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Rethinking Sovereign Debt - Politics, Reputation, and Legitimacy in Modern Finance (Hardcover)
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Rethinking Sovereign Debt - Politics, Reputation, and Legitimacy in Modern Finance (Hardcover)
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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 loan obligations damages its
reputation, inviting still greater problems down the road. Yet
difficult dilemmas arise from this assumption. 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 historical analysis of how sovereign
debt continuity--the rule that nations should repay loans even
after a major regime change, or expect reputational
consequences--became the consensus approach. Odette Lienau contends
that the practice is not essential for functioning international
capital markets, and demonstrates how it relies on ideas of
absolutist government that have come under fire over the last
century. Challenging previous accounts, Lienau incorporates a
wealth of original research to argue 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. She traces the notion of debt continuity from the
post-World War I era to the present, emphasizing the role of
government officials, the World Bank, and private-market actors in
shaping our existing framework. Lienau 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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