Sovereign debt management:
Saved in:
| Other Authors: | , |
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| Format: | Book |
| Language: | English |
| Published: |
Oxford
Oxford University Press
2014
|
| Edition: | First edition |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | lvi, 487 Seiten Diagramme |
| ISBN: | 9780199671106 |
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Titel: Sovereign debt management
Autor: Lastra, Rosa M
Jahr: 2014
CONTENTS
Table of Cases xxxv
Table of Legislation xxxix
List of Contributors xlvii
List of Abbreviations li
I SOVEREIGN DEBT RESTRUCTURING
1. Minimizing Holdout Creditors: Carrots
Lee C. Buchheit and Elena L. Daly
1. Introduction 1.01
2. The Context 1.02
3. Techniques to Encourage Creditor Participation 1.11
4. Implications 1.35
2. Minimizing Holdout Creditors: Sticks
Lee C Buchheit and Elena L. Daly
1. Introduction 2.01
2. The Context 2.02
3. Techniques to Discourage Holdouts 2.10
4. Conclusion 2.35
3. Managing Holdouts: The Case of the 2012 Greek Exchange
feromin Zettelmeyer, Christoph Trebesch, and G. Mitu Gulati
1. Introduction: Argentina versus Greece 3.01
2. The Basics 3.04
3. Why Did the Restructuring Succeed? Creditor Incentives 3.24
4. Conclusions 3.54
4. Revisiting the Pari Passu Clause
Georges Affaki
1. Introduction 4.01
2. Equal Ranking 4.02
3. Earmarking of Assets 4.10
4. Equal Payment 4.15
5. The Elliott-Peru Saga 4.17
6. Targeting Third Parties 4.27
7. The Quest for the Origins of the Pari Passu 4.32
Contents
8. Chaos in the Market 4.46
9. Conclusion 4.50
5. The Role of the International Monetary Fund
RosaM. Lastra
1. Introduction 5.01
2. The History 5.03
3. The Tools 5.14
4. Sovereign Debt and the IMF 5.23
5. Conclusions 5.64
6. Debt Relief for Low-Income Countries
TJiomasA. Duvall, III
1. Introduction 6.01
2. The Initial HIPC Debt Initiative 6.03
3. The Enhanced HIPC Debt Initiative 6.12
4. The Multilateral Debt Relief Initiative 6.25
5. Conclusions 6.29
7. The Longer-Term Consequences of Sovereign Debt Restructuring
Odette Lienau
1. Introduction 7.01
2. Avoiding Conflation in Key Terms 7.04
3. The Possible Consequences of Selective Emphasis 7.08
4. A Focus on the Longer-Run Ramifications of Debt Restructuring 7.15
5. Conclusion 7.29
II ENFORCEMENT OF SOVEREIGN DEBT
8. Defences
Carmine D. Boccuzzi, ]r, MichaelM. Brennan, andfacob H. Johnston
1. Introduction 8.01
2. Sovereign Debt Litigation Defences 8.04
3. Conclusion 8.46
9. Special Immunities: Central Bank Immunity
Tljomas C. Baxter, fr, and David Gross
1. Introduction 9.01
2. Argentina I 9.08
3. Argentina II 9.19
4. Conclusion 9.33
Contents
10. Special Immunities: Bank for International Settlements
Diego Devos
1. Introduction 10.01
2. The Bank for International Settlements and its Immunities 10.03
3. BIS Immunities Challenged by Holdout Bondholders Creditors of Argentina 10.12
4. Conclusions 10.28
11. Creditors' Remedies
W. Mark C. Weidemaier and Ryan McCarl
1. Introduction 11.01
2. The Implications of NML v. Argentina: A Pessimist's View 11.09
3. An Alternative Story: NML Capitals an Outlier 11.27
4. Conclusion 11.43
12. Sovereign Arbitration
Karen Halverson Cross
1. Introduction 12.01
2. Arbitration Clauses in Sovereign Debt Contracts 12.02
3. Investor-State Arbitration of Sovereign Debt Disputes 12.08
