Sovereign Defaults before International Courts and Tribunals
( Cambridge Studies in International and Comparative Law )
Publication series ：Cambridge Studies in International and Comparative Law
Author： Michael Waibel;
Publisher： Cambridge University Press
Publication year： 2011
E-ISBN: 9781316921388
P-ISBN(Paperback): 9780521196994
P-ISBN(Hardback): 9780521196994
Subject： D912.2 财政法
Keyword： 法律
Language： ENG
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Description
The last 150 years of international dispute resolution on sovereign debt offer lessons for the next wave of sovereign defaults. As public debt soars, a new wave of sovereign defaults looms. Michael Waibel examines 150 years of international dispute resolution on sovereign defaults. The observed continuity in the law and policy governing sovereign defaults suggests avenues for building durable institutions capable of resolving future sovereign defaults. As public debt soars, a new wave of sovereign defaults looms. Michael Waibel examines 150 years of international dispute resolution on sovereign defaults. The observed continuity in the law and policy governing sovereign defaults suggests avenues for building durable institutions capable of resolving future sovereign defaults. International law on sovereign defaults is underdeveloped because States have largely refrained from adjudicating disputes arising out of public debt. The looming new wave of sovereign defaults is likely to shift dispute resolution away from national courts to international tribunals and transform the current regime for restructuring sovereign debt. Michael Waibel assesses how international tribunals balance creditor claims and sovereign capacity to pay across time. The history of adjudicating sovereign defaults internationally over the last 150 years offers a rich repository of experience for future cases: US state defaults, quasi-receiverships in the Dominican Republic and Ottoman Empire, the Venezuela Preferential Case, the Soviet repudiation in 1917, the League of Nations, the World War Foreign Debt Commission, Germany's 30-year restructuring after 1918 and ICSID arbitration on Argentina's default in 2001. The remarkable continuity in international practice and jurisprudence suggests avenues for building durable institutions capable of resolving future sovereign defaults. 1. Sovereign debt crises and defaults; 2. Political responses to sovereign defaults; 3. Quasi-receivership of highly indebted countries; 4. Monetary reform and sovereign debt; 5. Financial necessity; 6. National settlement institutions; 7. Arbitration on sovereign debt; 8. Arbitration clauses in sovereign debt instruments; 9. Creditor protection in international law; 10. ICSID arbitration on sovereign debt; 11. Overlapping jurisdiction over sovereign debt; 12. Sovereign default as trigger of responsibility; 13. Compensation on sovereign debt; 14. Building durable institutions for adjudicating sovereign defaults. 'A remarkable book - to our knowledge, it is the first comprehensive and systematic treatment of this subject. The book combines historical analysis with careful research of case law and other practice. The result is an impressive and original treatment of a subject that is of the utmost relevance for the present state of the international economic system.' Eyal Benvenisti, Jutta Brunnee and Francesco Francioni, jury for the 2012 ESIL Book Prize '… the text remains one of the few books which tackle a pressing and topical issue competently, presciently and thoroughly, and ultimately makes a robust case for lawyers to subsequently 're-energise the field'.' Adnan Amkhan Bayno, British Yearbook of International Law 'Michael Waibel's book is a timely, elegant, and rich study of the adjudication of sovereign defaults by international courts and tribunals.' Carlos Espósito, European Journal of International Law 'Sovereign Defaults [before International Courts and Tribunals] is comprehensible e
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