Hard, Soft, and Embedded: Implementing Principles on Promoting Responsible Sovereign Lending and Borrowing

Oxford University Press, Forthcoming

American University, WCL Research Paper No. 2012-44

39 Pages Posted: 17 Apr 2012 Last revised: 3 Oct 2016

See all articles by Anna Gelpern

Anna Gelpern

Georgetown University Law Center

Date Written: November 20, 2012

Abstract

This paper, prepared for UNCTAD’s initiative on responsible sovereign lending and borrowing, considers concrete strategies for implementing the Principles. It draws on studies in soft law and new governance, and on the recent experience in promoting best practices in international finance, including project finance, extraction revenue management, foreign aid, sovereign investment, and sovereign borrowing in the capital markets. It recommends maintaining the current non-binding character of the Principles, while embedding implementation in multi-stakeholder arrangements for ongoing disclosure, assessment, interpretation, and adaptation. This strategy has the best chance of changing behavior in sovereign lending and borrowing by creating constituencies for implementation and sustained compliance.

Keywords: sovereign debt, soft law, new governance, international finance, international financial regulation

JEL Classification: F34, H63, K23, K33

Suggested Citation

Gelpern, Anna, Hard, Soft, and Embedded: Implementing Principles on Promoting Responsible Sovereign Lending and Borrowing (November 20, 2012). American University, WCL Research Paper No. 2012-44. Available at SSRN: https://ssrn.com/abstract=2041027 or http://dx.doi.org/10.2139/ssrn.2041027

Anna Gelpern (Contact Author)

Georgetown University Law Center ( email )

600 New Jersey Avenue, NW
Washington, DC 20001
United States

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