Chapter

International Borrowing

RUMU SARKAR

in International Development Law

Published in print October 2009 | ISBN: 9780195398281
Published online February 2010 | e-ISBN: 9780199866366 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780195398281.003.005
International Borrowing

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This chapter explains the international financial architecture supporting the financing of international development. It examines the international borrowing practices of sovereign states, and analyzes two case studies of the Mexican and Asian financial crises. These sovereign debt crises are examined from the standpoint of strategic and tactical approaches to resolving them, and preventing financial contagion in the future. The current global financial contagion, originating in the United States, and its impact on developing countries, is reviewed from a “lessons learned” perspective. Tactical approaches to resolving sovereign debt crises such as debt-for-debt exchanges, debt-equity swaps, debt securitization, credit facilities, and special financing techniques are critically reviewed. Finally, debt relief as a development strategy is critically examined. Explanatory text boxes and other graphics are provided to assist the reader absorb a complex area of law.

Keywords: international financial architecture; sovereign debt crises; debt-equity swaps; debt-for-debt exchanges; global financial contagion; debt relief; debt securitization

Chapter.  34366 words. 

Subjects: Human Rights and Immigration

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