Sovereign Bonds: Internationalization and Partial Privatization

Transnational Law of Public Contracts (Audit and Schill, eds, Bruylant), 2016

16 Pages Posted: 23 Jan 2019

See all articles by Michael Waibel

Michael Waibel

University of Cambridge - Faculty of Law; Lauterpacht Centre for International Law; University of Cambridge - Jesus College

Date Written: December 11, 2016

Abstract

This book chapter looks at the law governing sovereign bonds in the context of the historical shift from an implied domestic governing law for all sovereign debt and in light of the traditional distinction between domestic and external bonds based on the place of issuance. Instead, it proposes that the distinction be drawn according to the governing law. Considering the characterization of sovereign bonds, the chapter suggests that there has been a partial privatization of external sovereign bonds, which are issued largely by developing countries. By
contrast, domestic bonds continue to be issued on the basis of private contracts.

Keywords: sovereign borrowing, lending, default, governing law, boilerplate

JEL Classification: F34, K12

Suggested Citation

Waibel, Michael, Sovereign Bonds: Internationalization and Partial Privatization (December 11, 2016). Transnational Law of Public Contracts (Audit and Schill, eds, Bruylant), 2016. Available at SSRN: https://ssrn.com/abstract=3313933

Michael Waibel (Contact Author)

University of Cambridge - Faculty of Law ( email )

10 West Road
Cambridge, CB3 9DZ
United Kingdom

Lauterpacht Centre for International Law ( email )

5 Cranmer Road
Cambridge, CB3 9BL
United Kingdom

University of Cambridge - Jesus College ( email )

Jesus Lane
Cambridge, CB5 8BL
United Kingdom

Register to save articles to
your library

Register

Paper statistics

Downloads
7
Abstract Views
54
PlumX Metrics
!

Under construction: SSRN citations will be offline until July when we will launch a brand new and improved citations service, check here for more details.

For more information