LEADER 03637nam 2200613 450 001 9910464713903321 005 20211008020720.0 010 $a0-674-72764-9 010 $a0-674-72640-5 024 7 $a10.4159/harvard.9780674726406 035 $a(CKB)3710000000092384 035 $a(EBL)3301408 035 $a(SSID)ssj0001134633 035 $a(PQKBManifestationID)11976224 035 $a(PQKBTitleCode)TC0001134633 035 $a(PQKBWorkID)11184565 035 $a(PQKB)11587354 035 $a(MiAaPQ)EBC3301408 035 $a(DE-B1597)213452 035 $a(OCoLC)871257658 035 $a(OCoLC)878097416 035 $a(DE-B1597)9780674726406 035 $a(Au-PeEL)EBL3301408 035 $a(CaPaEBR)ebr10844270 035 $a(EXLCZ)993710000000092384 100 $a20140320h20142014 uy 0 101 0 $aeng 135 $aurcnu|||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aRethinking sovereign debt $epolitics, reputation, and legitimacy in modern finance /$fOdette Lienau 210 1$aCambridge, Massachusetts ;$aLondon, England :$cHarvard University Press,$d2014. 210 4$dİ2014 215 $a1 online resource (344 p.) 300 $aDescription based upon print version of record. 311 0 $a0-674-72506-9 320 $aIncludes bibliographical references and index. 327 $tFront matter --$tContents --$t1 Open Questions in Sovereign Debt --$t2 Theoretical Underpinnings of Modern Finance --$t3 Costly Talk? Reinterpreting the Soviet Repudiation --$t4 Costa Rica, Public Benefit, and the Rule of Law --$t5 Public and Private Capital in Mid-Century Repayment Norms --$t6 Continuity and Consolidation in the Return of Private Finance --$t7 Legitimacy and Debt at the Turn of the Century --$t8 Politics and Prospects --$tNotes --$tAcknowledgments --$tIndex 330 $aConventional wisdom holds that all nations must repay debt. Regardless of the legitimacy of the regime that signs the contract, a country that fails to honor its obligations damages its reputation. Yet should today's South Africa be responsible for apartheid-era debt? Is it reasonable to tether postwar Iraq with Saddam Hussein's excesses? Rethinking Sovereign Debt is a probing analysis of how sovereign debt continuity--the rule that nations should repay loans even after a major regime change, or else expect consequences--became dominant. Odette Lienau contends that the practice is not essential for functioning capital markets, and demonstrates its reliance on absolutist ideas that have come under fire over the last century. Lienau traces debt continuity from World War I to the present, emphasizing the role of government officials, the World Bank, and private markets in shaping our existing framework. Challenging previous accounts, she argues that Soviet Russia's repudiation of Tsarist debt and Great Britain's 1923 arbitration with Costa Rica hint at the feasibility of selective debt cancellation. Rethinking Sovereign Debt calls on scholars and policymakers to recognize political choice and historical precedent in sovereign debt and reputation, in order to move beyond an impasse when a government is overthrown. 606 $aDebts, Public$vCase studies 606 $aDebt cancellation$vCase studies 608 $aElectronic books. 615 0$aDebts, Public 615 0$aDebt cancellation 676 $a336.3/4 700 $aLienau$b Odette$f1978-$01031557 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910464713903321 996 $aRethinking sovereign debt$92448956 997 $aUNINA