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Rethinking Sovereign Debt : Politics, Reputation, and Legitimacy in Modern Finance / Odette Lienau.

By: Material type: TextTextPublisher: Cambridge, MA : Harvard University Press, [2014]Copyright date: ©2014Description: 1 online resource (344 p.) : 2 tablesContent type:
Media type:
Carrier type:
ISBN:
  • 9780674725065
  • 9780674726406
Subject(s): DDC classification:
  • 336.3/4 23
LOC classification:
  • HJ8015 .L54 2014eb
Other classification:
  • online - DeGruyter
Online resources: Available additional physical forms:
  • Issued also in print.
Contents:
Frontmatter -- Contents -- 1 Open Questions in Sovereign Debt -- 2 Theoretical Underpinnings of Modern Finance -- 3 Costly Talk? Reinterpreting the Soviet Repudiation -- 4 Costa Rica, Public Benefit, and the Rule of Law -- 5 Public and Private Capital in Mid-Century Repayment Norms -- 6 Continuity and Consolidation in the Return of Private Finance -- 7 Legitimacy and Debt at the Turn of the Century -- 8 Politics and Prospects -- Notes -- Acknowledgments -- Index
Summary: Conventional wisdom holds that all nations must repay debt. Regardless of the legitimacy of the regime that signs the contract, a country that fails to honor its obligations damages its reputation. Yet should today's South Africa be responsible for apartheid-era debt? Is it reasonable to tether postwar Iraq with Saddam Hussein's excesses? Rethinking Sovereign Debt is a probing analysis of how sovereign debt continuity--the rule that nations should repay loans even after a major regime change, or else expect consequences--became dominant. Odette Lienau contends that the practice is not essential for functioning capital markets, and demonstrates its reliance on absolutist ideas that have come under fire over the last century. Lienau traces debt continuity from World War I to the present, emphasizing the role of government officials, the World Bank, and private markets in shaping our existing framework. Challenging previous accounts, she argues that Soviet Russia's repudiation of Tsarist debt and Great Britain's 1923 arbitration with Costa Rica hint at the feasibility of selective debt cancellation. Rethinking Sovereign Debt calls on scholars and policymakers to recognize political choice and historical precedent in sovereign debt and reputation, in order to move beyond an impasse when a government is overthrown.
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Item type Current library Call number URL Status Notes Barcode
eBook eBook Biblioteca "Angelicum" Pont. Univ. S.Tommaso d'Aquino Nuvola online online - DeGruyter (Browse shelf(Opens below)) Online access Not for loan (Accesso limitato) Accesso per gli utenti autorizzati / Access for authorized users (dgr)9780674726406

Frontmatter -- Contents -- 1 Open Questions in Sovereign Debt -- 2 Theoretical Underpinnings of Modern Finance -- 3 Costly Talk? Reinterpreting the Soviet Repudiation -- 4 Costa Rica, Public Benefit, and the Rule of Law -- 5 Public and Private Capital in Mid-Century Repayment Norms -- 6 Continuity and Consolidation in the Return of Private Finance -- 7 Legitimacy and Debt at the Turn of the Century -- 8 Politics and Prospects -- Notes -- Acknowledgments -- Index

restricted access online access with authorization star

http://purl.org/coar/access_right/c_16ec

Conventional wisdom holds that all nations must repay debt. Regardless of the legitimacy of the regime that signs the contract, a country that fails to honor its obligations damages its reputation. Yet should today's South Africa be responsible for apartheid-era debt? Is it reasonable to tether postwar Iraq with Saddam Hussein's excesses? Rethinking Sovereign Debt is a probing analysis of how sovereign debt continuity--the rule that nations should repay loans even after a major regime change, or else expect consequences--became dominant. Odette Lienau contends that the practice is not essential for functioning capital markets, and demonstrates its reliance on absolutist ideas that have come under fire over the last century. Lienau traces debt continuity from World War I to the present, emphasizing the role of government officials, the World Bank, and private markets in shaping our existing framework. Challenging previous accounts, she argues that Soviet Russia's repudiation of Tsarist debt and Great Britain's 1923 arbitration with Costa Rica hint at the feasibility of selective debt cancellation. Rethinking Sovereign Debt calls on scholars and policymakers to recognize political choice and historical precedent in sovereign debt and reputation, in order to move beyond an impasse when a government is overthrown.

Issued also in print.

Mode of access: Internet via World Wide Web.

In English.

Description based on online resource; title from PDF title page (publisher's Web site, viewed 30. Aug 2021)