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Equitable Subordination, Fraudulent Transfer, And Sovereign Debt, Adam Feibelman
Equitable Subordination, Fraudulent Transfer, And Sovereign Debt, Adam Feibelman
Law and Contemporary Problems
Feibelman focuses on two particular doctrines of lender liability-equitable subordination and fraudulent transfer, expanding upon proposals to employ private domestic law as a strategy for addressing the problem of odious debt. Although doctrines of equitable subordination and fraudulent transfer do not appear to have been applied to sovereign debt by US courts in the past, both should be available to sovereigns' creditors in most if not all US jurisdictions. In addition, he also addresses practical, doctrinal concerns as well as normative implications of employing theories such as equitable subordination and fraudulent transfer to respond to the problem of odious debt. …
Odious Debt Wears Two Faces: Systemic Illegitimacy, Problems, And Opportunities In Traditional Odious Debt Conceptions In Globalized Economic Regimes, Larry Catá Backer
Odious Debt Wears Two Faces: Systemic Illegitimacy, Problems, And Opportunities In Traditional Odious Debt Conceptions In Globalized Economic Regimes, Larry Catá Backer
Law and Contemporary Problems
Backer examines how the traditional notion of odious debt as a method of repudiating sovereign debt may undergo a conceptual revolution as it changes focus from the illegitimacy of governments obtaining loans to the illegitimacy of the systems through which such loans are made and enforced generally. He focus his analysis on the conceptual framework Fidel Castro sought to introduce into the debate about the legitimacy of sovereign debt and the extent to which this reframing might influence international institutional approaches.
The Odious Debt Doctrine After Iraq, Jai Damle
The Odious Debt Doctrine After Iraq, Jai Damle
Law and Contemporary Problems
The odious debt doctrine has experienced renewed popularity in the past few years; it has been heralded by academics, political commentators, economists, and politicians as a mechanism to alleviate burdens imposed by illegitimate rulers. In its classic formulation, the doctrine provides that a regime's debt is odious, and thus unenforceable, if the state's people did not consent to the debt, the proceeds from the debt were not used for the benefit of the people, and the regime's creditors had knowledge of the first two conditions. In 2003, the newly instated Iraqi regime began negotiations to restructure that country's debt, much …
Odious Debt In Retrospect, Daniel K. Tarullo
Odious Debt In Retrospect, Daniel K. Tarullo
Law and Contemporary Problems
In the eighty years since Alexander Sack coined the phrase "odious debt," academics and activists have periodically rediscovered Sack's idea, often arguing for its application or extension-to this point, in vain. Here, Tarullo reveals the degree to which current interest in the problem of odious debt is intertwined with other problems that strike more critically at the well-being of developing-and emerging-market countries. He reasons that the necessarily complex effort needed to institutionalize a doctrine of odious debt is a potentially effective organizing principle for generating the political will to address these other persistent, debilitating problems.
Sovereign Debt Restructuring, Odious Debt, And The Politics Of Debt Relief, Robert K. Rasmussen
Sovereign Debt Restructuring, Odious Debt, And The Politics Of Debt Relief, Robert K. Rasmussen
Law and Contemporary Problems
Odious debt is more of a literature than a doctrine. Going back to at least the 1920s, one can find arguments that countries should not have to pay back debts that are labeled "odious." The central intuition is that the citizens of a country should not have to pay for the debts incurred by a prior "odious" regime when those funds did not benefit these citizens. It is simply not right to ask people to pay for funds from which they did not benefit, especially when the lender knew of this fact when it made its loan. Here, Rasmussen comments …
Law And Transnational Corruption: The Need For Lincoln’S Law Abroad?, Paul D. Carrington
Law And Transnational Corruption: The Need For Lincoln’S Law Abroad?, Paul D. Carrington
Law and Contemporary Problems
No abstract provided.
