Sovereign Financing and International Law: The UNCTAD Principles on Responsible Sovereign Lending…

Hardcover | November 3, 2013

EditorCarlos Esposito, Yuefen Li, Juan Pablo Bohoslavsky

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The regulation of sovereign financing is a highly topical and significant issue, in the light of continuing global financial turmoil. This book assesses the role of international law in sovereign financing, addressing this issue from both legal and economic standpoints. It takes as a startingpoint the recent report "Principles on Responsible Sovereign Lending and Borrowing" by the United Nations Conference on Trade and Development (UNCTAD). This report was endorsed by the United Nations General Assembly in its December 2011 Resolution on Debt, which emphasized the need for creditors anddebtors to share responsibility for preventing unsustainable debt situations and encouraged all stakeholders to pursue the ongoing discussions within the framework of the UNCTAD Initiative.Investigating the legal and economic basis for the principles which were articulated in the report, the book develops a detailed and nuanced analysis of the controversial and complex issues they raise, including those concerning finance and credit rating agencies, contingent liabilities, debtmanagement, corruption, fiduciary relations and duties, Collective Action Clauses, and the role of the EU and UN. Ultimately, it argues that the principles elaborated in the report correspond with general principles of international law, which provide a strong, pre-existing foundation upon which tobuild responsible principles for sovereign financing.

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The regulation of sovereign financing is a highly topical and significant issue, in the light of continuing global financial turmoil. This book assesses the role of international law in sovereign financing, addressing this issue from both legal and economic standpoints. It takes as a startingpoint the recent report "Principles on Respo...

Carlos Esposito holds a Chair in Public International Law at the University Autonoma of Madrid and is current Vice President of the European Society of International Law. His interests extend to all aspects of international law. He has published widely, including books on the ICJ advisory jurisdiction, the WTO, the role of courts in tr...

other books by Carlos Esposito

Format:HardcoverDimensions:410 pagesPublished:November 3, 2013Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:019967437X

ISBN - 13:9780199674374

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Table of Contents

Part 1 - Setting the Global Scene1. Carlos Esposito, Yuefen Li, and Juan Pablo Bohoslavsky: Introduction2. Yuefen Li and Ugo Panizza: Why the Need for Promoting Principles on Responsible Sovereign Lending and Borrowing?3. Armin von Bogdandy and Matthias Goldmann: Sovereign Debt Restructurings as Exercises of Public Authority: Towards a Decentralized Sovereign Insolvency LawPart 2 - Legal Status of the Principles4. Carlos Esposito and Juan Pablo Bohoslavsky: Legal Status of UNCTAD's Principles on Responsible Sovereign Lending and Borrowing5. Michael Waibel: Out of Thin Air? Tracing the Origins of the UNCTAD Principles in State PracticePart 3 - Comparative Studies: General Principles6. Matthias Goldmann: Legal Stipulations of Sovereign Lending and Borrowing in Domestic Jurisdictions7. Anastasios Gourgourini, Antonis Bredimas, and Georges Pavlidis: The Legal Contours of Sovereign Debt Restructuring under the UNCTAD Draft PrinciplesPart 4 - Debt Management8. Kunibert Raffer: Improving Debt Management on the Basis of UNCTAD's Principles9. Juan Bautista Justo: UNCTAD's Principles and the United Nations Convention against Corruption. Links and joint strategies10. Jose Oyola and Marie Sudreau: Fiduciary Relations: Legal Framework and Implications for Responsible Sovereign Debt Management11. Ignacio Tirado: Current EU Mechanisms to Tackle Sovereign Insolvency: An Analysis Against the Benchmark of the UNCTAD PrinciplesPart 5 - China as a Case Study12. Meibo Huang: China's Governmental Preferential Loans and the Performance of its Lending Responsibility - Take China Export-Import Bank as an Example13. Xiuli Han: Debt Crisis Prevention for China as the Biggest Sovereign Creditor and the PrinciplesPart 6 - Two Key Issues14. Lee Buccheit: Restructuring a Sovereign's Contingent LiabilitiesPart 7 - Outlook and Implementation15. Mark C. Weidemaier: Producing Change in Sovereign Lending Practices16. Anna Gelpern: Implementation of the Principles on Responsible Sovereign FinancingPart 8 - Conclusions17. Robert Howse: Concluding Remarks in the Light of International Law