The International Law of Sovereign Debt Dispute Settlement

Kei Nakajima

doi:10.1017/9781009250054

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The International Law of Sovereign Debt Dispute Settlement

The International Law of Sovereign Debt Dispute Settlement

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Kei Nakajima, University of Tokyo

Publisher:: Cambridge University Press
Online publication date:: September 2022
Print publication year:: 2022
Online ISBN:: 9781009250054
DOI:: https://doi.org/10.1017/9781009250054

Subjects:: Economics, Public International Law, Law, Economic Theory, International Relations and International Organisations
Series:: Cambridge Studies in International and Comparative Law

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The first two decades of the twenty-first century witnessed a series of large-scale sovereign defaults and debt restructurings, in which sovereigns struggled to negotiate with recalcitrant bondholders, particularly hedge funds. Also, the outbreak of the COVID-19 pandemic in 2020 heralded a bleak financial outlook for many developing and emerging market countries, requiring sovereign debt restructuring in times of great macroeconomic uncertainty. Given the absence of a multilateral mechanism for sovereign debt restructuring equivalent to domestic corporate bankruptcy system, however, defaulted sovereigns often suffer from holdout litigation wrought by bondholders. This book proposes ways in which such legal actions could be regulated without the undue expense of bondholders' remedies by exploring the mechanism of balancing bondholder protection and respect for sovereign debt restructuring at various stages of litigation and arbitration proceedings.

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The International Law of Sovereign Debt Dispute Settlement

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Contents

The International Law of Sovereign Debt Dispute Settlement
pp i-i

Cambridge Studies in International and Comparative Law: 171 - Series page
pp ii-ii

The International Law of Sovereign Debt Dispute Settlement - Title page
pp iii-iii

Copyright page
pp iv-iv

Dedication
pp v-vi

Contents
pp vii-x

Acknowledgements
pp xi-xii

Table of Cases
pp xiii-xxv

Table of Statutes, Bills and Treaties
pp xxvi-xxviii

Abbreviations
pp xxix-xxx

Introduction
pp 1-58

1 - Setting the Scene
pp 3-20

2 - The Emerging Framework for Sovereign Debt Discourse
pp 21-58

Part I - Regulation through Contract and Litigation
pp 59-166

3 - Sovereign Immunities and Other Statutory Mechanisms Regulating Holdout Litigation
pp 61-99

4 - Collective Action Clauses
pp 100-138

5 - The Pari Passu Clause
pp 139-166

Part II - Regulation through Treaty and Arbitration
pp 167-288

6 - Jurisdiction of Arbitral Tribunals over Sovereign Debt Disputes
pp 169-201

7 - Admissibility of Sovereign Bond Claims
pp 202-238

8 - Checks and Balances at the Stage of Merits
pp 239-283

Conclusion
pp 284-288

Bibliography
pp 289-335

Index
pp 336-339

Cambridge Studies in International and Comparative Law - Series page
pp 340-349

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