Odious Debts Or Odious Regimes, Patrick Bolton, David Skeel
Odious Debts Or Odious Regimes, Patrick Bolton, David Skeel
Law and Contemporary Problems
Odious regimes have always been there. That there is no silver-bullet solution that will prevent odious regimes from arising, or stymie them once they do, is evident from the plethora of responses employed by the international community once a regime's odiousness becomes clear. Current odious debt doctrine dates back to a 1927 treatise by a wandering Russian academic named Alexander Sack. The Sack definition contemplates a debt-by-debt approach to questionable borrowing. If a loan is used to benefit the population--to build a highway or water-treatment plant, for instance--the obligation would be fully enforceable, no matter how pernicious the borrower regime. …
Partially Odious Debts?, Omri Ben-Shahar, Mitu Gulati
Partially Odious Debts?, Omri Ben-Shahar, Mitu Gulati
Law and Contemporary Problems
Ben-Shahar borrows from a rich private-law tradition to explore the treatment of odious debt as a problem analogous to allocation of liability in private law. Drawing on the economic analysis of private law, it develops insights as to the structure of an optimal liability scheme. Under this approach, liability is imposed not on the basis of some intrinsic judgment as to the parties' relative blameworthiness, but rather in a forward-looking fashion, on parties who are best suited to take actions to prevent the loss. In addition, liability is imposed on a magnitude tailored to induce an optimal level of precautionary …
Agency By Analogy: A Comment On Odious Debt, Deborah A. Demott
Agency By Analogy: A Comment On Odious Debt, Deborah A. Demott
Law and Contemporary Problems
DeMott focuses on how one might think about the phenomenon of odious debt from the standpoint of common-law agency. Though this analogy has its flaws, some useful insights can be gathered by examining the similarities and differences between the two doctrines, especially when contemplating the theory of liability in the sovereign context. To illustrate the complexity of comparing odious debt to agency law, she develops a series of comparisons between the consequences of borrowing by a sovereign and that by a private corporation afflicted with inept or corrupt management.
Odious Debt, Old And New: The Legal Intellectual History Of An Idea, James V. Feinerman
Odious Debt, Old And New: The Legal Intellectual History Of An Idea, James V. Feinerman
Law and Contemporary Problems
In a sense, all debts are odious; that is, to use dictionary definitions, "hateful; disgusting; offensive." Yet insofar as international economic law today is concerned, only a certain few debts can be considered "odious debts" in order to contest and perhaps eventually to repudiate them. Here, Feinerman examines the concepts of odious debt and related international legal phenomena, in both historical and contemporary context, with a view of determining the role that denomination of certain debts as odious may play in the overall process of sovereign debt rescheduling.
Odious, Illegitimate, Illegal, Or Legal Debts—What Difference Does It Make For International Chapter 9 Debt Arbitration?, Kunibert Raffer
Odious, Illegitimate, Illegal, Or Legal Debts—What Difference Does It Make For International Chapter 9 Debt Arbitration?, Kunibert Raffer
Law and Contemporary Problems
Once upon a time, sovereign debts were just that-debts or the entitlement to be repaid fully, including interest. During the 1970s it was thought unnecessary to make any distinctions between debts, based on the assumption that sovereigns might possibly become illiquid, but could never become insolvent. Commercial banks disregarded the most elementary rules of prudent banking, including their duty of due diligence as lenders, laboring on the assumption that whatever flowed into developing countries would eventually flow back with fees and interest. Here, Raffer discusses the international dchapter nine debt arbitration.
Insolvency Principles And The Odious Debt Doctrine: The Missing Link In The Debate, A. Mechele Dickerson
Insolvency Principles And The Odious Debt Doctrine: The Missing Link In The Debate, A. Mechele Dickerson
Law and Contemporary Problems
Politicians as well as many members of the international human-rights community, view the odious debt doctrine as fundamentally unfair that the Iraqi people may be saddled with the debts Saddam Hussein's brutal regime incurred. Furthermore, some in the human-rights community generally argue that rich (creditor) countries have a moral duty or obligation to protect citizens of poor (debtor) countries and that richer nations should forgive the debts of poorer nations to help reduce existing inequalities between developed and developing countries. Here, Dickerson evaluates the doctrine of odious debts using the insolvency framework found in the United States Bankruptcy Code.
