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 Vienna - Faculty of Law

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 Vienna - Faculty of Law ( email )

Schottenbastei 10-16
Vienna, A-1010
Austria

Here is the Coronavirus
related research on SSRN

Paper statistics

Downloads
17
Abstract Views
247
PlumX Metrics