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Author: Mr.Udaibir S. Das
Publisher: International Monetary Fund
ISBN: 1475505531
Category : Business & Economics
Languages : en
Pages : 128
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Book Description
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: Mr.Udaibir S. Das
Publisher: International Monetary Fund
ISBN: 1475505531
Category : Business & Economics
Languages : en
Pages : 128
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Book Description
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: Patrick S. Kenadjian
Publisher: Walter de Gruyter
ISBN: 3110314525
Category : Law
Languages : en
Pages : 280
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Book Description
The volume contains articles based on presentations given at a conference hosted by the Institute for Law and Finance of Goethe University on October 27, 2011. Collective action clauses are an example of the typical dichotomy of financial regulation: While the problems are economic in nature, the solutions need to be implemented by law. The Institute for Law and Finance strives to bring together law and finance in order to foster a better mutual understanding of both disciplines and to improve the regulation of financial markets. Thus, the organizers are particularly pleased that eminent experts from the fields of law and finance agreed to participate in the event and to share their views on and experiences with collective action clauses. The presentations given at the conference have been updated in 2012 to reflect recent developments.
Author: Martin Guzman
Publisher: Columbia University Press
ISBN: 023154202X
Category : Business & Economics
Languages : en
Pages : 307
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Book Description
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.
Author: Rosa Lastra
Publisher: OUP Oxford
ISBN: 9780199671106
Category : Law
Languages : en
Pages : 0
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Book Description
The most authoritative and comprehensive book available on sovereign debt management written by practitioners and scholars of world renown.
Author: Michael E. Smith
Publisher: Cambridge University Press
ISBN: 9780521538619
Category : Political Science
Languages : en
Pages : 312
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Book Description
The emergence of a common security and foreign policy has been one of the most contentious issues accompanying the integration of the European Union. In this book, Michael Smith examines the specific ways foreign policy cooperation has been institutionalized in the EU, the way institutional development affects cooperative outcomes in foreign policy, and how those outcomes lead to new institutional reforms. Smith explains the evolution and performance of the institutional procedures of the EU using a unique analytical framework, supported by extensive empirical evidence drawn from interviews, case studies, official documents and secondary sources. His perceptive and well-informed analysis covers the entire history of EU foreign policy cooperation, from its origins in the late 1960s up to the start of the 2003 constitutional convention. Demonstrating the importance and extent of EU foreign/security policy, the book will be of interest to scholars, researchers and policy-makers.
Author: Study Group on a European Civil Code
Publisher: sellier. european law publ.
ISBN: 3866530595
Category : Civil law
Languages : en
Pages : 406
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Book Description
In this volume, the Study Group and the Acquis Group present the first academic Draft of a Common Frame of Reference (DCFR). The Draft is based in part on a revised version of the Principles of European Contract Law (PECL) and contains Principles, Definitions and Model Rules of European Private Law in an interim outline edition. It covers the books on contracts and other juridical acts, obligations and corresponding rights, certain specific contracts, and non-contractual obligations. One purpose of the text is to provide material for a possible "political" Common Frame of Reference (CFR) which was called for by the European Commission's Action Plan on a More Coherent European Contract Law of January 2003.
Author: Nouriel Roubini
Publisher: Peterson Institute
ISBN: 9780881325300
Category : Business & Economics
Languages : en
Pages : 462
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Book Description
The study calls for a two-track strategy: first, deep multilateral liberalization involving phased but complete elimination of industrial-county protection and deep reduction of protection by at least the middle-income developing countries, albeit on a more gradual schedule; and second, immediate free entry for imports from high risk low-income countries (heavily indebted poor countries, least developed countries, and sub-Saharan Africa), coupled with a 10-year tax holiday for direct investment in these countries.
Author: Mr. Patrick Bolton
Publisher: International Monetary Fund
ISBN: 1451912099
Category : Business & Economics
Languages : en
Pages : 30
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Book Description
In an environment characterized by weak contractual enforcement, sovereign lenders can enhance the likelihood of repayment by making their claims more difficult to restructure ex post. We show however, that competition for repayment among lenders may result in a sovereign debt that is excessively difficult to restructure in equilibrium. This inefficiency may be alleviated by a suitably designed bankruptcy regime that facilitates debt restructuring.
Author: Brian Bercusson
Publisher: Nomos Verlagsgesellschaft
ISBN: 9783832921088
Category : Charter of Fundamental Rights of the European Union
Languages : en
Pages : 0
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Book Description
What role will the EU Charter of Fundamental Rights play in the future for labour law in the European Union Member States? How could it affect industrial relations in these states? These are crucial questions to which a group of eminent European labour law professors and researchers seek to offer some answers in their new book European Labour Law and the EU Charter of Fundamental Rights. To recall the story behind the Charter: in December 2000, this text was not enshrined as an integral part of the new EU Nice treaty, but was merely "proclaimed", to the disappointment of many, so that its legal status remained ambiguous. The draft future Treaty establishing a Constitution for Europe is clearer, insofar as it incorporates the Charter as its Part II, thereby giving it a binding character - but nobody knows whether, or when, this Treaty-Constitution will actually see the light of day and, if it does, in what shape. Yet now, as the discussions about a future EU constitution are regaining momentum, the European Court of Justice has also had its word on the role of the Charter. It has declared that "the principal aim of the Charter is to reaffirm rights" which are legally binding due to their provenance from other sources recognised by EU law (Case 540/03, European Parliament v. Council, decided 27 June 2006). The thus strengthened Charter includes core labour law and industrial relations provisions, covering matters such as freedom of association, collective bargaining and collective action, information and consultation within the undertaking, fair and just working conditions and protection in the event of unjustified dismissal. The book European Labour Law and the EU Charter of Fundamental Rights is a detailed commentary on the provisions of the Charter which guarantee these and other fundamental rights that are binding upon the EU institutions and the Member States. The commentary throws light on the potential of the EU Charter to shape the future labour law of Europe, an understanding of which is important for labour lawyers and industrial relations professionals, as well as for academics and policy makers in the Member States and in the EU institutions.
Author: Kay Chung
Publisher:
ISBN: 9781513526843
Category :
Languages : en
Pages : 44
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Book Description
This paper analyzes the effects of including collective action clauses (CACs) and enhanced CACs in international (nondomestic law-governed) sovereign bonds on sovereigns' borrowing costs, using secondary-market bond yield spreads. Our findings indicate that inclusion of enhanced CACs, introduced in August 2014, is associated with lower borrowing costs for both noninvestment-grade and investment-grade issuers. These results suggest that market participants do not associate the use of CACs and enhanced CACs with borrowers' moral hazard, but instead consider their implied benefits of an orderly and efficient debt resolution process in case of restructuring.
