16. Variations on the Theme of‘ Soft International Law’

Neuhold, Hanspeter

doi:10.1163/ej.9789004167278.v-0.104

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“…It could be argued that the non-binding nature of these principles undermines their efficiency. The two sets of principles qualify as soft law (Neuhold, 2008; Shelton, 2009), but their importance in the context of international economic relations should not be underestimated (Bredimas et al , 2013; Kaufmann-Kohler, 2010). Similar processes are flexible and dynamic in nature, allowing for gradual consensus-building, evolution of norms and adaptation of states to the new norms (Boyle, 2015).…”

Section: Discussionmentioning

confidence: 99%

Promoting responsible sovereign lending and borrowing: the role of sovereign wealth funds

Pavlidis

2019

JFRC

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Purpose This paper aims to investigate the idea of building responsible borrowing and lending into sovereign wealth fund (SWF) decision-making. SWFs, which currently manage US$8 trillion in assets, are influential institutional investors, but their role in sovereign debt markets needs to be further explored. In this context, this paper aims to critically assess the linkages and convergences between the Santiago Principles on SWF and the United Nations Conference on Trade and Development (UNCTAD) principles on responsible sovereign lending and borrowing. Design/methodology/approach This paper draws on legal scholarship, reports, policy papers and other open-source data to explore the role of SWFs in sovereign lending, borrowing and debt restructuring. Findings Building responsible borrowing and lending into SWF decision-making is feasible and justified on the grounds of both ethics and public duty. It is also justified in financial terms because it would protect SWFs from irresponsible lending and borrowing practices at the micro level while contributing to global financial stability at the macro level. Originality/value This is the first comprehensive study to juxtapose two important normative processes, the Santiago Principles and the UNCTAD Principles.

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Section: Discussionmentioning

confidence: 99%

Promoting responsible sovereign lending and borrowing: the role of sovereign wealth funds

Pavlidis

2019

JFRC

View full text Add to dashboard Cite

show abstract

16. Variations on the Theme of‘ Soft International Law’

Cited by 1 publication

References 0 publications

Promoting responsible sovereign lending and borrowing: the role of sovereign wealth funds

Promoting responsible sovereign lending and borrowing: the role of sovereign wealth funds

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