Odious Debt: Law-and-Economics Perspectives (Ökonomische by Stephania Bonilla

By Stephania Bonilla

The overseas debate on odious debt touches on many primary matters, together with the intersection among ethics and finance, the ethical accountability of events to overseas contracts and of sovereigns to their elements. Stephania Bonilla analyzes the dynamics of the events concerned may have implications on odious debt. She in particular appears to be like on the position of foreign legislation within the recognition mechanism maintaining creditor-debtor kin. extra, she examines the standards and avid gamers that force swap in sovereign debt governance, with a view to circulate in the direction of a extra sustainable economic climate with a extra equitable distribution of burden among creditors and debtors.

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Pure credit market incentives may not be as critical as had been initially assumed by Eaton and Gersovitz, and the general point made by Bulow and Rogoff that the importance of access to external borrowing is diminished if governments have other ways of transferring income across time, is valid. Nevertheless, reputation theories not only continue to be influential in explaining the dynamics of sovereign debt and cooperation in the international realm more generally, but they have recently made a comeback.

Another indication that the rule is not clear is the Vienna Convention on Succession of State in respect of State Property, Archivesa and Debts of 1983, which has not yet been ratified 86 See Feilchenfeld 1931; O'Connell 1967; Cheng 2006 87 Cheng has argued that although positivists explicitly make the distinction between state and government succession, in practice, the definitions have been blurred. There is a wide and complex range of different types of successions including independence from colonial rule, fall of Soviet-style regimes and acquisition among many others and it is difficult to come up with a clear distinction.

New regimes, if drastically different from the past regimes in the country, will also be “new” in the eyes of investors and there will be uncertainty with regards to its 134 For example, Tomz classifies debtors into three types, each assigned a different value to maintaining good relations with creditors ; stalwarts, fair-weathers and lemons. “Stalwart governments benefit the most from future access to foreign capital, relative to the short term costs of repayment. They stand ready to service their debts in good times and bad.

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