Sovereign Debt Management
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Product details:
- Publisher OUP Oxford
- Date of Publication 16 January 2014
- ISBN 9780199671106
- Binding Hardback
- No. of pages544 pages
- Size 253x177x35 mm
- Weight 1072 g
- Language English 0
Categories
Short description:
The most authoritative and comprehensive book available on sovereign debt management written by practitioners and scholars of world renown.
MoreLong description:
Sovereign debt is a complex and highly topical area of law and this work represents a new main reference book on the subject bringing together contributions from world leading practitioners, scholars and regulators.
Divided into five parts the book opens with a part on restructuring which analyses contractual provisions and the role of institutions such as the International Monetary Fund. The second part, on enforcement, considers the position of a sovereign as a defendant analyzing the availability of special immunities and matters of defense and arbitration pertinent to sovereign debt.
Part three of the book is concerned with complicating factors such as economic, political or banking crises and how these relate and complicate the task of addressing an unsustainable sovereign debt stock. In this section the particular and topical issues concerned with restructuring in a monetary union are explained.
The fourth part provides economists' explanations of why and how sovereigns borrow and the causes of a sovereign debt, which enriches understanding by providing context to the purely legal aspects of the work. The book closes with a section which covers proposed reform to sovereign debt systems.
Dedicated to the leading expert Lee Buchheit, this work contains comprehensive and rigorous analysis on sovereign debt management which no specialist should be without.
The book's scope of topics, its depth of analysis throughout, and its authors' consistently engaging writing styles give it the strong potential to play a pivotal role in the emerging field of legal scholarship on soveign debt.
Table of Contents:
Part I - Sovereign Debt Restructuring
Minimising Hold Out Creditors: Sticks
Minimising Hold Out Creditors: Carrots
Manging Hold-outs: The case of the 2012 Greek Exchange
Revisiting the pari passu clause
The Role of the IMF
Debt Relief for Low Income Countries
The Longer Term Consequences of Sovereign Debt Restructuring
Part II - Enforcement of Sovereign Debt
Defences
Special Immunities: Central Bank Immunity
Special Immunities: Bank for International Settlements
Creditor Remedies
Sovereign Arbitration
Part III - Complicating Factors
Restructuring in a Monetary Union: Legal Aspects
Restructuring in a Monetary Union: Economic Aspects
Sovereign Debt and Baking Crises: An 'Arial View'
International Leader of Last Resort
Odious Debt
Sovereign Contingent Liabilites
Part IV - Economics of Sovereign Borrowing
Why Governments Default
Sovereign Debt Markets
Borrowing and Debt: How sovereigns get into trouble
Part V - Proposals to Reform Sovereign Debt Systems
Statutory Sovereign Debt Resolution Mechanisms (SDRM)
Debt Restructuring and Economic Recovery
Corporate Bankruptcy Law and State Insolvencies
European Collective Action Clauses
Euro Zone Financial Rescue and Stabilization Measures and their Legal Foundations
UNCTAD Principles on Responsible Sovereign Financing
Sovereign Debt in the Light of Eternity
