A Discourse Theoretical Approach to Sovereign Debt Restructuring PDF Download
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Author: Matthias Goldmann
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
In this paper, we study the role of law for squaring democracy with a market-based financial order. We approach this issue on the basis of Jürgen Habermas' discourse theoretical understanding of the role of law in the welfare state. Accordingly, law needs to be enforceable; law-making and law-application need to be institutionally separated; and public law needs to be distinguishable from private law. The contemporary practice of sovereign debt restructuring reveals some empirical and normative challenges to this understanding of the law. These findings inform our proposals for conceptual and institutional improvements that might lead to a more harmonious relation between democracy and financial order. In particular, we argue that a discourse theoretical understanding should tap on the legitimating potential of existing transnational discourses that are characterized by cross-border cleavages in public discourse.
Author: Matthias Goldmann
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
In this paper, we study the role of law for squaring democracy with a market-based financial order. We approach this issue on the basis of Jürgen Habermas' discourse theoretical understanding of the role of law in the welfare state. Accordingly, law needs to be enforceable; law-making and law-application need to be institutionally separated; and public law needs to be distinguishable from private law. The contemporary practice of sovereign debt restructuring reveals some empirical and normative challenges to this understanding of the law. These findings inform our proposals for conceptual and institutional improvements that might lead to a more harmonious relation between democracy and financial order. In particular, we argue that a discourse theoretical understanding should tap on the legitimating potential of existing transnational discourses that are characterized by cross-border cleavages in public discourse.
Author: Mr.Vivek B. Arora
Publisher: International Monetary Fund
ISBN: 1451968175
Category : Business & Economics
Languages : en
Pages : 34
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Book Description
This paper surveys the literature on sovereign debt that deals with the issues of a country’s ability-to-pay, its willingness-to-pay, and the policy responses to the debt crisis of the 1980s. The existence of an ability-to-pay problem suggests a need for debt reduction, but plans for debt relief face potential incentive problems, and sovereign debt repurchases are not always a welfare maximizing method of debt restructuring. The paper synthesizes the main conclusions on these issues. With a willingness-to-pay problem, the potential penalties for debt repudiation are important in the endogenous determination of the repayment outcome. Penalties that are intertemporal in nature have different implications for debt repudiation than do intratemporal penalties. In addition, the asymmetric distribution of the costs of default can lead to a recurrent cycle of debt accumulation and default.
Author: Anne O. Krueger
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 54
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Book Description
In recent years there has been extensive discussion inside and outside the IMF on the need to develop a new approach to sovereign debt restructuring. Exploring ways to improve the sovereign debt restructuring process is a key part of the international community’s efforts to strengthen the architecture of the global financial system. This pamphlet by IMF First Deputy Managing Director Anne O.Krueger draws together the latest IMF thinking on the controversial issue in a single publication.
Author: Odette Lienau
Publisher: Harvard University Press
ISBN: 0674726405
Category : Business & Economics
Languages : en
Pages : 342
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Book Description
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.
Author: Steven L. Schwarcz
Publisher:
ISBN:
Category :
Languages : en
Pages : 46
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Author: Biagio Bossone
Publisher:
ISBN:
Category :
Languages : en
Pages : 25
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Author: Skylar Brooks
Publisher:
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Category :
Languages : en
Pages :
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This thesis examines three sets of recent initiatives aimed at reforming the international regime for sovereign debt restructuring. The first involved changes to the rules governing IMF lending and their role in triggering debt restructurings. The second entailed reforms to sovereign bond contracts in order to facilitate smoother restructuring processes. The third took place within the UN, where states advanced the idea of an international hard-law approach to debt restructuring but settled for a set of soft-law principles. Taken together, these initiatives had a mixed impact on the regime. Contract reforms strengthened bond restructuring processes; IMF reforms weakened the mechanism designed to trigger necessary restructurings; and UN reform efforts had little concrete impact in either direction. What explains the variation in these recent regulatory outcomes? I argue that this variation can be understood according to two dimensions: the process-trigger distinction and the legal-institutional design of process-oriented mechanisms. A trigger mechanism is hard to institutionalize because of the time-inconsistent preferences of powerful states and their more general desire-supported by sovereign debtors and private creditors and amplified by recent experiences-for case-by-case decision-making when it comes to if and when to trigger a debt restructuring. Compared to the trigger, some but not all process mechanisms have greater odds of success, depending on their design. Hard-law designs face huge political opposition, whereas soft-law tools can encounter political challenges but are also of limited effectiveness in this issue area. By contrast, private-law contracts provide useful mechanisms for navigating the trade-offs of regulating debt restructuring processes, especially for dominant states. I also argue that historical legacies and processes have influenced recent reform outcomes, but mainly through their ability to further enhance or diminish the prospects of mechanisms whose political utility had already been determined by the process-trigger distinction and/or their legal-institutional design. This thesis makes an empirical contribution to IPE and global governance literatures by providing the first comprehensive analysis of recent sovereign debt restructuring reforms. It makes important theoretical contributions to these literatures by developing an analytical framework for understanding the politics of regulatory reform within the sovereign debt restructuring regime. It also offers insights that contribute to wider debates about institutional design and development, including those related to the choice of international hard-law or soft-law governance instruments, the use of contracts in global governance, and the role of historical legacies and processes in shaping regulatory outcomes.