4. Conclusion 12.52
III COMPLICATING FACTORS
13. Restructuring in a Monetary Union: Legal Aspects
Antonio Sdinz de Vicuna
1. Introduction 13.01
2. Sovereign Debt Restructuring in the Case of a State Participating
in the European Monetary Union: Elements of Differentiation
Vis-a-Vis other Sovereign Debt Restructurings 13.06
3. Analysis of Some Legal Issues Arising in the Restructuring of the
Sovereign Debt of the Hellenic Republic in 2012 13.20
4. Legal Framework for Debt Issuance by States Participating in the
European Monetary Union 13.34
5. Idea of Establishing a Statutory Framework for Debt Restructuring
within a Regional Monetary Union 13.47
6. Conclusions 13.50
14. Restructuring in a Monetary Union: Economic Aspects
Daniel Gros
1. Introduction 14.01
2. Sovereign Debt in a Monetary Union 14.10
3. Who Holds Sovereign Debt in Europe? 14.21
Contents
4. Strengthening Financial Market Resilience 14.30
5. Concluding Remarks 14.52
15. Sovereign Debt and Banking Crises: An 'Arial View'
Anna Gelpern
1. Introduction: Font Matters 15.01
2. Far from Europe 15.05
3. Banks or Governments 15.09
4. Governments or Banks 15.24
5. Back to Europe (the Doom Loop) 15.39
6. Conclusions 15.43
16. International Lender of Last Resort: A Floor of Support for
Troubled Sovereign Debt
Adam Lerrick
1. Introduction 16.01
2. A Third Party in a Two-Parry Game 16.08
3. For an International Lender of Last Resort: Incentives, Discipline,
and Control of Risk 16.15
4. A Floor of Support to Preserve the Flow of Private Sector Funds 16.21
5. A Floor of Support to Restore Private Sector Investment Flows 16.33
6. A Floor of Support to Underpin an Orderly Restructuring 16.42
7. Toward a Credible International Lender of Last Resort 16.49
17. Odious Debt
Sir William Blair
1. Introduction 17.01
2. The Position of an Assignee of the Debt 17.09
3. Turning Metal into Gold: A Case of Alchemy 17.20
4. The Lessons to Be Learned 17.34
5. The Debt Relief (Developing Countries) Act 2010 17.38
6. Postscript 17.42
18. Sovereign Contingent Liabilities
Lee C. Buchheit and G. Mitu Gulati
1. Introduction 18.01
2. Sovereign Comfort 18.03
3. Contingent Charms 18.09
4. The Explosion of 2008-12 18.12
5. Precedents 18.18
Contents
(j. The Restructured Dilemma 18.24
". Restructuring Sovereign Contingent Obligations 18.33
8. Conclusions 18.51
IV ECONOMICS OF SOVEREIGN BORROWING
19. Why Governments Default
Willetn H. Butter and Ebrahim Rahbari
1. Introduction 19.01
2. Enforcement ot Private Debt Contracts 19.03
3. Sovereign Default 19.08
4. So Why Do Governments Default? 19.26
5. The Political Economy ot When and How to Default as a Sovereign 19.71
6. Conclusions 19.80
20. Sovereign Debt Markets
Gene Frieda
1. Introduction 20.01
2. Sovereign Borrowing: The Last Thirty Years 20.11
3. Macro Drivers ot Demand for Sovereign Debt 20.19
4. Emerging Market Self-Insurance and the Rise ot China 20.24
5. Surfing the China Wave 20.29
6. Ihe Apparent End of 'Original Sin' 20.35
7. Sovereign Debt Demand Dynamics 20.43
8. Financial Weapons of Mass Destruction 20.57
9. Europe: A Microcosm of Past, Present, and Future Crises 20.68
10. Lessons Learned, Ignored, and Forgotten 20.86
11. The Fallen Saints of Original Sin 20.88
12. The Limits of Conflict Resolution 20.100
13. Hostages to Benchmarks and Ratings 20.106
14. Conclusion 20.109
