Ethics & International Affairs Volume 21.1 (Spring 2007): Articles: Introduction: The Players and the Game of Sovereign Debt [Abstract]

Mar 23, 2007

This essay characterizes the main actors and how they operate during a buildup of government foreign debt and after a default on payments. These actors are the borrowing governments, domestic and foreign commercial banks, purchasers of government bonds, other governments lending to the debtor, and multilateral institutions (the International Monetary Fund and development banks). As there is no international sovereign analog to national court-supervised bankruptcy in the case of countries, the workout from crises, mainly hitting poorer economies, occurs without legislated rules or an enforcement mechanism, although the IMF (sometimes with the World Bank) serves as an informal umpire for the global financial community

To read or purchase the full text of this article, click here.

You may also like

AUG 27, 2021 Journal

Ethics & International Affairs Volume 35.2 (Summer 2021)

The highlight of this issue is a roundtable organized by Adrian Gallagher on the responsibility to protect in a changing world order. The roundtable contains ...

MAY 11, 2021 Journal

Ethics & International Affairs Volume 35.1 (Spring 2021)

The highlight of this issue is a roundtable organized by Madison Powers on ethics and the future of the global food system. The roundtable contains ...

DEC 9, 2019 Journal

Ethics & International Affairs Volume 33.4 (Winter 2019)

The centerpiece of the Winter 2019 issue of "Ethics & International Affairs" is a symposium entitled "Just War and Unjust Soldiers," with a lead article by Scott ...