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dc.contributor.authorBiondi, Yuri*
dc.date.accessioned2017-09-16T15:17:58Z
dc.date.available2017-09-16T15:17:58Z
dc.date.issued2016
dc.identifier.issn2152-2820
dc.identifier.urihttps://basepub.dauphine.fr/handle/123456789/16718
dc.language.isoenen
dc.subjectsovereign debten
dc.subjectpublic debt managementen
dc.subjectsovereign debt restructuringen
dc.subjectfiscal consolidationen
dc.subjectinternational financial lawen
dc.subject.ddc336en
dc.subject.classificationjelH.H6.H63en
dc.subject.classificationjelF.F3.F34en
dc.titleSovereign Debt Restructuring, Refinancing and the Financial Marketen
dc.typeArticle accepté pour publication ou publié
dc.description.abstractenLienau’s book on ‘Rethinking Sovereign Debt’ delves into international finance to shed light on its background rules, overarching ideologies and interacting actors, disentangling the social norm of sovereign debt continuity and its institutional foundations. What a formalistic legal reasoning would interpret as a self-contained bilateral contract is then situated in historical time and social space populated by a variety of actors (debtors and creditors), co-existing legal regimes and evolving principles of reference. Her focus on odious debt highlights situations where debt continuity is challenged by major events in the sovereign borrower status (such as major political regime change, corruption and human rights abuse) which challenge debt legitimacy. This comment expands on her thoughtful analysis by linking debt continuity to the borrowing sovereign entity as a going concern. Sovereign borrowing makes lenders involved with this ongoing entity through time and circumstances. Ongoing sovereign debt management is featured by both debt securities market trading and the refinancing mechanism. In turn, refinancing involves public finances with their public benefit missions, central banking and the monetary base management. In this context, socially responsible lending and borrowing may be facilitated by acknowledging the bonding relationship between the borrowing sovereign entity and its creditors, including when default occurs.en
dc.relation.isversionofjnlnameAccounting, Economics and Law
dc.relation.isversionofjnlvol6en
dc.relation.isversionofjnlissue3en
dc.relation.isversionofjnldate2016
dc.relation.isversionofjnlpages179-188en
dc.relation.isversionofdoi10.1515/ael-2016-0024en
dc.relation.isversionofjnlpublisherDe Gruyteren
dc.subject.ddclabelEconomie publiqueen
dc.relation.forthcomingnonen
dc.relation.forthcomingprintnonen
dc.description.ssrncandidatenonen
dc.description.halcandidateouien
dc.description.readershiprechercheen
dc.description.audienceInternationalen
dc.relation.Isversionofjnlpeerreviewedouien
dc.relation.Isversionofjnlpeerreviewedouien
dc.date.updated2017-04-27T13:49:11Z
hal.person.labIds140237*
hal.identifierhal-01592940*


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