Odious, Not Debt, Anna Gelpern
Odious, Not Debt, Anna Gelpern
Law and Contemporary Problems
The US invasion of Iraq in 2003 revived public and academic debate about a wobbly old doctrine of international law: the Doctrine of Odious Debt. This doctrine allows governments to disavow debts incurred by their predecessors without the consent of or benefit for the people, provided creditors knew of the taint. It has roots in nineteenth century jostles over colonial possessions. However, for the past eighty years, Odious Debt's rhetorical appeal has vastly outstripped its "legal vitality." Here, Gelpern argues that the Doctrine of Odious Debt frames the problem of odious debt in a way that excludes a large number, …
Odious Debt, Odious Credit, Economic Development, And Democratization, Tom Ginsburg, Thomas S. Ulen
Odious Debt, Odious Credit, Economic Development, And Democratization, Tom Ginsburg, Thomas S. Ulen
Law and Contemporary Problems
When a country signs an international treaty, it is not the government but the state that is bound, and the obligation will stand until a subsequent government formally exits the treaty. Exit is presumed to be costly: a government that "repudiates" earlier treaty obligations will suffer reputational harm in its international relations. Moreover, this general background norm of international law applies as well to debt: a government can announce that it is renouncing debt, but it will suffer severe reputational harm in the debt marketplace, much as a government that repudiates public international law obligations suffers a reputational harm. Here, …
Devilry, Complicity, And Greed: Transitional Justice And Odious Debt, David C. Gray
Devilry, Complicity, And Greed: Transitional Justice And Odious Debt, David C. Gray
Law and Contemporary Problems
Several issues relating to odious debt and contemporary efforts to expand the odious debt doctrine to cover all debts of odious regimes are maddeningly complex, implicating difficult issues in areas ranging from the international law of state succession to the law of commercial paper--itself a source of biannual trauma for thousands of bar aspirants. However, the scope of the debate as it has been developed in the literature is too narrow and, therefore, the questions posed too simple. In particular, any analysis of odious debt must account for issues that inhere to transitions and transitional justice. Here, Gray make some …
The Institutionalist Implications Of An Odious Debt Doctrine, Paul B. Stephan
The Institutionalist Implications Of An Odious Debt Doctrine, Paul B. Stephan
Law and Contemporary Problems
Sovereigns incur debts, and creditors look to the law to hold sovereigns to their obligations. In legal terms, the question is whether to recognize and define an odious debt defense through a treaty or national legislative acts, on the one hand, or through the decisions of authoritative dispute-settlement bodies, whether international arbitral organs or domestic courts. Moreover, others may think that odious debt doctrine as a means can optimize the social welfare generated by sovereign-debt contracts. Here, Stephan examines the social welfare in the economic sense but attacks the problem from a different direction and concludes that no satisfactory mechanism …
Foreword, Anne Hazlett
Renegotiating The Odious Debt Doctrine, Tai-Heng Cheng
Renegotiating The Odious Debt Doctrine, Tai-Heng Cheng
Law and Contemporary Problems
Following the United States' invasion and subsequent occupation of Iraq,' the US government argued that the successor government in Iraq was not responsible for Iraq's Saddam-era debt under the purported doctrine of odious-regime debt. This purported doctrine apparently excused--by operation of law--all successor regimes from repaying debts that were incurred by oppressive predecessor regimes. Here, Cheng presents three-part response regarding the purported rule that oppressive debts of a predecessor government do not bind its successor.
Sovereigns, Trustees, Guardians: Private-Law Concepts And The Limits Of Legitimate State Power, Jedediah Purdy, Kimberly Fielding
Sovereigns, Trustees, Guardians: Private-Law Concepts And The Limits Of Legitimate State Power, Jedediah Purdy, Kimberly Fielding
Law and Contemporary Problems
One major tradition of understanding the powers and duties of sovereigns has particular relevance to arguments for revival and refurbishment of the odious debt doctrine. Here, Purdy and Fielding survey the critical role of private-law concepts in the development of this tradition. In this account, the state is a constructed and purposive legal actor, composed of a set of powers assigned by its subjects for the pursuit of certain human interests and bound by the obligation to secure and respect those interests. Moreover, they narrate that if there are inherent powers in a sovereign, they are only those that are …
Law, Ethics, And International Finance, Lee C. Buchheit
Law, Ethics, And International Finance, Lee C. Buchheit
Law and Contemporary Problems
Cross-border financial flows can have dramatic effects on the recipients of the money--for good or for ill. This is particularly true in countries whose economies and capital markets are underdeveloped. Moreover, ethical questions about who should receive cross-border financing, in what amounts, for what purposes, and on what conditions have long engaged the attention of international financial institutions such as World Bank, the International Monetary Fund, and the regional development banks. Here, Buchheit analyzes a difficult area where law and ethics have not yet found a happy coexistence--the problem of odious debts.
