Description
Book Synopsis: Why do we think that sovereign debt must be repaid--even after a major regime change--in order to maintain country creditworthiness? In a fascinating and highly original book, Odette Lienau argues that this conventional wisdom is overly simplistic and in some respects entirely wrong. Using cases and institutional analysis drawn from across the last century--from the Soviet repudiation of tsarist loans to Iraq's debt restructuring after the fall of Saddam Hussein--Lienau challenges what she calls the norm of debt continuity, and contends that its underlying assumptions of political neutrality, creditor uniformity, and historical constancy all fall away upon closer inspection. Through a sophisticated account of the modern sovereign debt regime, the book asserts that debt continuity is not essential for functioning international capital markets, and demonstrates how it relies on ideas of absolutist government that have come under fire over the last century. Lienau incorporates a wealth of original research to argue that creditor uniformity cannot simply be assumed, and that in fact different creditors may view--and historically have viewed--the same debt repudiation in opposing ways. She argues that the consolidation of repayment norms through the twentieth century and into the twenty-first resulted not from economic inevitabilities but rather from changing political and ideological structures, shifts in creditor interactions, and decisions made by private market actors and major institutions such as the World Bank. Taken as a whole, the result is a remarkable reconstruction of international finance and a powerful challenge to prevailing expectations in sovereign debt.
Details
Are you ready to challenge conventional wisdom and rethink the way we view sovereign debt? Look no further than "Rethinking Sovereign Debt: Politics, Reputation, and Legitimacy in Modern Finance." Authored by Odette Lienau, this fascinating and highly original book dares to question the prevailing belief that sovereign debt must always be repaid to maintain a country's creditworthiness.
By examining historical cases and employing institutional analysis from the past century, Lienau dismantles the notion of debt continuity. She argues that the assumptions of political neutrality, creditor uniformity, and historical constancy are flawed and do not hold up under scrutiny. Challenge your understanding of the modern sovereign debt regime and discover how debt continuity is not a prerequisite for functioning international capital markets.
Lienau's research delves into the notion of creditor uniformity, highlighting that different creditors often have opposing perspectives on debt repudiation. She emphasizes that the consolidation of repayment norms throughout the twentieth and twenty-first centuries did not arise from economic inevitabilities but rather from changing political and ideological structures. This powerful account reveals that private market actors and influential institutions like the World Bank played significant roles in shaping the landscape of sovereign debt.
By challenging prevailing expectations, "Rethinking Sovereign Debt" offers a remarkable reconstruction of international finance. Don't miss out on this eye-opening opportunity to gain a deeper understanding of the complex world of sovereign debt. Take control of your financial knowledge and explore the possibilities today!
Ready to challenge conventional wisdom and dive into the world of sovereign debt? Get your copy of "Rethinking Sovereign Debt" now and embark on a journey that will transform your understanding of international finance.
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