Sovereign debt is a complex and highly topical area of law and this
work represents a new main reference book on the subject bringing
together contributions from world leading practitioners, scholars
and regulators. Divided into five parts the book opens with a part
on restructuring which analyses contractual provisions and the role
of institutions such as the International Monetary Fund. The second
part, on enforcement, considers the position of a sovereign as a
defendant analyzing the availability of special immunities and
matters of defense and arbitration pertinent to sovereign debt.
Part three of the book is concerned with complicating factors such
as economic, political or banking crises and how these relate and
complicate the task of addressing an unsustainable sovereign debt
stock. In this section the particular and topical issues concerned
with restructuring in a monetary union are explained. The fourth
part provides economists' explanations of why and how sovereigns
borrow and the causes of a sovereign debt, which enriches
understanding by providing context to the purely legal aspects of
the work. The book closes with a section which covers proposed
reform to sovereign debt systems. Dedicated to the leading expert
Lee Buchheit, this work contains comprehensive and rigorous
analysis on sovereign debt management which no specialist should be
without.
General
Is the information for this product incomplete, wrong or inappropriate?
Let us know about it.
Does this product have an incorrect or missing image?
Send us a new image.
Is this product missing categories?
Add more categories.
Review This Product
Examining the crises...
Wed, 2 Apr 2014 | Review
by: Phillip T.
OF SOVEREIGN DEBT IN 2014
An appreciation by Phillip Taylor MBE and Elizabeth Taylor of Richmond Green Chambers
Since the 1980s approximately, if not some time before, sovereign debt has emerged as a well-nigh intractable international problem. Writing in the foreword to this thoughtful and scholarly examination of sovereign debt, John B Taylor of Stanford University refers to trenchant observations made by the book’s erudite and world renowned co-author Lee Buchheit to the effect that ‘there are several key common elements in sovereign debt crisis, whether in emerging economies, or in some of the more advanced European countries today. ‘You can see these elements,’ remarks Taylor ‘in all the chapters of this book.’
Published recently by the Oxford University Press, the book, in the words of its co-author Rosa Lastra presents ‘a general treatise on sovereign debt management’ and contains no less than twenty-eight learned articles replete with the carefully researched analyses of no less than thirty-six expert contributors, mainly from top international law practices, government agencies and leading academic institutions.
Their impressive slate of practical experience says Lastra, includes lending, borrowing, regulating, analyzing restructuring and litigating sovereign debt. The idea for the book was the fortunate outcome of the meeting of the International Monetary Law Committee in Rome in 2011 – this being a standing committee of the International Law Association.
Easy to navigate, the book includes a detailed table of contents, a useful index and extensive tables of cases and of legislation. To say that the book is a brilliant and time-saving research tool is a bit of an understatement, for the amount of research contained in this single volume is truly mind-bending.
We lost count of the number of journals cited in the footnotes, but we would estimate over a hundred. This is certainly an invaluable source of wisdom and insight into the thorny problems created by international debt which now afflicts developed as well as emerging countries -- plus, there is considerable emphasis on postulating its causes and possible cures.
The various articles, particularly those by Buchheit -- who originally trained as a philosopher before reading law -- and for whom this book is a tribute -- will provide much food for thought on sovereign debt in particular and debt in general. ‘Borrowing money, he says in the book’s final article ‘can become a hideous addiction’ further pointing out that democracies in particular, struggle with the grim realities.
By the way, the fascinating biographical note on Buchheit is well worth reading. Appropos the Scottish referendum and the on going secessionist problems of the Ukraine, it is interesting and strangely topical to note the title of his thesis published by Yale University Press in the 70s: ‘Secession: the Legitimacy of Self-Determination’, which focused on, for example, Katanga, Biafra, the Kurds and Bangladesh.
Suffice to say that this book should attract a wide readership, not merely of lawyers, but economists, of course, as well as commentators, policy makers and politicos worldwide.
The publication date is 2014.
Did you find this review helpful?
Yes (1) |
No (0)
Welcome to Loot.co.za!
Sign in / Register |Wishlists & Gift Vouchers |Help | Advanced search
