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Default
The dramatic inside story of the most important case in the history of sovereign debt law Unlike individuals or corporations that become insolvent, nations do not have access to bankruptcy protection from their creditors. When a country defaults on its debt, the international financial system is ill equipped to manage the crisis. Decisions by key individuals—from national leaders to those at the International Monetary Fund, from holdout creditors to judges—determine the fate of an entire national economy. A prime example is Argentina’s 2001 default on $100 billion in bonds, which stands out for its messy outcomes and outsized impact on sovereign debt markets, sovereign debt law, and IM...
Sovereign Assets and Liabilities Management
This volume, edited by David Folkerts-Landau and Marcel Cassard, consists of papers presented at a conference held in Hong Kong SAR that was hosted by the IMF and the Hong Kong Monetary Authority. It focuses on a wide range of issues confronting policymakers in managing their sovereign assets and liabilities in a world of mobile capital and integrated capital markets. Topics include public debt management strategy, central bank reserves management, technical and quantitive aspects of risk management, and credit costs and borrowing capacity in optimizing debt management. The papers draw on experiences of policymakers and private sector participants actively involved in formulating and implementing debt and reserves policy.
Jamaica Debt Exchange
The sovereign debt restructuring operation in Jamaica undertaken in early-2010 was a unique experiment that perhaps offered less by way of upside, if compared to the conventional sovereign debt exchanges, but provided credible assurances against further downfall and financial sector distress. A case study of a highly indebted country with domestically held debt, the paper discusses the conditions leading to the exchange, the rationale behind it, as well as its operational aspects. Achievements of the exchange, too, are discussed in detail. The paper also outlines the risks stemming from the high levels of debt—which continue to remain high—requiring prompt and coordinated action by policymakers if the legacy of the debt exchange is to be preserved.
In a Bad State
An authoritative review of the long history of federal responses to state and local budget crises, from Alexander Hamilton through the COVID-19 pandemic, that reveals what is at stake when a state or city can't pay its debts and provides policy solutions to an intractable American problem. What should the federal government do if a state like Illinois or a city like Chicago can't pay its debts? From Alexander Hamilton's plan to assume state debts to Congress's efforts to respond to the COVID-19 pandemic, many of the most important political disputes in American history have involved federal government responses to state or local fiscal crises. In a Bad State provides the first comprehensive ...
Risk Management of Sovereign Assets and Liabilities
In an environment of sizable and volatile capital flows and integrated international capital markets, large and unhedged net external sovereign liabilities expose countries to swings in international asset prices and to potential speculative currency attacks. The paper argues that an essential step in reducing emerging market vulnerability to such external shocks is to reform the institutional arrangements governing asset and liability management policies, so as to promote a transparent, publicly accountable, and professional incentive structure.
Default
"This is the riveting tale of Argentina's sovereign debt drama, a complicated story that unfolds over 15 years and involves a host of characters, institutions, and issues. The country defaulted on its debt in 2001, restructured it in 2005, and was in court for the ensuing decade. The debt restructuring and the lawsuits that followed have had an outsized impact on sovereign debt law, sovereign debt markets, and sovereign debt policy: Argentina's pending default triggered an intense fight in Washington over the role of the IMF in sovereign debt restructurings; Argentina's default and its losses in court triggered the adoption (and enhancement) of a quasi-bankruptcy feature in sovereign bonds called Collective Action Clauses; the Argentina bond cases generated numerous opinions from the courts relating to what creditors can and can't do to try to collect from a country in defau
Global Issues
Written by award-winning CQ Researcher journalists, this collection of non-partisan reports offers an in-depth examination of today’s most pressing global issues. With reports ranging from rising sea levels, to global population pressures, to the Israeli-Palestinian conflict, the 2019 Edition of Global Issues promotes in-depth discussion, facilitates further research, and helps readers formulate their own positions on crucial global issues. And because it’s CQ Researcher, the reports are expertly researched and written, presenting readers with all sides of an issue. Key Features Chapters follow a consistent organization, beginning with a summary of the issue, then exploring a number of key questions around the issue, next offering background to put the issue into current context, and concluding with a look ahead. A pro/con debate box in every chapter offers readers the opportunity to critically analyze and discuss the issues by exploring a debate between two experts in the field. All issues include a chronology, a bibliography, photos, charts, and figures to offer readers a more complete picture of the issue at hand.
Handbook of Caribbean Economies
This volume aims to illustrate the uniqueness of the economies of the countries and territories of the Caribbean as well as the similarities they share with other regions. While most countries in the region share many of the characteristics of middle-income countries, theirs is a matter of extremes. Their generally small size suggests a fragility not found elsewhere. While much of the world is beginning to feel some effects of climate change, the Caribbean is ground zero. These factors suggest a difficult road ahead, but the chapters presented in this volume aim to help to spur the search for creative solutions to the region’s problems. The chapters, written by expert contributors, examine...
Fermilab Meeting (Dpf 92), The - Proceedings Of The 7th Meeting Of The Aps Division Of Particles And Fields (In 2 Volumes)
These proceedings cover the latest results in Tevatron Collider Physics, LEP results, and results from other High Energy Physics Laboratories. The volume will consist of plenary and parallel contributions on the following subjects: Heavy Quark Physics, Physics Beyond the Standard Model, Astrophysics and Non-Accelerator Physics.
