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The expansion of actors and instruments in sovereign debt markets through bond financing generated a coordination problem among bondholders during the debt restructuring process. There is a risk that an individual bondholder will be passive or act against the restructuring slowing down or even precluding the process of restructuring even though it is in the general interest of bondholders as a group, not to mention the population of the country experiencing the shortage of funds for public welfare. In particular, the disruptions to sovereign debt restructuring by frivolous litigation is considered as one of the main threats.
This dissertation is the first major study devoted to sovereign bonds structured through a trust arrangement and the promising features that such a legal structure possesses for an effective and efficient sovereign debt restructuring. It provides a comprehensive inquiry into the evolution of the mechanisms to coordinate creditors, with a focus on bondholders and institutional frameworks which facilitated this coordination. It examines intriguing primary sources from League of Nations archives and provides in-depth case studies on the functionality of the trustees in sovereign bond restructurings performed by Argentina in 2016 and Ecuador in 2008.
Assessing the utility of trust arrangements to address coordination problems, this thesis is driven by the puzzle: How to better balance (i) the need for smooth sovereign debt restructurings, which by definition entails some losses for creditors, with (ii) bondholders’ legitimate interests? What approach can be used in constructing a legal and institutional framework for trustees to promote the best interest of the bondholders in sovereign debt restructuring? As a solution, it seems that incentives for bond trustees to pursue debt sustainability will achieve both goals.
In this regard, recognition of the concept of debt sustainability, being in substance the IMF and WB debt sustainability assessment, as the best interest of bondholders in sovereign debt restructuring is beneficial from multiple aspects. It enables a bond trustee to excel in its role as a guardian of bondholders by following the best interest of bondholders in exercising its discretion. Moreover, it fosters an equilibrium between the interests of private creditors and a state taking into account its socio-political aspects.
When Christine Lagarde announced her first, moderate rescue package, she called upon member states to provide fiscal aid. But the markets showed to have lost confidence in fiscal policy. In the absence of strong monetary policy signals, the slide continued until Lagarde in her second attempt opened the floodgates.
Brock and justification
(2011)
Built to colonize
(2019)
This article discusses obstacles to overcoming dangerous climate change. It employs an account of dangerous climate change that takes climate change and climate change policy as dangerous if it imposes avoidable costs of poverty prolongation. It then examines plausible accounts of the collective action problems that seem to explain the lack of ambition to mitigate. After criticizing the merits of two proposals to overcome these problems, it discusses the pledge and review process. It argues that pledge and review possesses the virtues of encouraging broad participation and of providing a procedural safeguard for the right of sustainable development. However, given the perceptions of the marginal short term costs of mitigation, pledge and review is unlikely, at least initially, to issue in an agreement to make deep reductions in greenhouse gas emissions. Because there is no rival approach that seems likely to better instantiate the two virtues, pledge and review may be the best available policy for mitigation. Moreover, recent economic research suggests that the co-benefits of mitigation may be greater than previously assumed and that the costs of renewable energy may be less than previously calculated. This would radically undermine claims that the short term mitigation costs necessarily render mitigation irrational and produce collective action problems. Given the circumstances, pledge and review might be our best hope to avoid dangerous climate change.
"Every time a society finds itself in crisis it instinctively turns its eyes towards its origins and looks there for a sign." With this citation from Octavio Paz, the 1990 Nobel Prize winner in literature, Berman concluded his Law and Revolution: The Formation of the Western Legal Tradition in 1983. There is a sense in which, thirty years later, this quote remains utterly appropriate, certainly at the beginning of a re-assessment of Berman’s thoughts on the particular topic of the religious origins of modern commercial and financial institutions. Five years on from the start of the financial crisis, triggered by the collapse of Lehman Brothers on 15 September 2008, it is worthwhile recalling, perhaps, that the sign perceived by Berman in the history of mercantile law was a sign that pointed towards the fundamental interconnectedness of belief systems and business. Berman was profoundly convinced of the vital, historical link between religion, trust, and economic prosperity. ...
