Jump to ContentJump to Main Navigation
Hope Springs EternalFrench Bondholders and the Repudiation of Russian Sovereign Debt$
Users without a subscription are not able to see the full content.

Kim Oosterlinck

Print publication date: 2016

Print ISBN-13: 9780300190915

Published to Yale Scholarship Online: January 2017

DOI: 10.12987/yale/9780300190915.001.0001

Show Summary Details
Page of

PRINTED FROM YALE SCHOLARSHIP ONLINE (www.yale.universitypressscholarship.com). (c) Copyright Yale University Press, 2017. All Rights Reserved. Under the terms of the licence agreement, an individual user may print out a PDF of a single chapter of a monograph in YSO for personal use (for details see http://www.yale.universitypressscholarship.com/page/privacy-policy).date: 20 November 2017

Sovereign Debt

Sovereign Debt

Default and Repudiation

Chapter:
(p.34) One Sovereign Debt
Source:
Hope Springs Eternal
Author(s):

Kim Oosterlinck

, Anthony Bulger
Publisher:
Yale University Press
DOI:10.12987/yale/9780300190915.003.0002

The first chapter details the nature of sovereign debts. The sovereign nature of the issuer has an enormous impact in terms of risk. At the very least, one may argue that sovereign bonds have a split personality in terms of risk. Indeed, debt issued by a government can be considered as either the safest financial asset or one of the riskiest. This chapter details the incentives governments have to repay their debts. It further shows the difference between default and repudiation. When states default they declare themselves unable to repay their debts. In the case of repudiation the legality of the debts is questioned. The difference is especially relevant in the Russian case as the Soviets decided to repudiate the Tsarist debts to mark a clear break with the previous regime. The chapter ends by detailing how the nature of lenders may affect negotiations and reimbursement.

Keywords:   Sovereign Debts, Default, Repudiation, Trade sanctions, Military intervention, Reputation

Yale Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us.