21. Borrowing and Debt: How Do Sovereigns Get into Trouble?
Arturo C. Porzecanski
1. Introduction 21.01
2. Budgetary Outcomes 21.07
3. Contingent Liabilities and Currency Mismatches 21.12
4. Maturity Mismatches and High Coupons 21.24
5. Access to Financing 21.35
6. Indicators of Debt Sustainability 21.44
7. Conclusions 21.55
Contents
V PROPOSALS TO REFORM SOVEREIGN DEBT SYSTEMS
22. Statutory Sovereign Debt Resolution Mechanisms
Rodrigo Olivares-Caminal
1. Introduction 22.01
2. The Sovereign Debt Restructuring Mechanism (SDRM) 22.04
3. The European Stability Mechanism: An Institution Designed to
Avert Financial Crises 22.36
4. Perfecting the Status Quo 22.69
5. Concluding Remarks 22.77
6. Corollary 22.81
23. Debt Restructuring and Economic Recovery
Sean Hagan
1. Introduction 23.01
2. Corporate Debt Restructuring in the Context of a Systemic Crisis 23.05
3. The Resolution of Financial Institutions in a Cross-Border Context 23.21
4. Household Debt and its Systemic Implications 23.44
5. Restructuring Sovereign Debt: An Unresolved Problem 23.53
6. Conclusion 23.77
24. Corporate Bankruptcy Law and State Insolvencies
Philip R. Wood QC (Hon)
1. Introduction 24.01
2. How Do Sovereign Bankruptcies Work? 24.05
3. What Rights Do Creditors Have? 24.12
4. Moratorium on Payments and Attachments 24.22
5. Bankruptcy Ladder of Priorities 24.27
6. Control of the Debtor's Financing 24.43
7. Reorganization Plans 24.54
8. Discharge of a Debtor 24.65
9. Other Differences between Corporate and Sovereign Insolvencies 24.67
10. International Bankruptcy Court 24.68
11. General Differences in Status 24.72
12. Conclusion 24.73
2 5. European Collective Action Clauses
David Billington
1. What is a Collective Action Clause? 25.01
2. The Holdout Creditor Problem 25.03
3. Are CACs the Onlv Wav? 25.07
Contents
4. Collective Action Clauses in Sovereign Debt 25.10
5. The Move towards Standardization: Model CACs pre-2013 25.17
6. The European Sovereign Crisis and Response 25.21
7. The Model Clause in Detail 25.25
8. Conclusion 25.73
26. Eurozone Financial Rescue and Stabilization Measures, and their
Legal Foundations
Andrew Yianni and Nikita Aggarwal
1. Introduction 26.01
2. Background to the Crisis 26.04
3. EU Financial Rescue and Stabilization Measures, and Legal Foundations 26.20
4. Future Financing Measures: Longer-Term Solutions 26.69
5. Concluding Observations 26.76
27. UNCTAD Principles on Responsible Sovereign Financing
Juan Pablo Bohoslavsky and Yuefen Li
1. Introduction 27.01
2. The Need for Global Principles to Promote Responsible Sovereign
Financing 27.06
3. The PRSLB Tackle Global Debt Problems with Well-Rooted and
Tested Principles 27.19
4. Injecting Legitimacy into the PRSLB through its Decision-Making
Process: Representation, Consultation, and Deliberation 27.32
5. Soft Law Facilitates Endorsement and Implementation 27.37
6. The Role of the United Nations in the Global Economic Agenda
and the PRSLB 27.47
7. Concluding Remarks. The PRSLB in the Progression of
International Law 27.57
28. Sovereign Debt in the Light of Eternity
Lee C. Buchheit
1. Introduction 28.01
2. The Moral Element 28.03
3. The Legal Element 28.10
4. The Financial Element 28.15
5. The Political Element 28-20
Appendi:
471
Index 473 |
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