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Articles 1 - 9 of 9
Full-Text Articles in Secured Transactions
The Value Of Uncertainty, Cathy Hwang, Benjamin P. Edwards
The Value Of Uncertainty, Cathy Hwang, Benjamin P. Edwards
Northwestern University Law Review
In recent years, federal courts have heard, without clear subject matter jurisdiction, contract disputes involving billions of dollars worth of securitized financial instruments (SFIs). These SFI disputes are litigated in federal court under the federal interpleader statute, which specifies that a federal court has subject matter jurisdiction over these cases only when parties deposit the disputed amount with the court. SFI litigants have ignored this requirement, so courts have, at best, uncertain jurisdiction over these cases. Why have no parties raised the jurisdictional defect, even though some would stand to gain from raising it? This Essay advances game theoretical explanations …
An Fda For Financial Innovation: Applying The Insurable Interest Doctrine To Twenty-First-Century Financial Markets, Eric A. Posner, E. Glen Weyl
An Fda For Financial Innovation: Applying The Insurable Interest Doctrine To Twenty-First-Century Financial Markets, Eric A. Posner, E. Glen Weyl
Northwestern University Law Review
The financial crisis of 2008 was caused in part by speculative investment in complex derivatives. In enacting the Dodd–Frank Act, Congress sought to address the problem of speculative investment, but it merely transferred that authority to various agencies, which have not yet found a solution. We propose that when firms invent new financial products, they be forbidden to sell them until they receive approval from a government agency designed along the lines of the FDA, which screens pharmaceutical innovations. The agency would approve financial products if they satisfy a test for social utility that focuses on whether the product will …
Infrastructure For Commerce, Michael B. Likosky
Infrastructure For Commerce, Michael B. Likosky
Northwestern Journal of International Law & Business
While the government presents the MSC as the embodiment of the future, structurally it bears remarkable resemblance to the colonial legal orders. The enclave nature of the MSC is reminiscent of the colonial dual legal orders. At the same time, the international legal and economic orders have undergone profound changes. The international legal order is now premised on sovereign absolutism and equality among nation-states. The reigning economic paradigm is high technology rather than manufacturing or the spice trade. Discussion of the continuities and discontinuities between colonial and present day transnational legal orders must thus attend to a number of variables. …
Cross-Border Lending: What's Different This Time, Lee C. Buchheit
Cross-Border Lending: What's Different This Time, Lee C. Buchheit
Northwestern Journal of International Law & Business
This article is based upon the author's lecture entitled "The Next Wave of Cross-Border Lending" delivered in connection with the Meredith Lectures at McGill University in April 1994.* The subject of that lecture, and of this article, is how cross-border lending to less developed countries (LDCs) in the 1990s differs from the last major period of such lending in the late 1970s. It is surely a testament to the accelerated obsolescence of modem financial commentary that the author's April 1994 lecture - delivered in the middle of a boom in cross-border lending - has already been followed by a bust …
Preface: Latin American Debt In The 1990s: A New Scenario For Creditors And Debtors, Lee C. Buchheit, Ralph Reisner
Preface: Latin American Debt In The 1990s: A New Scenario For Creditors And Debtors, Lee C. Buchheit, Ralph Reisner
Northwestern Journal of International Law & Business
This short preface introduces the purpose of the symposium and introduces each of the articles tat will follow.
Brief Incursion Into Bankruptcy And The Enforcement Of Creditor's Rights In Brazil, Antonio Mendes
Brief Incursion Into Bankruptcy And The Enforcement Of Creditor's Rights In Brazil, Antonio Mendes
Northwestern Journal of International Law & Business
This article is an overview of bankruptcy law and concerns in Brazil, as well as a exploration of what rights creditors have in bankruptcy.
Mexico's Banks After The December 1994 Devaluation--A Chronology Of The Government's Response, Roy A. Karaoglan, Mike Lubrano
Mexico's Banks After The December 1994 Devaluation--A Chronology Of The Government's Response, Roy A. Karaoglan, Mike Lubrano
Northwestern Journal of International Law & Business
The immediate effects of the December 1994 peso devaluation and the period of high interest rates and economic recession that followed had important repercussions for the Mexican banking and financial system. Since the onset of the crisis, the Mexican government has undertaken a number of important actions designed to assure adequate capitalization of financial institutions and continued public confidence in the banking system. The goal throughout has been to avoid a banking crisis that would exacerbate the contraction in the real economy and to set the stage for a recovery of the financial system based on sound institutions and efficient …
Latin American Debt Obligations In The 1990s: Risk Strategies: Remedies And Judicial Enforcement, Lee C. Buchheit, Emilio Cardenas, Antonio Mendes, Thomas Heather
Latin American Debt Obligations In The 1990s: Risk Strategies: Remedies And Judicial Enforcement, Lee C. Buchheit, Emilio Cardenas, Antonio Mendes, Thomas Heather
Northwestern Journal of International Law & Business
This is a discussion of debt obligations in Latin America and how the symposium panelists would have advised there clients.
Restructuring Strategies For Mexican Eurobond Debt, Duncan N. Darrow, Peter V. Darrow, Douglas A. Doetsch, Miguel Jauregui-Rojas
Restructuring Strategies For Mexican Eurobond Debt, Duncan N. Darrow, Peter V. Darrow, Douglas A. Doetsch, Miguel Jauregui-Rojas
Northwestern Journal of International Law & Business
Unless the international capital markets become widely receptive to refinancing Mexican Eurobonds, by early to mid 1996, the holders of these Eurobonds - Mexico's new "bondholder constituency" - may find themselves at the center of a restructuring process encompassing a significant portion of the $13 billion of Eurobond debt outstanding. This article discusses strategies for restructuring.