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Sovereign Debt and Human Rights [Hardback]

Edited by (Professor of Law, Brunel University and Northwestern University), Edited by (University of Fort Hare, Professor of Law)
  • Formāts: Hardback, 640 pages, height x width x depth: 254x178x42 mm, weight: 1266 g
  • Izdošanas datums: 22-Nov-2018
  • Izdevniecība: Oxford University Press
  • ISBN-10: 019881044X
  • ISBN-13: 9780198810445
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Sovereign Debt and Human RightsPalielināt
  • Formāts: Hardback, 640 pages, height x width x depth: 254x178x42 mm, weight: 1266 g
  • Izdošanas datums: 22-Nov-2018
  • Izdevniecība: Oxford University Press
  • ISBN-10: 019881044X
  • ISBN-13: 9780198810445
Citas grāmatas par šo tēmu:
Permanent link: https://www.kriso.lv/db/9780198810445.html
Keywords:
Sovereign debt is necessary for the functioning of many modern states, yet its impact on human rights is underexplored in academic literature. Without understanding how debt accumulates, it is impossible to realise the impact it can have on the individual.

Taking the big three sovereign lenders of the international financial institutions, the sovereigns, and the private lenders, Bantekas and Lumina ask what the human rights dimensions of their policies are. How do debt-influencing mechanisms and vulture funds enter the mix? What happens to human rights when sovereign debt accumulates? What happens to people's rights when structural adjustment programmes are imposed on debtor states, in attempts to service their debts?

For the first time Bantekas and Lumina assemble a team of experts, both lawyers and non-lawyers, to arrive at a variety of conclusions: that the imposition of structural adjustment programmes on debtor states, far from solving the complex problem of sovereign debt, in fact exacerbates the debt, damages the state's economic sovereignty, injures the entrenched rights of peoples, and worsens the borrower's economic situation.

Recenzijas

an insightful and worthy addition to this literature. ... scholars with a genuine interest in sovereign debt will appreciate a collection that provides a robust and impassioned critique of the demonstrable failure of recent responses to sovereign debt. In this respect, the edited collection serves as a vital addition to an ongoing debate of great importance. * Dimitrios Kagiaros, Journal of International Banking Law and Regulation * Bantekas and Lumina, together with an excellent team of global experts, review the link between how the accumulation of sovereign debt violates human rights. ... this OUP title offers modern observations which will be of interest to a very wide readership. * Phillip Taylor MBE, Head of Chambers, and Elizabeth Taylor, Richmond Green Chamber *

Table of Cases
xv
Table of Legislation
xxi
Table of Treaties and International Instruments
xxv
List of Abbreviations
xxix
List of Contributors
xxxv
Sovereign Debt and Human Rights: An Introduction 1(12)
Ilias Bantekas
Cephas Lumina
1 Introduction
1(1)
2 Situating Sovereign Debt Law and Human Rights Law
2(1)
3 The Linkages with Human Rights
3(3)
4 Unsustainable and Illegal Debt through Non-Lending Processes
6(1)
5 A Human Rights-Based Approach to Debt Sustainability
7(2)
6 Human Rights-Based Responses to Sovereign Debt Crises
9(4)
PART I THE HISTORICAL, ECONOMIC, AND POLITICAL CONTEXT OF SOVEREIGN DEBT
1 The Historical Context of Sovereign Debt
13(15)
Kim Oosterlinck
1.1 Introduction
13(2)
1.2 Imperialism and Super-Sanctions
15(7)
1.3 Corruption, Fair Repayment, and Odious Debts
22(4)
1.4 Conclusion
26(2)
2 Sovereign Debt Crises: A Problem of Debt Management?
28(17)
Rosa Maria Lastra
Vassilis Paliouras
2.1 Sovereign Debt: Blessing or Curse?
28(6)
