Sovereign Immunity: Should the Sovereign Control the Purse?

Constitutional mass torts: sovereign immunity and the human radiation experiments.

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...

Sovereign debt restructuring: the Judge,

What role did the US courts play in the Argentine debt swap of 2005? What implications does this have for the future of creditor rights in sovereign bond markets? The judge in the Argentine case has, it appears, deftly exploited creditor heterogeneity – between holdouts seeking capital gains and institutional investors wanting a settlement – to promote a swap with a supermajority of creditors. ...

Empirical models of debt rescheduling with sovereign immunity

The purpose of this chapter is to review the literature on empirical models of debt-rescheduling in international financial markets. The discussion focuses primarily on the statistical techniques that have been developed. These fall into two areas: discriminant-analysis and prob­ abilistic-choice models. We also present other methods that might prove useful in future empirical research in this ...

Sovereign immunity and health care: can government be trusted?

When government provides or arranges for health care, it is held to lower legal standards than private parties are, especially when liability is barred by "sovereign immunity". This paper examines sovereign immunity and its implications for health care quality by comparing private-sector and government accountability in several legal contexts. It then considers whether the law should be changed...