This volume offers two important contributions to the literature on sovereign debt. First, it provides a unique genealogy of debt collection practices in terms of their availability, acceptability ...and efficacy. We argue that creditors’ tactics and methods to enforce debt repayment emerged and solidified to a large extent in relation to the threads of colonial history, from the building of empires to the decolonisation era. Second, this volume reflects critically on the relevance of neo-colonial interpretations in recent cases of sovereign debt disputes
States of credit Stasavage, David
2011., 20110705, 2011, 2011-07-05, Letnik:
35
eBook
States of Credit provides the first comprehensive look at the joint development of representative assemblies and public borrowing in Europe during the medieval and early modern eras. In this ...pioneering book, David Stasavage argues that unique advances in political representation allowed certain European states to gain early and advantageous access to credit, but the emergence of an active form of political representation itself depended on two underlying factors: compact geography and a strong mercantile presence.
How does one package and sell confidence in the stability of a
nation riven by civil strife? This was the question that loomed
before the Philadelphia financial house of Jay Cooke &
Company, ...entrusted by the US government with an unprecedented
sale of bonds to finance the Union war effort in the early days of
the American Civil War. How the government and its agents marketed
these bonds revealed a version of the war the public was willing to
buy and buy into, based not just in the full faith and credit of
the United States but also in the success of its armies and its
long-term vision for open markets. From Maine to California, and in
foreign halls of power and economic influence, thousands of agents
were deployed to sell a clear message: Union victory was unleashing
the American economy itself. This fascinating work of financial and
political history during the Civil War era shows how the marketing
and sale of bonds crossed the Atlantic to Europe and beyond,
helping ensure foreign countries' vested interest in the Union's
success. Indeed, David K. Thomson demonstrates how Europe, and
ultimately all corners of the globe, grew deeply interdependent on
American finance during, and in the immediate aftermath of, the
American Civil War.
This book develops new theory about the link between debt and democracy and applies it to a classic historical comparison: Great Britain in the eighteenth century which had strong representative ...institutions and sound public finance vs. ancient regime France, which had neither. The book argues that whether representative institutions improve commitment depends on the opportunities for government creditors to form new coalitions with other social groups, more likely to occur when a society is divided across multiple political cleavages. It then presents historical evidence to show that improved access to finance in Great Britain after 1688 had as much to do with the development of the Whig Party as with constitutional changes. In France, it is suggested that the balance of partisan forces made it unlikely that an early adoption of 'English-style' institutions would have improved credibility.
How does cooperation emerge in a condition of international anarchy? Michael Tomz sheds new light on this fundamental question through a study of international debt across three centuries. Tomz ...develops a reputational theory of cooperation between sovereign governments and foreign investors. He explains how governments acquire reputations in the eyes of investors, and argues that concerns about reputation sustain international lending and repayment.
This paper investigates how external debts influence sustainable development in emerging economies and low‐income countries from 101 countries from 2016 to 2020. External debt significantly aids ...countries in achieving their sustainable development goals but affects individual goal differently. While external debts promote well‐being, education quality, gender equality, employment, economic growth, and institutional strength, they negatively affect the sustainability of cities, communities, and ecosystems. Long‐term external and public debts make a significant contribution to promoting sustainable development, but excessive external borrowing could hamper sustainable development progress.
Should South Africa be responsible for apartheid-era debt? Should Iraq be tied to Saddam Hussein's excesses? Odette Lienau shows that sovereign debt continuity--the rule that nations must repay loans ...even after a regime change--relies on absolutist ideas, and explains why the practice is not essential for functioning capital markets.
International law on sovereign defaults is underdeveloped because States have largely refrained from adjudicating disputes arising out of public debt. The looming new wave of sovereign defaults is ...likely to shift dispute resolution away from national courts to international tribunals and transform the current regime for restructuring sovereign debt. Michael Waibel assesses how international tribunals balance creditor claims and sovereign capacity to pay across time. The history of adjudicating sovereign defaults internationally over the last 150 years offers a rich repository of experience for future cases: US state defaults, quasi-receiverships in the Dominican Republic and Ottoman Empire, the Venezuela Preferential Case, the Soviet repudiation in 1917, the League of Nations, the World War Foreign Debt Commission, Germany's 30-year restructuring after 1918 and ICSID arbitration on Argentina's default in 2001. The remarkable continuity in international practice and jurisprudence suggests avenues for building durable institutions capable of resolving future sovereign defaults.
This edition of the OECD Sovereign Borrowing Outlook reviews the impact of the COVID-19 crisis for sovereign borrowing needs, funding conditions and funding strategies as well as outstanding debt for ...2020 and 2021, and provides projections for 2022 for the OECD area. It discusses public debt management efforts to support government Environmental, Social and Governance (ESG) agendas through investor relations and ESG-labelled sovereign bonds, and identifies strategic challenges and key elements of good practices in light of country experiences. It also examines the recent developments and trends in debt issuance by governments of emerging market and developing economies, and presents various challenges, priorities and opportunities for sovereign debt management in these economies.