

Latin America At The Crossroads

Author: Howard J. Wiarda

Publisher: Routledge

Published: 2019-04-02

Total Pages: 158

ISBN-13: 0429718187

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A provocative and controversial look at Latin America as it stands at a crossroads, this book analyzes the complex economic and social roots of the debt crisis and evaluates the prospects for new development strategies for the 1990s. Dr. Wiarda begins by placing the regional economic crisis in the larger context of technological change, political upheaval, and the international economy. He then explores new choices and realities in inter-American relations and the role international lending agencies can take to assist Latin America in meeting the challenge of the next decade. The author suggests that "smokescreens and mirrors" have obscured the true nature of the crisis and, as a result, have skewed the policy debate.


Book Synopsis Latin America At The Crossroads by : Howard J. Wiarda

Download or read book Latin America At The Crossroads written by Howard J. Wiarda and published by Routledge. This book was released on 2019-04-02 with total page 158 pages. Available in PDF, EPUB and Kindle. Book excerpt: A provocative and controversial look at Latin America as it stands at a crossroads, this book analyzes the complex economic and social roots of the debt crisis and evaluates the prospects for new development strategies for the 1990s. Dr. Wiarda begins by placing the regional economic crisis in the larger context of technological change, political upheaval, and the international economy. He then explores new choices and realities in inter-American relations and the role international lending agencies can take to assist Latin America in meeting the challenge of the next decade. The author suggests that "smokescreens and mirrors" have obscured the true nature of the crisis and, as a result, have skewed the policy debate.

Central Banking at a Crossroads

Central Banking at a Crossroads

Author: Charles Goodhart

Publisher: Anthem Press

Published: 2014-12-01

Total Pages: 292

ISBN-13: 1783083042

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This book reflects on the innovations that central banks have introduced since the 2008 collapse of Lehman Brothers to improve their modes of intervention, regulation and resolution of financial markets and financial institutions. Authors from both academia and policy circles explore these innovations through four approaches: ‘Bank Capital Regulation’ examines the Basel III agreement; ‘Bank Resolution’ focuses on effective regimes for regulating and resolving ailing banks; ‘Central Banking with Collateral-Based Finance’ develops thought on the challenges that market-based finance pose for the conduct of central banking; and ‘Where Next for Central Banking’ examines the trajectory of central banking and its new, central role in sustaining capitalism.


Book Synopsis Central Banking at a Crossroads by : Charles Goodhart

Download or read book Central Banking at a Crossroads written by Charles Goodhart and published by Anthem Press. This book was released on 2014-12-01 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book reflects on the innovations that central banks have introduced since the 2008 collapse of Lehman Brothers to improve their modes of intervention, regulation and resolution of financial markets and financial institutions. Authors from both academia and policy circles explore these innovations through four approaches: ‘Bank Capital Regulation’ examines the Basel III agreement; ‘Bank Resolution’ focuses on effective regimes for regulating and resolving ailing banks; ‘Central Banking with Collateral-Based Finance’ develops thought on the challenges that market-based finance pose for the conduct of central banking; and ‘Where Next for Central Banking’ examines the trajectory of central banking and its new, central role in sustaining capitalism.

Financial Regulation at the Crossroads

Financial Regulation at the Crossroads

Author: Panagiotis Delimatsis

Publisher: Kluwer Law International B.V.

Published: 2011-04-01

Total Pages: 424

ISBN-13: 9041137645

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This book brings outstanding expertise and provides insightful perspectives from nineteen authors with diverse backgrounds, including officials from international organizations, national regulators, and commercial banking, as well as academics in law, economics, political economy, and finance. The authors not only shed light on the causes of the financial turmoil, but also present thoughtful proposals that contribute to the future policy debate, and discuss opportunities that financial services can offer in funding activities which raise standards of living through initiatives in microfinance, renewable energy, and food distribution. The contributions to this volume tackle several of the thorniest issues of financial regulation in a post-crisis environment, such as: the mechanics of contagion within the financial system and the role of liquidity; moral hazard when large financial institutions are no longer subject to the disciplinary effects of bankruptcy; bank capital requirements; management compensation; design of bank resolution schemes; a function-centric versus institution-centric regulatory approach; subsidization and compatibility of stimulus packages with EU rules on state aid; trade finance and the role of the GATS prudential carve-out; and the role of financial services in promoting human rights or combating climate change.


