Rational Liquidity Crises in the Sovereign Debt Market: In Search of a Theory

1996 ◽  
Author(s):  
Enrica Detragiache
Keyword(s):  
Sovereign Debt ◽  
Debt Market ◽  
Liquidity Crises

scholarly journals Will the Sovereign Debt Market Survive?

2003 ◽  
Vol 93 (2) ◽  
pp. 85-90 ◽  
Author(s):  
Andrei Shleifer
Keyword(s):  
Sovereign Debt ◽  
Debt Market

scholarly journals The Market Reaction to Legal Shocks and Their Antidotes: Lessons from the Sovereign Debt Market

2010 ◽  
Vol 39 (1) ◽  
pp. 289-324 ◽  
Author(s):  
Michael Bradley ◽  
James D. Cox ◽  
Mitu Gulati
Keyword(s):  
Sovereign Debt ◽  
Market Reaction ◽  
Debt Market

scholarly journals Global Justice: Why not State jurisdictions in transnational financial disputes?

2020 ◽  
Vol 11 (3) ◽  
pp. 1483-1547
Author(s):  
Alejandro Gabriel Manzo
Keyword(s):  
Comparative Analysis ◽  
Sovereign Debt ◽  
Global Justice ◽  
Judicial System ◽  
State Courts ◽  
Sovereign State ◽  
Trial Judges ◽  
Debt Market ◽  
Argumentative Strategies ◽  
Reform Processes

Abstract The article brings the debate about Global Justice to the centre stage of the Sovereign Debt Restructuring (SDRs) field. The judicial system that intervenes in sovereign debt conflicts was not on the agenda of the last reform processes activated in this field. In the NML Capital vs. Argentina (NML) trial, judges from different instances and different jurisdictions issued declarations of the same dimensions related to the same object of litigation. The article makes a comparative analysis of the argumentative strategies that judges used at the time of justifying their positions in order to show the tensions in which they incurred. It is explained that: a) these tensions are the result of agents -the judges- that must take decisions in a context of crossroads where the expected option in accordance with usual legal practices would undermine their own position in the field of sovereign debt market; b) these crossroads are rooted in the structural limits of the judicial system in which these agents operate. Contrary to what official statements postulate, it is argued that these limits conspire against the possibility that state courts provide Justice in transnational disputes, in which they must judge another equally sovereign State.

News spillovers in the sovereign debt market

2005 ◽  
Vol 75 (3) ◽  
pp. 691-734 ◽  
Author(s):  
Amar Gande ◽  
David C. Parsley
Keyword(s):  
Sovereign Debt ◽  
Debt Market

scholarly journals Lawyers: Gatekeepers of the sovereign debt market?

2014 ◽  
Vol 38 ◽  
pp. 150-168 ◽  
Author(s):  
Michael Bradley ◽  
Irving De Lira Salvatierra ◽  
Mitu Gulati
Keyword(s):  
Sovereign Debt ◽  
Debt Market

scholarly journals The Sustainable Debts of Philip II: A Reconstruction of Castile's Fiscal Position, 1566–1596

2010 ◽  
Vol 70 (4) ◽  
pp. 813-842 ◽  
Author(s):  
Mauricio Drelichman ◽  
Hans-Joachim Voth
Keyword(s):  
Sixteenth Century ◽  
Early Modern ◽  
Sovereign Debt ◽  
Archival Data ◽  
Short Term ◽  
Philip Ii ◽  
Debt Crises ◽  
Liquidity Crises

The defaults of Philip II have attained mythical status as the origin of sovereign debt crises. We reassess the fiscal position of Habsburg Castile, deriving comprehensive estimates of revenue, debt, and expenditure from new archival data. The king's debts were sustainable. Primary surpluses were large and rising. Debt-to-revenue ratios remained broadly unchanged during Philip's reign. Castilian finances in the sixteenth century compare favorably with those of other early modern fiscal states at the height of their imperial ambitions, including Britain. The defaults of Philip II therefore reflected short-term liquidity crises, and were not a sign of unsustainable debts.

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