2.2 Debt Crises: Why Do They Happen?
34(5)
2.3 Policy Responses
39(4)
2.4 Conclusion
43(2)
3 Human Rights and Sovereign Debts in the Context of Property and Creditor Rights
45(24)
Arturo C. Porzecanski
3.1 Introduction
45(1)
3.2 Origins of Human, Property, and Creditor Rights
45(6)
3.3 Relationship between Human, Property, and Creditor Rights
51(4)
3.4 The Gap between Aspirational Human Rights and Economic Reality
55(3)
3.5 Interconnections between Sovereign Debt, Human Rights, and Property and Creditor Rights
58(7)
3.6 Conclusion
65(4)
PART II SOVEREIGN DEBT FINANCING: INSTITUTIONS AND MODALITIES
4 Private Loans to Sovereign Borrowers
69(15)
Mauro Megliani
4.1 Introduction
69(1)
4.2 Bank Lending to Sovereigns
70(2)
4.3 The Secondary Market
72(1)
4.4 The Present Role of Syndicated Loans in Sovereign Financing
73(1)
4.5 Bonded Loans
74(2)
4.6 Trustee and Fiscal Agent
76(2)
4.7 The Secondary Markets
78(1)
4.8 Credit Default Swaps
79(1)
4.9 The Protective Covenants of the Loan
80(1)
4.10 Vulturing on Pari Passu
81(2)
4.11 Conclusions
83(1)
5 Export Credits, Sovereign Debt, and Human Rights
84(22)
Sara L. Seek
Daniela Chimisso dos Santos
5.1 Introduction
84(1)
5.2 Overview of ECAs
84(5)
5.3 ECAs and Human Rights
89(7)
5.4 The Common Approaches and the Guidelines for Multinational Enterprises
96(1)
5.5 ECAs and Sovereign Debt
97(7)
5.6 Conclusions
104(2)
6 The Financial and Social Cost of Public-Private Partnerships
106(23)
Maria Jose Romero
Bodo Ellmers
6.1 Introduction
106(1)
6.2 Key Characteristics of PPPs
106(3)
6.3 Current Trends in PPPs
109(2)
6.4 Why Are PPPs So Popular? PPPs as a Way to `Borrow' Fiscal Space
111(3)
6.5 The Financial and Social Costs of PPPs
114(9)
6.6 The Failure of PPPs---Some Examples
123(3)
6.7 Concluding Remarks
126(3)
7 Foreign Investment, Sovereign Debt, and Human Rights
129(17)
Matthias Goldmann
7.1 Introduction
129(1)
7.2 The Impact of Investment Law on Human Rights
130(2)
7.3 Investment Law and Sovereign Debt Litigation
132(5)
7.4 Human Rights in Sovereign Debt Litigation
137(8)
7.5 Conclusion and Recommendations
145(1)
8 The Role of Credit Rating Agencies in Sovereign Debt Markets
146(23)
Aline Darbellay
8.1 Introduction
146(1)
8.2 The Changing Nature of the Market for Gatekeeper Intermediation
147(3)
8.3 Banks Facing Regulatory Incentives to Invest in Sovereign Bonds
150(2)
8.4 Issues Affecting the Function Performed by CRAs in Sovereign Debt Markets
152(6)
8.5 Regulatory Responses to the Rating Inadequacy Problem
158(2)
8.6 Using Alternatives to Sovereign Ratings
160(6)
8.7 Conclusion
166(3)
PART III THE IMPACT OF SOVEREIGN DEBT ON HUMAN RIGHTS
9 Sovereign Debt and Human Rights: Making the Connection
169(17)
Cephas Lumina
9.1 Introduction
169(2)