Book Synopsis Financial Regulation at the Crossroads by : Panagiotis Delimatsis

Download or read book Financial Regulation at the Crossroads written by Panagiotis Delimatsis and published by Kluwer Law International B.V.. This book was released on 2011-04-01 with total page 424 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book brings outstanding expertise and provides insightful perspectives from nineteen authors with diverse backgrounds, including officials from international organizations, national regulators, and commercial banking, as well as academics in law, economics, political economy, and finance. The authors not only shed light on the causes of the financial turmoil, but also present thoughtful proposals that contribute to the future policy debate, and discuss opportunities that financial services can offer in funding activities which raise standards of living through initiatives in microfinance, renewable energy, and food distribution. The contributions to this volume tackle several of the thorniest issues of financial regulation in a post-crisis environment, such as: the mechanics of contagion within the financial system and the role of liquidity; moral hazard when large financial institutions are no longer subject to the disciplinary effects of bankruptcy; bank capital requirements; management compensation; design of bank resolution schemes; a function-centric versus institution-centric regulatory approach; subsidization and compatibility of stimulus packages with EU rules on state aid; trade finance and the role of the GATS prudential carve-out; and the role of financial services in promoting human rights or combating climate change.

Tennessee at the Crossroads

Tennessee at the Crossroads

Author: Robert B. Jones

Publisher:

Published: 1977

Total Pages: 192

ISBN-13: 9780870491986

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Book Synopsis Tennessee at the Crossroads by : Robert B. Jones

Download or read book Tennessee at the Crossroads written by Robert B. Jones and published by . This book was released on 1977 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Sovereign Debt

Sovereign Debt

Author: Mauro Megliani

Publisher: Springer

Published: 2014-11-21

Total Pages: 617

ISBN-13: 331908464X

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This book provides a thorough legal analysis of sovereign indebtedness, examining four typologies of sovereign debt – bilateral debt, multilateral debt, syndicated debt and bonded debt – in relation to three crucial contexts: genesis, restructuring and litigation. Its treatise-style approach makes it possible to capture in a systematic manner a phenomenon characterized by high complexity and unclear boundaries. Though the analysis is mainly conducted on the basis of international law, the breadth of this topical subject has made it necessary to include other sources, such as private international law, domestic law and financial practice; moreover, references are made to international financial relations and international financial history so as to provide a more complete understanding. Although it follows the structure of a continental tractatus, the work strikes a balance between consideration of doctrinal and jurisprudential sources, making it a valuable reference work for scholars and practitioners alike.


Book Synopsis Sovereign Debt by : Mauro Megliani

Download or read book Sovereign Debt written by Mauro Megliani and published by Springer. This book was released on 2014-11-21 with total page 617 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a thorough legal analysis of sovereign indebtedness, examining four typologies of sovereign debt – bilateral debt, multilateral debt, syndicated debt and bonded debt – in relation to three crucial contexts: genesis, restructuring and litigation. Its treatise-style approach makes it possible to capture in a systematic manner a phenomenon characterized by high complexity and unclear boundaries. Though the analysis is mainly conducted on the basis of international law, the breadth of this topical subject has made it necessary to include other sources, such as private international law, domestic law and financial practice; moreover, references are made to international financial relations and international financial history so as to provide a more complete understanding. Although it follows the structure of a continental tractatus, the work strikes a balance between consideration of doctrinal and jurisprudential sources, making it a valuable reference work for scholars and practitioners alike.

Rethinking Sovereign Debt

Rethinking Sovereign Debt

Author: Odette Lienau

Publisher: Harvard University Press

Published: 2014-02-18

Total Pages: 342

ISBN-13: 0674726405

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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 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.

Unconstitutional Regimes and the Validity of Sovereign Debt

Unconstitutional Regimes and the Validity of Sovereign Debt

Author: Sabine Michalowski

Publisher: Routledge

Published: 2016-02-17

Total Pages: 252

ISBN-13: 1317005430

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Sabine Michalowski's work provides a much-needed legal perspective on the topical subject of Developing World debt repayment. The volume incorporates a single debtor country, Argentina, as an example to address global questions relating to this problem. The work assesses the range of complex issues involved in the context of international as well as national law. It further examines the political pressure creditors may apply to make vulnerable countries adapt their economic and other policies in line with their wishes. These raise obvious constitutional issues for the debtor country and pose questions of whether and how the inequality of bargaining power in such situations could influence the validity of any measures taken, whether contractual or legislative. Argentina has been chosen as a case study because as a large debtor country, it represents these sorts of issues.


