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Home > Resources > Ethics & International Affairs Journal > Ethics & International Affairs, Volume 21.1 (Spring 2007) > Articles |
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Introduction: The Players and the Game of Sovereign Debt [Abstract]
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March 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.
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The Carnegie Council's flagship publication, Ethics & International Affairs is an interdisciplinary resource for scholars, students, and policy analysts concerned with the moral dimensions of global issues. The journal covers global justice, civil society, democratization, international law, intervention, sanctions, and related topics.
SUBSCRIPTIONS
To subscribe to Ethics & International Affairs, or to purchase individual issues and articles, go to Wiley-Blackwell.
RESPONSES
The Editors welcome responses to Features and Essays published in Ethics & International
Affairs. To be considered for publication, responses should be no longer than one
thousand words, including endnotes (which
should be kept to a minimum). Responses
are not peer-reviewed, and are published at
the Editors' discretion. All responses are
subject to editing for length and style. In the
event of any questions or substantive editing,
the response will be returned to the author
for final approval prior to publication.
Responses are published online, alongside
the article they address.
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