Capital maintenance rules are part of a legal capital regime that consists of rules on raising capital and rules on maintaining it. The function of these rules is the protection of the corporation’s creditors. This is evidenced by the fact that in public as well as private companies the provisions on legal capital are not open to disapplication or variation even with unanimous shareholder consent. Thus, providing the company with a minimum of funding and ensuring equal treatment of shareholders are mere reflexes of creditor protection or, at best, ancillary purposes of legal capital. Legal capital is part of a corporation’s equity. The key feature of equity is that it ranks behind the claims of other stakeholders in the distribution of a corporation’s assets. Consequently, equity will also be the first part of a corporation’s funds to be depleted by losses. Capital maintenance rules seek to enforce this order of priority of different groups of stakeholders by restricting distributions to shareholders. Such restrictions are not unique to legal systems that have adopted a legal capital regime. A prominent example of a statute that has eliminated mandatory legal capital is the Delaware General Corporation Law. § 154 DCGL leaves it up to the directors to decide whether any part of the consideration received by the corporation for its shares shall be attributed to capital. Thus, a Delaware corporation need not have any stated capital. This has significant impact on the funds available for distribution to shareholders. Pursuant to § 170 (a) DGCL dividends may only be paid out of surplus or, in the absence of surplus, out of net profits of the current or the preceding fiscal year. § 154 DGCL defines surplus as the excess of a corporation’s net assets over the amount of its capital, and net assets as the amount by which total assets exceed total liabilities. A corporation without stated capital may, therefore, distribute all of its net assets to its shareholders and continue business without any equity on its balance sheet. This highlights the difference between the different approaches to creditor protection in Germany and the U.S. Both legal systems acknowledge the priority of creditors over shareholders in corporate distributions. However, German law seeks to give creditors additional comfort by requiring companies to raise and maintain additional layers of assets above and beyond those corresponding to the company’s liabilities that may not be depleted by way of distributions to shareholders. While private companies must merely raise and maintain their stated capital, public companies are required to raise and maintain additional equity accounts unavailable for distributions to shareholders such as the share premium account1 and the legal reserve.2
In recent years a number of objections have been raised against this concept of creditor protection. Critics argue that contractual arrangements are a more efficient means for protecting the interests of creditors.3 Capital maintenance does not prevent creditors from negotiating for more stringent protection of their claims such as collateral or financial covenants. It does, however, provide a minimum standard of protection for the benefit of creditors who lack the commercial experience or the bargaining power or who, like tort victims, are simply unable to negotiate for contractual safeguards. Capital maintenance ensures that their protection against excessive distributions does not depend on large creditors who are free to waive covenants that, in effect, benefit all creditors in exchange for individual arrangements that work exclusively in their favour.
We employ a proprietary transaction-level dataset in Germany to examine how capital requirements affect the liquidity of corporate bonds. Using the 2011 European Banking Authority capital exercise that mandated certain banks to increase regulatory capital, we find that affected banks reduce their inventory holdings, pre-arrange more trades, and have smaller average trade size. While non-bank affiliated dealers increase their market-making activity, they are unable to bridge this gap - aggregate liquidity declines. Our results are stronger for banks with a higher capital shortfall, for non-investment grade bonds, and for bonds where the affected banks were the dominant market-maker.
This article presents a structural overview of corporate disclosure in Germany against the background of a rapidly evolving European market. Professor Baums first makes the theoretical case for mandatory disclosure and outlines the standard, regulatory elements of market transparency. He then turns to German law and illustrates both how it attempts to meet the principle, theoretical demands of disclosure and how it should be improved. The article also presents in some detail the actual channels of corporate disclosure used in Germany and the manner in which German law now fits into the overall development of the broader, European Community scheme, as well as the contemplated changes and improvements both at the national and the supranational level.
China’s law to control international non-governmental organisations (INGOs) has sent shockwaves through international non-governmental organisations (NGOs), civil society and expert communities as the epitome of a worldwide trend of closing civic spaces. Since the Overseas NGO Management Law was enacted in January 2017, its implementation has seen mixed effects and diverging patterns of adaptation among Chinese party-state actors at the central and local levels and among domestic NGOs and INGOs. To capture the formal and informal dynamics underlying their mutual interactions in the longer term, this article employs a theory of institutional change inspired by Elinor Ostrom’s distinction between rules-in-form versus rules-in-use and identifies four scenarios for international civil society in China – “no change,” “restraining,” “recalibrating” and “reorienting.” Based on interviews, participant observation and Chinese policy documents and secondary literature, the respective driving forces, plausibility, likelihood and longer-term implications of each scenario are assessed. It is found that INGOs’ activities are increasingly affected by the international ambitions of the Chinese party-state, which enmeshes both domestic NGOs and INGOs as agents in its diplomatic efforts to redefine civil society participation on a global scale.
