Sovereign defaults before international courts and tribunals:
Gespeichert in:
1. Verfasser: | |
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Format: | Buch |
Sprache: | English |
Veröffentlicht: |
Cambridge [u.a.]
Cambridge Univ. Press
2011
|
Ausgabe: | 1. publ. |
Schriftenreihe: | Cambridge studies in international and comparative law
81 |
Schlagworte: | |
Online-Zugang: | Klappentext Inhaltsverzeichnis |
Beschreibung: | LVI, 366 S. graph. Darst. |
ISBN: | 9780521196994 |
Internformat
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Datensatz im Suchindex
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adam_text | International
law on sovereign defaults is underdeveloped
because States have largely refrained from adjudicating disputes
arising out of public debt. The next 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
deñuilts
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 or Nations, the
World War Foreign Debt Commission, Germany s thirty-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.
IMAGE 1
CONTENTS
PREFACE PAGE XV
NOTE: MEASURING SOVEREIGN LIABILITY OVER TIME XVIII
TABLE OF CASES XX
TABLE OF TREATIES XLVIII
LIST OF ABBREVIATIONS LIII
PART I SOVEREIGN DEFAULTS ACROSS TIME
1. SOVEREIGN DEBT CRISES AND DEFAULTS 3
A. US STATE DEFAULTS AND ARBITRATION 5
B. SOVEREIGN DEFAULTS AS A PERENNIAL FEATURE OF SOVEREIGN LENDING 8
C. SOVEREIGN DEBT 11
D. SOVEREIGN DEBT RESTRUCTURINGS 14
E. OUTLOOK 19
2. POLITICAL RESPONSES TO SOVEREIGN DEFAULTS 22
A. DISCRETIONARY SUPPORT BY CREDITOR GOVERNMENTS 22
B. DIPLOMATIC PROTECTION 26
C. LOAN SANCTIONS 27
D. THE USE OF FORCE 29
E. DIPLOMATIC SETTLEMENTS 38
3. QUASI-RECEIVERSHIP OF HIGHLY INDEBTED COUNTRIES 42
A. SERBIA S AUTONOMOUS ADMINISTRATION OF MONOPOLIES 44 B. THE GREEK
INTERNATIONAL FINANCIAL COMMISSION OF CONTROL 44 C. EGYPT S CAISSE DE LA
DETTE 46
XI
IMAGE 2
XLL CONTENTS
D. FISCAL ADMINISTRATION IN HAITI 47
E. THE DOMINICAN REPUBLIC S RECEIVERSHIP 47
4. MONETARY REFORM AND SOVEREIGN DEBT 58
A. THE SERBIAN LOANS AND BRAZILIAN LOANS CASES 60
B. THE NORWEGIAN LOANS CASE 68
C. THE CANEVARO BROTHERS CASE 73
D. THE YOUNG LOAN ARBITRATION 75
E. CONCILIATION 80
F. EVALUATION 84
5. FINANCIAL NECESSITY 88
A. THE RUSSIAN INDEMNITY CASE 89
B. SOCIETE COMMERCIALE DE BELGIQUE 94
C. ICSID CASES ARISING OUT OF ARGENTINA S DEFAULT 98
6. NATIONAL SETTLEMENT INSTITUTIONS 103
A. CREDITOR ORGANISATIONS 103
B. WORLD WAR FOREIGN DEBT COMMISSION 105
C. FOREIGN CLAIMS COMMISSIONS 120
D. NATIONAL COURTS 121
7. STATE SUCCESSION AND THE CAPACITY TO PAY 129
A. ARBITRATIONS ON SUCCESSION INTO SOVEREIGN DEBT 129
B. ODIOUS DEBT 136
C. PAYMENT CAPACITY IN ARBITRATION 143
8. ARBITRATION CLAUSES IN SOVEREIGN DEBT INSTRUMENTS 157
A. ARBITRATION CLAUSES BEFORE THE TWENTIETH CENTURY 157 B. ARBITRATION
CLAUSES 1900-1945 160
C. ARBITRATION CLAUSES AFTER 1945 162
D. REASONS FOR THE LACK OF ARBITRATION CLAUSES AFTER 1945 167
9. CREDITOR PROTECTION IN INTERNATIONAL LAW 169
A. CREDITOR CLAIMS BEFORE MIXED CLAIMS COMMISSIONS 171
IMAGE 3
CONTENTS XLLL
B. CREDITOR CLAIMS BEFORE THE ECHR 182
C. CREDITOR CLAIMS BEFORE THE IRAN-US CLAIMS TRIBUNAL 187 D. CREDITOR
CLAIMS BEFORE FOREIGN CLAIMS COMMISSIONS 189 E. CREDITOR CLAIMS IN
ARBITRATION 201
PART II THE FUTURE ROLE OF ARBITRATION ON SOVEREIGN DEBT
10. ICSID ARBITRATION ON SOVEREIGN DEBT 209
A. ICSID ARBITRATION GENERALLY 209
B. THE ADVANTAGES OF ICSID ARBITRATION 211
C. ICSID JURISDICTION OVER SOVEREIGN DEBT 212
D. THE OBJECTIVE CORE OF ICSID JURISDICTION 227
E. SOVEREIGN DEBT INSTRUMENTS UNDER BITS 244
F. SUMMARY AND CONCLUSION 250
11. OVERLAPPING JURISDICTION OVER SOVEREIGN DEBT 252
A. CONTRACTUAL VERSUS TREATY CAUSES OF ACTION 253
B. CHOICE OF FORUM IN SOVEREIGN BONDS 260
C. WAIVER OF THE RIGHT TO ARBITRATION 262
12. SOVEREIGN DEFAULT AS TRIGGER OF RESPONSIBILITY 273
A. MOST-FAVOURED NATION AND NATIONAL TREATMENT 273 B. EXPROPRIATION 278
C. COERCION IN SOVEREIGN DEBT RESTRUCTURINGS 289
D. SUMMARY 296
13. COMPENSATION ON SOVEREIGN DEBT 298
A. INTERNATIONAL LAW S PHILOSOPHY OF CREDITOR PROTECTION 298 B. PARTIAL
COMPENSATION 301
C. SPECULATION AND PARTIAL COMPENSATION 303
D. ASSIGNMENT OF SOVEREIGN DEBT 308
E. COMPENSATION ON SECONDARY MARKET PURCHASES OF DEBT 312
14. BUILDING DURABLE INSTITUTIONS FOR THE INTERNATIONAL ADJUDICATION OF