Book Synopsis Unconstitutional Regimes and the Validity of Sovereign Debt by : Sabine Michalowski

Download or read book Unconstitutional Regimes and the Validity of Sovereign Debt written by Sabine Michalowski and published by Routledge. This book was released on 2016-02-17 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt: Sabine Michalowski's work provides a much-needed legal perspective on the topical subject of Developing World debt repayment. The volume incorporates a single debtor country, Argentina, as an example to address global questions relating to this problem. The work assesses the range of complex issues involved in the context of international as well as national law. It further examines the political pressure creditors may apply to make vulnerable countries adapt their economic and other policies in line with their wishes. These raise obvious constitutional issues for the debtor country and pose questions of whether and how the inequality of bargaining power in such situations could influence the validity of any measures taken, whether contractual or legislative. Argentina has been chosen as a case study because as a large debtor country, it represents these sorts of issues.

Ukraine at the Crossroads

Ukraine at the Crossroads

Author: Axel Siedenberg

Publisher: Springer Science & Business Media

Published: 1999-01-21

Total Pages: 460

ISBN-13: 9783790811896

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Axel Siedenberg, Lutz Hoffmann 1 The specificity of transformation in Ukraine When the Soviet empire collapsed in the very early 1990s, the new era that dawned was commonly given the name 'transformation', implying the systemic change from socialism towards some form of market economy. Almost ten years later, 'the' transformation process does not exist any more; instead, a whole variety of transformations are taking place in Eastern Europe and the CIS: Whereas some countries are heading towards EU membership (e. g. Poland), others are still pondering on what economic system to adopt (e. g. Russia) and yet others have rejected a market-oriented transformation outright (e. g. Belarus). Within this variety of transformations, Ukraine clearly stands out as a specific case: Whilst initially considered to be one of the stronger post-Soviet Republics, it descended into economic depression in 1992 and has hardly recovered since; on the other hand, once considered to be a potential centre of ethnic unrest and political instability, it has turned into a democratic, peaceful civil society that is firmly establishing itself within the new European and world order. This book takes a critical look at economic reform in Ukraine as compared to other East European and CIS countries. Our hypothesis is that Ukraine is going through a transformation process peculiar to itself, which can be traced at both macroeconomic and microeconomic level.


Book Synopsis Ukraine at the Crossroads by : Axel Siedenberg

Download or read book Ukraine at the Crossroads written by Axel Siedenberg and published by Springer Science & Business Media. This book was released on 1999-01-21 with total page 460 pages. Available in PDF, EPUB and Kindle. Book excerpt: Axel Siedenberg, Lutz Hoffmann 1 The specificity of transformation in Ukraine When the Soviet empire collapsed in the very early 1990s, the new era that dawned was commonly given the name 'transformation', implying the systemic change from socialism towards some form of market economy. Almost ten years later, 'the' transformation process does not exist any more; instead, a whole variety of transformations are taking place in Eastern Europe and the CIS: Whereas some countries are heading towards EU membership (e. g. Poland), others are still pondering on what economic system to adopt (e. g. Russia) and yet others have rejected a market-oriented transformation outright (e. g. Belarus). Within this variety of transformations, Ukraine clearly stands out as a specific case: Whilst initially considered to be one of the stronger post-Soviet Republics, it descended into economic depression in 1992 and has hardly recovered since; on the other hand, once considered to be a potential centre of ethnic unrest and political instability, it has turned into a democratic, peaceful civil society that is firmly establishing itself within the new European and world order. This book takes a critical look at economic reform in Ukraine as compared to other East European and CIS countries. Our hypothesis is that Ukraine is going through a transformation process peculiar to itself, which can be traced at both macroeconomic and microeconomic level.

Sovereign Debt Diplomacies

Sovereign Debt Diplomacies

Author: Pierre Penet

Publisher: Oxford University Press

Published: 2021

Total Pages: 371

ISBN-13: 0198866356

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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.


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.