Paper Sovereigns

Paper Sovereigns

Author: Jeffrey Glover

Publisher: University of Pennsylvania Press

Published: 2014-05-14

Total Pages: 328

ISBN-13: 0812245962

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In many accounts of Native American history, treaties are synonymous with tragedy. From the beginnings of settlement, Europeans made and broke treaties, often exploiting Native American lack of alphabetic literacy to manipulate political negotiation. But while colonial dealings had devastating results for Native people, treaty making and breaking involved struggles more complex than any simple contest between invaders and victims. The early colonists were often compelled to negotiate on Indian terms, and treaties took a bewildering array of shapes ranging from rituals to gestures to pictographs. At the same time, Jeffrey Glover demonstrates, treaties were international events, scrutinized by faraway European audiences and framed against a background of English, Spanish, French, and Dutch imperial rivalries. To establish the meaning of their agreements, colonists and Natives adapted and invented many new kinds of political representation, combining rituals from tribal, national, and religious traditions. Drawing on an archive that includes written documents, printed books, orations, landscape markings, wampum beads, tally sticks, and other technologies of political accounting, Glover examines the powerful influence of treaty making along the vibrant and multicultural Atlantic coast of the seventeenth century.


A Debt Restructuring Mechanism for Sovereigns

A Debt Restructuring Mechanism for Sovereigns

Author: Christoph G Paulus

Publisher: Bloomsbury Publishing

Published: 2014-12-01

Total Pages: 288

ISBN-13: 1849468214

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The Eurozone crisis which started in spring 2010 as a Greek budget crisis has alerted Europeans that the issue of defaulting sovereigns is not one reserved just for the poor and poorest countries on this globe. The crisis painfully amplified that developed countries, too, might be hit by this phenomenon. To be sure, this insight is far from novel - the history of defaulting states reaches back into history for at least two millennia. And yet, lawyers have surprisingly abstained more or less completely from discussing this subject and developing possible solutions. Beginning with the Argentina crisis in 2001, this neglect began to vanish to a certain degree and this movement got some momentum in 2010 by the Eurozone crisis. The present book collects contributions from authors most of whom have participated in a conference on this issue in January 2012 at the Humboldt-Universität zu Berlin. The presentations, thus, provide a unique overview of the present discussion both from an economic and legal perspective.


Sovereigns and Financial Intermediaries Spillovers

Sovereigns and Financial Intermediaries Spillovers

Author: Mr.Hamid R Tabarraei

Publisher: International Monetary Fund

Published: 2019-02-27

Total Pages: 33

ISBN-13: 1498301754

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We examine the spillover effects between sovereigns and banks in a model with a heterogeneous banking system. An increase in sovereign’s default risk affects financial intermediaries through two channels in this model. First, banks’ funding costs might increase, inducing higher interest rates on loans and bonds and a cut back in these assets. Second, financial regulator’s risk-weighted asset framework would assign higher weights to lower quality assets, implying a portfolio rebalancing and more deleveraging. While capital adequacy requirements weaken the impact of shocks emerging from the real economy, they amplify the effect of shocks on banks’ balance sheets.


Taking Stock of Risk Management Techniques for Sovereigns

Taking Stock of Risk Management Techniques for Sovereigns

Author: Stijn Claessens

Publisher: World Bank Publications

Published: 2005

Total Pages: 35

ISBN-13: 0504251341

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This paper reviews the current state of affairs and thinking on external risk management for developing countries. It tries to identify the reasons behind the limited risk management by sovereigns. Perverse incentives arising from a too generous international safety net, limited access to international financial markets by developing countries arising from low creditworthiness, a limited supply of financial risk management tools suited to developing countries, and a poor supply of skills have inhibited risk management. Another constraint has been the limited attention given to the strategic objectives for risk management. Going forward, the paper identifies actions by international financial markets, countries and international financial institutions that can help improve risk management.


Sovereign Debt

Sovereign Debt

Author: S. Ali Abbas

Publisher: Oxford University Press, USA

Published: 2019

Total Pages: 455

ISBN-13: 0198850824

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This book is an attempt to build some structure around the issues of sovereign debt to help guide economists, practitioners, and policymakers through this complicated, but not intractable, subject.


Sovereign Spreads

Sovereign Spreads

Author: Miguel A. Segoviano Basurto

Publisher: International Monetary Fund

Published: 2010-05-01

Total Pages: 31

ISBN-13: 1455200794

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Over the past year, euro area sovereign spreads have exhibited an unprecedented degree of volatility. This paper explores how much of these large movements reflected shifts in (i) global risk aversion (ii) country-specific risks, directly from worsening fundamentals, or indirectly from spillovers originating in other sovereigns. The analysis shows that earlier in the crisis, the surge in global risk aversion was a significant factor influencing sovereign spreads, while recently country-specific factors have started playing a more important role. The perceived source of contagion itself has changed: previously, it could be found among those sovereigns hit hard by the financial crisis, such as Austria, the Netherlands, and Ireland, whereas lately the countries putting pressure on euro area government bonds have been primarily Greece, Portugal, and Spain, as the emphasis has shifted towards short-term refinancing risk and long-term fiscal sustainability. The paper concludes that debt sustainability and appropriate management of sovereign balance sheets are necessary conditions for preventing sovereign risk from feeding back into broader financial stability concerns.


Sovereign Debt

Sovereign Debt

Author: Rob Quail

Publisher: John Wiley & Sons

Published: 2011-02-25

Total Pages: 435

ISBN-13: 1118017552

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An intelligent analysis of the dangers, opportunities, and consequences of global sovereign debt Sovereign debt is growing internationally at a terrifying rate, as nations seek to prop up their collapsing economies. One only needs to look at the sovereign risk pressures faced by Greece, Spain, and Ireland to get an idea of how big this problem has become. Understanding this dilemma is now more important than ever, that's why Robert Kolb has compiled Sovereign Debt. With this book as your guide, you'll gain a better perspective on the essential issues surrounding sovereign debt and default through discussions of national defaults, systemic risk, associated costs, and much more. Historical studies are also included to provide a realistic framework of reference. Contains up-to-date research and analysis on sovereign debt from today's leading practitioners and academics Details the dangers of defaults and their associated systemic risks Explores the past, present, and future of sovereign debt The repercussions of a national default are all-encompassing as global markets are intricately interwoven in the modern world. Sovereign Debt examines what it will take to overcome the challenges of this market and how you can deal with the uncertainty surrounding it.