Book Review: Odette Lienau, Rethinking Sovereign Debt: Politics, Reputation and Legitimacy in Modern Finance and Maurizio Lazzarato, Governing by Debt

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منابع مشابه

Debt and Money: Financial Contraints and Sovereign Finance∗

Economic analyses of of corporate finance, money, and sovereign debt are largely considered separately. I introduce a novel corporate finance framing that focuses on financial constraints at corporate and country levels, making explicit the tradeoffs involved in relying on domestic versus foreign-currency debt to finance investments or government expenditures. The new framework provides new ins...

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Reputations and Sovereign Debt

Why do countries repay their debts? If countries in default have sufficient opportunities to save, Bulow and Rogoff [6] have shown that the answer cannot stem from a country’s desire to preserve a reputation for repayment. As a result, researchers have explained the existence of sovereign debt by either placing restrictions on the deposit contracts banks can offer, or by looking outside the cre...

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Sovereign Debt

In this chapter, we use a benchmark limited-commitment model to explore key issues in the economics of sovereign debt. After highlighting conceptual issues that distinguish sovereign debt as well as reviewing a number of empirical facts, we use the model to discuss debt overhang, risk sharing, and capital flows in an environment of limited enforcement. We also discuss recent progress on default...

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Pricing Sovereign Debt

The Greek restructuring of March 2012 illustrates how non-price contract terms can have a significant effect on the pricing of sovereign debt. In the Greek restructuring, bonds governed by local law suffered NPV haircuts in the range of 60-75%, whereas those bonds governed by foreign law were paid in full and on time. Other contract parameters such as the currency in which the debt is denominat...

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Sovereign Debt Restructuring

nancial crises is one of the gravest threats to an open and liberal international economic order... Recent events in Turkey and Argentina demonstrate that financial crises with potentially profound consequences for economic and political stability are not a thing of the past. They also demonstrate the continued urgency of finding practical and concrete means to handle the crises that do occur.”...

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ژورنال

عنوان ژورنال: Political Studies Review

سال: 2016

ISSN: 1478-9299,1478-9302

DOI: 10.1177/1478929916673762