Introduction to the special issue on sovereign debt restructuring

Ghosal, Sayantan; Miller, Marcus

doi:10.1093/oep/gpz020

Oxford Economic Papers

2019

DOI: 10.1093/oep/gpz020

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Introduction to the special issue on sovereign debt restructuring

Sayantan Ghosal

Marcus Miller

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Cited by 4 publications

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The Chinese World Order in Historical Perspective

Duara

2019

China and the World

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I seek to grasp the genealogy of China’s Belt and Road (BRI) in relation both to the imperial Chinese world order and the historical sequence of forms of global domination, i.e., modern imperialism, the ‘imperialism of nation-states’ during the inter-war and Cold War period as well as the post-Cold War notion of ‘soft power’. While we may think of BRI as poised uncertainly between the logics of the older imperial Chinese order and the more recent logic impelled by capitalist nation-states, there are significant novelties in the new Chinese order, mostly in relation to debt, the environment and digital technology which constitute new realms of power not easily dominated by a hegemon.

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The Chinese World Order in Historical Perspective

Duara

2019

China and the World

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Enough Potential Repudiation: Economic and Legal Aspects of Sovereign Debt in the Pandemic Era

Gelpern

Panizza

2022

Annu. Rev. Econ.

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This article reviews recent economic and legal literature on sovereign debt in light of the COVID-19 shock. Most of the core theoretical contributions across the two disciplines hinge on immunity, and the sovereign borrower's consequent inability to commit to repay foreign creditors, as the distinguishing attribute of sovereignty. We highlight a persistent gap between sovereign debt theories grounded in immunity and empirical evidence that the governments of low- and middle-income countries borrow far more than theory would predict. On the other hand, the governments of advanced economies, generally viewed as outside the scope of this literature before the euro area debt crisis, have shown themselves to be far more commitment challenged than previously supposed. We conclude that the traditional split between a literature concerned with developing economy sovereigns that repudiate debt and one concerned with advanced economies that do not is no longer appropriate (if ever it was). We argue that shifting some attention away from immunity to a different attribute of sovereignty—authority—could help bridge the gap between the two literatures. Expected final online publication date for the Annual Review of Economics, Volume 14 is August 2022. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates.

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Enough Potential Repudiation: Economic and Legal Aspects of Sovereign Debt in the Pandemic Era

Gelpern

Panizza

2022

SSRN Journal

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Introduction to the special issue on sovereign debt restructuring

Cited by 4 publications

References 20 publications

The Chinese World Order in Historical Perspective

The Chinese World Order in Historical Perspective

Enough Potential Repudiation: Economic and Legal Aspects of Sovereign Debt in the Pandemic Era

Enough Potential Repudiation: Economic and Legal Aspects of Sovereign Debt in the Pandemic Era

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