SOVEREIGN DEBT 316
A. THE EFFECTIVENESS OF ICSID ARBITRATION 318
B. CREDITOR INCENTIVES TO PARTICIPATE IN RESTRUCTURINGS 320
IMAGE 4
XIV C O N T E N TS
C. ARBITRATING SOVEREIGN CAPACITY TO PAY 323
D. BALANCING CREDITOR PROTECTION AND A FRESH START FOR DEBTOR COUNTRIES
326
BIBLIOGRAPHY 330
INDEX 350
|
any_adam_object | 1 |
author | Waibel, Michael |
author_GND | (DE-588)142555622 |
author_facet | Waibel, Michael |
author_role | aut |
author_sort | Waibel, Michael |
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discipline | Rechtswissenschaft Wirtschaftswissenschaften |
edition | 1. publ. |
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isbn | 9780521196994 |
language | English |
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physical | LVI, 366 S. graph. Darst. |
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series2 | Cambridge studies in international and comparative law |
spelling | Waibel, Michael Verfasser (DE-588)142555622 aut Sovereign defaults before international courts and tribunals Michael Waibel 1. publ. Cambridge [u.a.] Cambridge Univ. Press 2011 LVI, 366 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Cambridge studies in international and comparative law 81 Internationales Recht Recht Debts, Public Law and legislation Debts, External Law and legislation Arbitration, International International courts LAW / International bisacsh Internationale Gerichtsbarkeit (DE-588)4162041-0 gnd rswk-swf Völkerrecht (DE-588)4063693-8 gnd rswk-swf Rechtsprechung (DE-588)4115710-2 gnd rswk-swf Haftung (DE-588)4022898-8 gnd rswk-swf Völkerrecht (DE-588)4063693-8 s Haftung (DE-588)4022898-8 s Internationale Gerichtsbarkeit (DE-588)4162041-0 s Rechtsprechung (DE-588)4115710-2 s DE-604 Cambridge studies in international and comparative law 81 (DE-604)BV011116129 81 Digitalisierung UB Passau application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=021177202&sequence=000004&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Klappentext SWB Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=021177202&sequence=000005&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
spellingShingle | Waibel, Michael Sovereign defaults before international courts and tribunals Cambridge studies in international and comparative law Internationales Recht Recht Debts, Public Law and legislation Debts, External Law and legislation Arbitration, International International courts LAW / International bisacsh Internationale Gerichtsbarkeit (DE-588)4162041-0 gnd Völkerrecht (DE-588)4063693-8 gnd Rechtsprechung (DE-588)4115710-2 gnd Haftung (DE-588)4022898-8 gnd |
subject_GND | (DE-588)4162041-0 (DE-588)4063693-8 (DE-588)4115710-2 (DE-588)4022898-8 |
title | Sovereign defaults before international courts and tribunals |
title_auth | Sovereign defaults before international courts and tribunals |
title_exact_search | Sovereign defaults before international courts and tribunals |
title_full | Sovereign defaults before international courts and tribunals Michael Waibel |
title_fullStr | Sovereign defaults before international courts and tribunals Michael Waibel |
title_full_unstemmed | Sovereign defaults before international courts and tribunals Michael Waibel |
title_short | Sovereign defaults before international courts and tribunals |
title_sort | sovereign defaults before international courts and tribunals |
topic | Internationales Recht Recht Debts, Public Law and legislation Debts, External Law and legislation Arbitration, International International courts LAW / International bisacsh Internationale Gerichtsbarkeit (DE-588)4162041-0 gnd Völkerrecht (DE-588)4063693-8 gnd Rechtsprechung (DE-588)4115710-2 gnd Haftung (DE-588)4022898-8 gnd |
topic_facet | Internationales Recht Recht Debts, Public Law and legislation Debts, External Law and legislation Arbitration, International International courts LAW / International Internationale Gerichtsbarkeit Völkerrecht Rechtsprechung Haftung |
url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=021177202&sequence=000004&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=021177202&sequence=000005&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA |
volume_link | (DE-604)BV011116129 |
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