9.2 Is Sovereign Debt a Human Rights Issue?
171(6)
9.3 The Impact of Sovereign Debt on Human Rights
177(8)
9.4 Conclusion
185(1)
10 Sovereign Debt and the Right to Food
186(24)
Olivier De Schutter
10.1 Introduction
186(1)
10.2 Export-Led Agriculture and the Extractive Economy
187(8)
10.3 The Reinvestment in Agriculture and the Scramble for Resources
195(7)
10.4 Channelling Private Sector Investment towards Meeting Development Needs
202(2)
10.5 Alleviating the Burden of Foreign Debt: International Cooperation in the Service of Human Rights
204(4)
10.6 Conclusion
208(2)
11 Sovereign Debt and the Right to Health
210(23)
Tim Jones
11.1 Introduction
210(1)
11.2 The Crisis of the 1980s and 1990s and the Right to Health
210(3)
11.3 The Current Relationship between Debt and Health
213(6)
11.4 Ebola and Debt
219(4)
11.5 Public-Private Partnerships
223(8)
11.6 Conclusion
231(2)
12 Sovereign Debt and the Right to Education
233(15)
Ilias Bantekas
12.1 Introduction
233(1)
12.2 The Right to Education in General International Human Rights Law
234(2)
12.3 Education in the Context of the Sustainable Development Goals
236(3)
12.4 Financing the Right to Education as SDG 4
239(2)
12.5 The Impact of Debt on the Right to Education
241(3)
12.6 Recommendations for Bridging the Debt Gap in Education
244(3)
12.7 Conclusion
247(1)
13 Sovereign Debt and the Right to Development
248(19)
Gail Hurley
13.1 Introduction
248(1)
13.2 The `Right to Development'
249(4)
13.3 Debt: A Threat to Development?
253(6)
13.4 Debt: A Tool to Fuel Development and Realize the SDGs?
259(5)
13.5 The `Right to Development': How Can It Be Used to Inform National and International Policies on Debt?
264(3)
14 Sovereign Debt and Self-Determination
267(17)
Ilias Bantekas
14.1 Introduction
267(2)
14.2 Self-Determination and the Role of International Finance in Sovereign Debt
269(3)
14.3 The Test for Sovereignty
272(1)
14.4 Conditionalities and Sovereignty
273(6)
14.5 Economic-Related Coercion
279(3)
14.6 Conclusion
282(2)
15 Debt Crises, Economic Adjustment, and Labour Standards
284(19)
Juan Pablo Bohoslavsky
Franz Christian Ebert
15.1 Introduction
284(1)
15.2 Labour Standards Issues in Economic Adjustment Programmes
285(3)
15.3 The Implications of Economic Adjustment Programmes for Workers' Human Rights
288(7)
15.4 Challenging the Conventional Wisdom: The Economic Effects of Labour Standards
295(5)
15.5 Conclusions
300(3)
16 Sovereign Debt and Civil/Political Rights
303(14)
Sarah Joseph
16.1 Introduction
303(1)
16.2 Rights of Political Participation
303(5)
16.3 Civil and Political Rights and Instability Associated with Public Debts
308(5)
16.4 `Positive' Civil and Political Rights
313(1)
16.5 Overlaps between CP and ESC Rights
314(2)
16.6 Conclusion
316(1)
17 Illicit Financial Flows, Sovereign Debt, and Human Rights
317(22)
Cephas Lumina
Mulesa Lumina
17.1 Introduction
317(1)
