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BITs and Bonds: The International Law and Economics of Sovereign Debt

American Journal of International Law, Forthcoming

NYU Law and Economics Research Paper No. 20-51

71 Pages Posted: 31 Aug 2020

See all articles by Stratos Pahis

Stratos Pahis

Wake Forest University - School of Law

Date Written: July 29, 2020

Abstract

Recent jurisdictional decisions suggest that sovereign debt will be subject to bilateral investment treaties (BITs) for the foreseeable future. This Article demonstrates that applying BITs to sovereign bonds threatens to undermine the core economic function of those treaties by encouraging inefficient State and creditor behavior. It further argues that this dilemma can be resolved through an interpretative approach that leads to the equal treatment of like creditors.

Keywords: International Investment Law, Sovereign Debt, International Arbitration, International Economic Law, Law and Economics

JEL Classification: K33, F30, H63, D72, F65, P45, P48

Suggested Citation

Pahis, Stratos, BITs and Bonds: The International Law and Economics of Sovereign Debt (July 29, 2020). American Journal of International Law, Forthcoming, NYU Law and Economics Research Paper No. 20-51 , Available at SSRN: https://ssrn.com/abstract=3663299 or http://dx.doi.org/10.2139/ssrn.3663299

Stratos Pahis (Contact Author)

Wake Forest University - School of Law ( email )

P.O. Box 7206
Winston-Salem, NC 27109
United States

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