In ‘Justice and Natural Resources,’ Chris Armstrong offers a rich and sophisticated egalitarian theory of resource justice, according to which the benefits and burdens flowing from natural (and non-natural) resources are ideally distributed with a view to equalize people’s access to wellbeing, unless there are compelling reasons that justify departures from that egalitarian default. Armstrong discusses two such reasons: special claims from ‘improvement’ and ‘attachment.’ In this paper, I critically assess the account he gives of these potential constraints on global equality. I argue that his recognition of them has implications that Armstrong does not anticipate, and which challenge some important theses in his book. First, special claims from improvement will justify larger departures from the egalitarian default than Armstrong believes. Second, a consistent application of Armstrong’s life planfoundation for special claims from attachment implies that nation-states may move closer to justify ‘permanent sovereignty’ over the resources within their territories than what his analysis suggests.
Few African countries provide for an explicit right to a nationality. Laws and practices governing citizenship effectively leave hundreds of thousands of people in Africa without a country. These stateless Africans can neither vote nor stand for office; they cannot enrol their children in school, travel freely, or own property; they cannot work for the government; they are exposed to human rights abuses. Statelessness exacerbates and underlies tensions in many regions of the continent. Citizenship Law in Africa, a comparative study by two programs of the Open Society Foundations, describes the often arbitrary, discriminatory, and contradictory citizenship laws that exist from state to state and recommends ways that African countries can bring their citizenship laws in line with international rights norms. The report covers topics such as citizenship by descent, citizenship by naturalisation, gender discrimination in citizenship law, dual citizenship, and the right to identity documents and passports. It is essential reading for policymakers, attorneys, and activists. This second edition includes updates on developments in Kenya, Libya, Namibia, South Africa, Sudan and Zimbabwe, as well as minor corrections to the tables and other additions throughout.
Few African countries provide for an explicit right to a nationality. Laws and practices governing citizenship effectively leave hundreds of thousands of people in Africa without a country. These stateless Africans can neither vote nor stand for office; they cannot enrol their children in school, travel freely, or own property; they cannot work for the government; they are exposed to human rights abuses. Statelessness exacerbates and underlies tensions in many regions of the continent. Citizenship Law in Africa, a comparative study by two programs of the Open Society Foundations, describes the often arbitrary, discriminatory, and contradictory citizenship laws that exist from state to state and recommends ways that African countries can bring their citizenship laws in line with international rights norms. The report covers topics such as citizenship by descent, citizenship by naturalisation, gender discrimination in citizenship law, dual citizenship, and the right to identity documents and passports. It is essential reading for policymakers, attorneys, and activists. This third edition is a comprehensive revision of the original text, which is also updated to reflect developments at national and continental levels. The original tables presenting comparative analysis of all the continent's nationality laws have been improved, and new tables added on additional aspects of the law. Since the second edition was published in 2010, South Sudan has become independent and adopted its own nationality law, while there have been revisions to the laws in Côte d'Ivoire, Kenya, Libya, Mali, Mauritania, Namibia, Niger, Senegal, Seychelles, South Africa, Sudan, Tunisia and Zimbabwe. The African Commission on Human and Peoples' Rights and the African Committee of Experts on the Rights and Welfare of the Child have developed important new normative guidance.
t is becoming less and less controversial that we ought to aggressively combat climate change. One main reason for doing so is concern for future generations, as it is they who will be the most seriously affected by it. Surprisingly, none of the more prominent deontological theories of intergenerational justice can explain why it is wrong for the present generation to do very little to stop worsening the problem. This paper discusses three such theories, namely indirect reciprocity, common ownership of the earth and human rights. It shows that while indirect reciprocity and common ownership are both too undemanding, the human rights approach misunderstands the nature of our intergenerational relationships, thereby capturing either too much or too little about what is problematic about climate change. The paper finally proposes a way to think about intergenerational justice that avoids the pitfalls of the traditional theories and can explain what is wrong with perpetuating climate change.
The European Central Bank (ECB) recently proclaimed a more active role for itself in the fight against climate change. Did the European Parliament (EP) play a part in this regard, and if so what was it? To answer this question, this paper builds on a multi-method text analysis of original datasets compiling communications between the ECB and the EP across three accountability forums between 2014 and 2021. The paper shows that there has been discursive convergence between central bankers and parliamentarians concerning the role of the ECB in combatting climate change. It argues that this convergence has resulted from a pragmatic (yet precarious) adoption of a common repertoire1 between ‘green’ central bankers and parliamentarians who have favored a more active role for the ECB in the fight against climate change. The adoption of a common repertoire is pragmatic, in that it results from the strategic use of specific discursive elements that are ambitious enough to address their respective opponents and trigger political change, yet vague enough to allow both sets of actors to converge on them momentarily. It is also precarious in the sense that it involves discarding fundamental political tensions, which is hardly tenable in the long term. The paper shows that both organizational and politicization dynamics have been at work in the emergence of this pragmatic yet precarious bedfellowship between ‘green’ central bankers and parliamentarians.