Sovereign Debt and Exclusions from Insolvency Proceedings

J. L. Westbrook
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引用次数: 1

Abstract

Underlying this short paper are two propositions. The first is that three forms of exclusion from bankruptcy laws or bankruptcy-like procedures represent a serious threat to the global financial system that has developed since the Second World War. The exclusions are sovereign default, SIFI default, and default on derivative contracts. The second proposition is that the danger to the financial system represented by these exclusions is greatly increased by the fact that the three excluded phenomena are strongly interactive and reinforcing. These two propositions were the subject of a symposium held at The University of Texas School of Law in February of 2013.The excellent conference organized by Professor Christopher Paulus addresses sovereign default directly and implicates the SIFI and derivative defaults indirectly. In this paper I will write in a preliminary way about sovereign debt, including the United States experience with debt at the level of individual states of the United States; and about the derivative exemption from bankruptcy as it relates to sovereign debt.
主权债务和排除在破产程序之外
这篇短文背后有两个命题。首先,三种形式的被排除在破产法或类似破产程序之外,对二战以来发展起来的全球金融体系构成了严重威胁。不包括主权违约、SIFI违约和衍生品合约违约。第二个主张是,由于这三种被排除在外的现象具有很强的互动性和强化性,因此这些排除在外的现象对金融体系的危险大大增加。这两个命题是2013年2月在德克萨斯大学法学院举行的一次研讨会的主题。Christopher Paulus教授组织的优秀会议直接讨论了主权违约问题,并间接涉及SIFI和衍生品违约。在本文中,我将以一种初步的方式撰写主权债务,包括美国在美国各州层面上的债务经验;以及与主权债务相关的衍生品免于破产。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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