Good Faith in Sovereign Debt Restructuring: Mapping a Shift from Enforcement to Voluntary Compliance
-
Dania Thomas
und
Javier García-Fronti
Abstract
Our examination of changes in the period leading up to the Argentine debt exchange and after, reveals that with Collective Action Clauses (CACs), the sovereign debt market is increasingly reliant on good faith as a standard of fair dealing to ensure fair and orderly debt restructurings in the future. Unlike the entrenched, enforceable, doctrinal good faith in domestic jurisdictions such as the U.S., the norm relied on in the sovereign debt market is a contextual open norm similar to the notion of Treu und Glauben, section 242 BGB of the German civil code. It is not a legal rule with specific requirements that need to be fulfilled. This paper reveals that reliance on a contextual, open norm is evidence of a shift in the framework that regulates sovereign debt restructurings: a shift from enforcement to voluntary compliance. Further, we argue that in the absence of a multilateral, regulatory, framework that embeds good faith as a specific standard of fair dealing, this reliance will exacerbate not solve the problem of sovereign debt restructurings.
© 2007 by Lucius & Lucius, Stuttgart
Artikel in diesem Heft
- Titelei
- Inhalt
- Zeitschrift für Rechtssoziologie – The German Journal of Law and Society
- Introduction
- Across the Channel and Beyond: British-German Socio-Legal Encounters
- I. Doing Socio-Legal Research: International Perspectives
- Understanding Law in Many Worlds: Socio- and Empirical Legal Research in the UK and Germany
- Conducting Law Reform Research: A Comparative Perspective
- The Policy-Demand for Social Research in Civil Justice: The UK Perspective
- II. Regulating through Law Globally
- The ‘Rule of Law’ and International Political Economy: Starting a conversation
- Social Regulation in the Air Transport Industry – An Examination of Regulation 1107/2006 concerning the Rights of Disabled Persons and Persons with Reduced Mobility when travelling by Air
- Business and Self-regulation: Results from a Comparative Study on the Prevention of Economic Crime
- The Body Politic: Ethical Concerns, Regulatory Dilemmas and Human Embryonic Stem Cell Research in the European Union
- III. Where The Law lives: Communities, Courts and the International
- Why English Crown Courts and German District Courts are more than just dissimilar
- (Post)Colonial Culture and the South African Legal System: Understanding the Relationship between Living Customary Law and State Law
- Good Faith in Sovereign Debt Restructuring: Mapping a Shift from Enforcement to Voluntary Compliance
- Risk, Human Rights and the Management of a Serious Sex Offender
- Rezensionen
- Ankündigungen
- Call for Papers: „Menschenrechte in der Weltgesellschaft – Zur Entstehung, Verbreitung und Umsetzung von Menschenrechten aus globaler Perspektive“
- Call for Sessions and Papers: „Wie wirkt Recht? Interdisziplinäre Rechtsforschung zwischen Rechtswirklichkeit, Rechtsanalyse und Rechtsgestaltung“
- Autorinnen und Autoren der Rezensionen
- Korrektur Autorenadresse von Heft 1, 2007
- Hinweise für Autorinnen und Autoren
Artikel in diesem Heft
- Titelei
- Inhalt
- Zeitschrift für Rechtssoziologie – The German Journal of Law and Society
- Introduction
- Across the Channel and Beyond: British-German Socio-Legal Encounters
- I. Doing Socio-Legal Research: International Perspectives
- Understanding Law in Many Worlds: Socio- and Empirical Legal Research in the UK and Germany
- Conducting Law Reform Research: A Comparative Perspective
- The Policy-Demand for Social Research in Civil Justice: The UK Perspective
- II. Regulating through Law Globally
- The ‘Rule of Law’ and International Political Economy: Starting a conversation
- Social Regulation in the Air Transport Industry – An Examination of Regulation 1107/2006 concerning the Rights of Disabled Persons and Persons with Reduced Mobility when travelling by Air
- Business and Self-regulation: Results from a Comparative Study on the Prevention of Economic Crime
- The Body Politic: Ethical Concerns, Regulatory Dilemmas and Human Embryonic Stem Cell Research in the European Union
- III. Where The Law lives: Communities, Courts and the International
- Why English Crown Courts and German District Courts are more than just dissimilar
- (Post)Colonial Culture and the South African Legal System: Understanding the Relationship between Living Customary Law and State Law
- Good Faith in Sovereign Debt Restructuring: Mapping a Shift from Enforcement to Voluntary Compliance
- Risk, Human Rights and the Management of a Serious Sex Offender
- Rezensionen
- Ankündigungen
- Call for Papers: „Menschenrechte in der Weltgesellschaft – Zur Entstehung, Verbreitung und Umsetzung von Menschenrechten aus globaler Perspektive“
- Call for Sessions and Papers: „Wie wirkt Recht? Interdisziplinäre Rechtsforschung zwischen Rechtswirklichkeit, Rechtsanalyse und Rechtsgestaltung“
- Autorinnen und Autoren der Rezensionen
- Korrektur Autorenadresse von Heft 1, 2007
- Hinweise für Autorinnen und Autoren
