Book review of SOVEREIGN FINANCING AND INTERNATIONAL LAW. THE UNCTAD PRINCIPLES ON RESPONSIBLE SOVEREIGN LENDING AND BORROWING
نویسندگان
چکیده
منابع مشابه
Financing Developing Country Debt: A Sovereign Borrowing Entity Proposal
This paper proposes the creation of a Sovereign Borrowing Entity (SBE) under the auspices of the International Monetary Fund (IMF) and other International Financial Institutions (IFIs). The SBE guarantees bond issuances by developing nations, packages them in relatively small denominations, and auctions them to the public. Should a developing debtor country fail to pay its debt, the SBE would r...
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We model sovereign debt in the absence of a bankruptcy code. Threat of trade sanctions and seizure of exports by the lenders are the drivers of enforcement of sovereign debt contracts.The borrower takes these potential actions into account when choosing optimal voluntary default and debt capacity. We obtain a closedform solution for the sovereign yield spreads that depend on the costs of sancti...
متن کاملDo Sovereign Credit Ratings Affect the Composition and Maturity of Sovereign Borrowing?
In this paper, I develop a theoretical model to analyze the optimal choice between bank loans and bond finance for a sovereign debtor. The model describes a market that is subject to moral hazard and adverse selection. I model the choice between the two debt instruments allowing for debt renegotiation in the event of financial distress, with the possibility of default. The model incorporates pr...
متن کاملSovereign cat bonds and infrastructure project financing.
We examine the opportunities for using catastrophe-linked securities (or equivalent forms of nondebt contingent capital) to reduce the total costs of funding infrastructure projects in emerging economies. Our objective is to elaborate on methods to reduce the necessity for unanticipated (emergency) project funding immediately after a natural disaster. We also place the existing explanations of ...
متن کاملBorrowing from thy neighbour: a European perspective on sovereign debt
European capital markets show increasing concern about the extent of sovereign debts and their sustainability. Here we explore some insights that the Overlapping Generations (OLG) framework has to offer on such issues. The OLG framework implies, for example, that there is a limit to the amount of debt that may be sustained in a closed economy — with high debt raising interest rates and crowding...
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ژورنال
عنوان ژورنال: Spanish Yearbook of International Law
سال: 2014
ISSN: 2386-4435
DOI: 10.17103/sybil.18.22