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The International Law of Sovereign Debt Dispute Settlement
Hardback
Main Details
Title |
The International Law of Sovereign Debt Dispute Settlement
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Authors and Contributors |
By (author) Kei Nakajima
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Series | Cambridge Studies in International and Comparative Law |
Physical Properties |
Format:Hardback | Pages:304 | Dimensions(mm): Height 235,Width 159 |
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Category/Genre | Political/legal thriller Economics |
ISBN/Barcode |
9781009250023
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Classifications | Dewey:343.037 |
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Audience | |
Illustrations |
Worked examples or Exercises; Worked examples or Exercises
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Publishing Details |
Publisher |
Cambridge University Press
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Imprint |
Cambridge University Press
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Publication Date |
22 September 2022 |
Publication Country |
United Kingdom
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Description
The first two decades of the twenty-first century witnessed a series of large-scale sovereign defaults and debt restructurings, in which sovereigns struggled to negotiate with recalcitrant bondholders, particularly hedge funds. Also, the outbreak of the COVID-19 pandemic in 2020 heralded a bleak financial outlook for many developing and emerging market countries, requiring sovereign debt restructuring in times of great macroeconomic uncertainty. Given the absence of a multilateral mechanism for sovereign debt restructuring equivalent to domestic corporate bankruptcy system, however, defaulted sovereigns often suffer from holdout litigation wrought by bondholders. This book proposes ways in which such legal actions could be regulated without the undue expense of bondholders' remedies by exploring the mechanism of balancing bondholder protection and respect for sovereign debt restructuring at various stages of litigation and arbitration proceedings.
Author Biography
Kei Nakajima is Associate Professor of International Law at the University of Tokyo. Previously he worked at the International Court of Justice in The Hague as an Associate Legal Officer for several judges. Kei completed his two doctoral studies in Tokyo and Geneva.
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