A Critique Of The Odious Debt Doctrine, Albert H. Choi, Eric A. Posner
A Critique Of The Odious Debt Doctrine, Albert H. Choi, Eric A. Posner
Law and Contemporary Problems
Choi and Posner indicate that it is unclear whether the doctrine will improve the welfare of the population that might be subject to a dictatorship in terms of the odious debt doctrine. The traditional backward-looking defense of the odious debt doctrine, which suggests that the doctrine is costless because it releases a suffering population from an unjust debt, is seriously incomplete. Although in specific cases the benefits of loan sanctions may exceed the costs, the defenders of the doctrine have not made the empirical case that the net benefits are sufficiently high in the aggregate as to warrant routine application …
Foreword, Lawrence Lessig
Two Thoughts About Traditional Knowledge, William Fisher
Two Thoughts About Traditional Knowledge, William Fisher
Law and Contemporary Problems
Fisher argues the traditional knowledge of environmentalism and the public domain ideas by presenting two combined related themes involving the British colonist of Native Americans. The idea of devaluing the Indian's nonacquisitive, natural, respectful way of living lightly upon the land while conserving it, and fostering imperialism and unjust conquest. Among other things, he formulates three parallel provisions to the TRIPS Agreement to increase the leverage of the countries in determining the terms on which flora, fauna, medicinal knowledge, folklore, and traditional art forms are exploited by others.
Cultural Environmentalism And Beyond, James Boyle
Cultural Environmentalism And Beyond, James Boyle
Law and Contemporary Problems
No abstract provided.
Creative Reading, Jessica Litman
Creative Reading, Jessica Litman
Law and Contemporary Problems
Litman argues that by ignoring the central importance of readers, listeners, viewers, and players in the copyright scheme, the essential policy question in determining whether a use of copyrighted material should be lawful is the way the use looks from the viewpoint of the copyright owner is conceded. The comfort level supplied by an implied license analysis is emblematic of the failure to pay enough attention to reader interests and there is need to take another look at copyright, keeping the significance of readers, listeners, and viewers in mind. Furthermore, failure to pay sufficient attention to the interests of readers, …
Medical Malpractice Overseas: The Legal Uncertainty Surrounding Medical Tourism, Philip Mirrer-Singer
Medical Malpractice Overseas: The Legal Uncertainty Surrounding Medical Tourism, Philip Mirrer-Singer
Law and Contemporary Problems
Mirrer-Singer explores some of the legal uncertainty surrounding medical tourism specifically in ways medical tourists can seek relief in US courts for malpractice committed abroad and explains why courts probably lack jurisdiction over foreign physicians who have allegedly committed malpractice. Among other things, he discusses theories under which US firms in the medical-tourism business could be held liable for the foreign provider's negligence.
The Ends Of Intellectual Property: Health As A Case Study, Arti K. Rai
The Ends Of Intellectual Property: Health As A Case Study, Arti K. Rai
Law and Contemporary Problems
Rai points out the great limitations of some conventional measures of efficiency and cites quality-adjusted life years (QALY), an alternative measure that is actually used in making health-care decisions, as an example. the ability to pay. Quantifying benefits in terms of QALY does not give us a neutral measure of worth, of course but it does expose the value judgments being made and give us a yardstick other than intuition or anecdote for measuring effects. Thus, she argues that rather than giving up on economic analysis, other ways to broaden its scope should be sought.
Should A Licensing Market Require Licensing?, Mark A. Lemley
Should A Licensing Market Require Licensing?, Mark A. Lemley
Law and Contemporary Problems
Many circumstances fair use should separate the idea that the copyright owner should be compensated for a use from the idea that the copyright owner should be able to control that use. The licensing-market cases provide a perfect vehicle for dividing rights but if a use is considered unfair because the copyright owner could have gotten paid to permit that use, the argument may or may not justify compensating the copyright owner for the loss, but it does not justify giving the copyright owner control over the defendant's use. Here, Lemley explains the development of the licensing-market rationale, critiques of …