Author: Muhammad Bello
Publisher: Pretoria University Law Press
ISBN:
Category : Law
Languages : en
Pages : 425
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Book Description
Re-imagining sovereign debt examines the extent to which sovereign debtors’ contractual obligations may be honoured where the socio-economic rights of their citizens face clear danger of non-realisation. It critiques the foundational legal paradigm that influences and shapes the substance of the sovereign debt regime. In doing this, the author employs legal theory to show the inadequacies of the regime in terms of its failure to embrace the dynamism of sovereign debt which he characterises as a debt with a complex mix of public-private elements, hybridity of norms and multiplicity of interests beyond the two-sided creditor-debtor matrix. By locating socio-economic rights in all critical phases of the regime, the author shows that the recurring circles of debt crises are linked to the continuing influence of the private law paradigm. The book offers a fresh perspective to re-imagine sovereign debt using insights from transnational legal theorists and advocates prioritising socio-economic rights considerations in debt contracting, restructuring and adjudication through a more concrete recognition of creditors’ responsibilities. Re-imagining sovereign debt will interest lawyers, policymakers, diplomats, scholars and researchers interested in the law, history and politics of sovereign debt.
Author: Kei Nakajima
Publisher: Cambridge University Press
ISBN: 1009250035
Category : Law
Languages : en
Pages : 381
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Book Description
The first two decades of the twenty-first century witnessed a series of large-scale sovereign defaults and debt restructurings, in which sovereigns struggled to negotiate with recalcitrant bondholders, particularly hedge funds. Also, the outbreak of the COVID-19 pandemic in 2020 heralded a bleak financial outlook for many developing and emerging market countries, requiring sovereign debt restructuring in times of great macroeconomic uncertainty. Given the absence of a multilateral mechanism for sovereign debt restructuring equivalent to domestic corporate bankruptcy system, however, defaulted sovereigns often suffer from holdout litigation wrought by bondholders. This book proposes ways in which such legal actions could be regulated without the undue expense of bondholders' remedies by exploring the mechanism of balancing bondholder protection and respect for sovereign debt restructuring at various stages of litigation and arbitration proceedings.
Author: Juan Pablo Bohoslavsky
Publisher: Cambridge University Press
ISBN: 1108245579
Category : Law
Languages : en
Pages : 309
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Book Description
There is an obvious need to learn more about why some countries succeed and others fail when dealing with debt crises. Why do some sovereign debtors overcome economic problems very quickly and at minor human rights costs for their people, while others remain trapped by debts for years struggling with overwhelming debt burdens and exacerbating economic problems and human suffering? This book analyzes fourteen unique or singular country cases of sovereign debt problems that differ characteristically from the 'ordinary' debtor countries, and have not yet received enough or proper attention - some regarded as successful, some as unsuccessful in dealing with debt crises. The aim is to contribute to a better understanding of the policy options available to countries struggling with debt problems, or how to resolve a debt overhang while protecting human rights, the Rule of Law and the debtor's economic recovery.
