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Reconciliation Financing: An Innovative Approach To Poverty, Inequality, And Social Conflict, Daniel D. Bradlow
Reconciliation Financing: An Innovative Approach To Poverty, Inequality, And Social Conflict, Daniel D. Bradlow
Working Papers
This paper focuses on the problem of addressing historical injustices and raising finance for small scale revenue generating projects that benefit those victims of these past injustices who still lack access to jobs, services and opportunities. These projects always experience funding problems. They are considered both "too rich" for grant funding because they generate a stream of revenues but "too poor" for commercial funding because either they are too small or they generate an insufficient income stream to be attractive to commercial funders. In proposing a debt-based solution to these funding problems, the paper proposes 3 principles of "reconciliation financing".
The Financial Crisis Of 2009 - Have Reorganization Proceedings In Emerging Markets Gone Bankrupt? Israel As A Case Study, David Hahn
David Hahn
The financial crisis of 2009 affected markets all over the world, presenting an unprecedented challenge for international regulators. In emerging markets, firms began raising significant amounts of debt through corporate bonds only in recent years. When such markets crashed, and firms could no longer pay bondholders, regulators were forced to adopt innovative policies to cope with the problem. This paper explores the possible regulatory responses to the crisis, by focusing on the actions taken by regulators in Israel. The paper outlines the various mechanisms that have been employed and offered to combat the crisis and highlights their shortcomings. It then …
Innovation After The Revolution: Foreign Sovereign Bond Contracts Since 2003, Mitu Gulati, Anna Gelpern
Innovation After The Revolution: Foreign Sovereign Bond Contracts Since 2003, Mitu Gulati, Anna Gelpern
Faculty Scholarship
For over a decade, contracts literature has focused on standardization. Scholars asked how terms become standard, and why they change so rarely. This line of inquiry painted a world where a standard term persists until it is dislodged by another standard term, perhaps after a brief window of ferment before the second term takes hold. It also overshadowed the early insights of boilerplate theories, which described contracts as a mix of standard and customized terms, and asked why the mix might be suboptimal. This article brings the focus back to the mix. It examines the development of selected provisions in …
The Supreme Courts Municipal Bond Decision And The Market-Participant Exception To The Dormant Commerce Clause, Dan T. Coenen
The Supreme Courts Municipal Bond Decision And The Market-Participant Exception To The Dormant Commerce Clause, Dan T. Coenen
Scholarly Works
Does it violate the dormant Commerce Clause for a state to exempt interest earned on its own bonds, but no others, from income taxation? In a recent decision, the Supreme Court answered this question in the negative. Six members of the Court found the case controlled by the state-self-promotion exception to the dormancy doctrine's antidiscrimination rule. Three of those Justices, however, went further by also invoking the longstanding market-participant exception to sustain the discriminatory state tax break. This Essay challenges that alternative line of analysis. According to the author, the plurality's effort to apply the market-participant principle: (1) invites a …