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Full-Text Articles in Law
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 …
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.
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 …
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.