17.2 What Are Illicit Financial Flows?
318(1)
17.3 Channels of Illicit Financial Flows
319(2)
17.4 Scale of the Problem: Estimates of Illicit Financial Flows
321(2)
17.5 The Impact of Illicit Financial Flows on Human Rights
323(11)
17.6 The Link between Illicit Outflows, Sovereign Debt, and Human Rights
334(1)
17.7 Conclusion
335(4)
PART IV THE IMPACT OF ECONOMIC ADJUSTMENT POLICIES ON HUMAN RIGHTS
18 Towards a More Ethical Lending to Sovereigns
339(20)
Barry Herman
18.1 Introduction
330(11)
18.2 Identifying Ethical Challenges from Saving with Government Bonds
341(7)
18.3 A Case in Point: Puerto Rico's Debt Crisis and Workout Mechanism
348(7)
18.4 How to More Fairly Share Risks in Sovereign Debt and Reduce the Number of Crises
355(2)
18.5 Conclusion: Action Awaited
357(2)
19 Conditionality and Sovereign Debt: An Overview of Human Rights Implications
359(22)
Thomas Stubbs
Alexander Kentikelenis
19.1 Introduction
359(1)
19.2 A Brief History of the IMF and World Bank
359(3)
19.3 The Evolution of Conditionality
362(7)
19.4 The Effects of Conditionality on Human Rights
369(10)
19.5 Ways Forward
379(2)
20 Debt, Austerity, and the Structural Responses of Social Rights
381(21)
Ben TC Warwick
20.1 Introduction
381(1)
20.2 Identifying `Structural Engagement'
382(10)
20.3 The Necessity of Structural Engagement
392(3)
20.4 Austerity
395(1)
20.5 Structural Engagement with Debt
396(4)
20.6 Conclusions
400(2)
21 Guiding Principles to Assess the Human Rights Impact of Economic Reforms? Yes
402(23)
Juan Pablo Bohoslavsky
21.1 Introduction
402(3)
21.2 Evolution in Structural Adjustment Responses to Financial Crises and Mitigation of Adverse Social Impacts
405(1)
21.3 Human Rights Impacts of Austerity
406(2)
21.4 Why Must Economic Reform Programmes Be Inclusive and Advance Human Rights?
408(4)
21.5 Using Human Rights Impact Assessments to Strengthen Policy Responses to Financial Crises
412(1)
21.6 Building on What Exists Already
413(4)
21.7 Designing a HRIA to Assess Potentially Impermissible Retrogressive Measures
417(2)
21.8 Conclusions and Recommendations
419(6)
PART V HUMAN RIGHTS-BASED RESPONSES TO SOVEREIGN DEBT CRISES
22 Odious Debt, Adverse Creditors, and the Democratic Ideal
425(21)
Margot E. Salomon
Robert Howse
22.1 Introduction: Odious Debt and the Primacy of the Democratic Ideal
425(3)
22.2 Democratic Governance in International Human Rights Law
428(5)
22.3 Displacing Democracy under Conditions of Sovereign Debt
433(2)
22.4 The Creditors' `Hostile Act against the People'
435(6)
22.5 The Consequences of Odiousness
441(3)
22.6 The Incompatibility of Democracy and Sovereign Debt: Finding an Alternative Approach to the Challenges of Public Finance and Investment
444(2)
23 A Soft Law Mechanism for Sovereign Debt Restructuring Based on the UN Principles
446(12)
Martin Guzman
Joseph E. Stiglitz
23.1 Introduction
446(3)
23.2 The Usefulness of the UN Principles
449(5)
23.3 The Road Ahead
454(2)
23.4 Appendix: The UN Principles
456(1)
23.5 Notes on the Literature
457(1)
24 A Sovereign Debt Arbitral Mechanism from a Human Rights Perspective
458(19)
Ilias Bantekas
24.1 Introduction
458(3)
24.2 The IMF's SDRM Proposal
461(2)
24.3 A Human Rights-Based Sovereign Debt Arbitral Mechanism
463(11)
24.4 The Prospect of Regional Debt Tribunals
474(1)
24.5 Conclusion
475(2)
25 Citizen Debt Audits
477(21)
Maria Lucia Fattorelli
25.1 Introduction
477(1)
25.2 Reasons for a Debt Audit
478(1)
25.3 Public Debt and the Debt System
479(2)
25.4 Debt Audit Experiences
481(16)
25.5 Conclusion
497(1)
26 Curbing `Vulture Fund' Litigation
498(16)
Cephas Lumina
26.1 Introduction
498(1)
26.2 What Are Vulture Funds?
498(2)
26.3 Vulture Fund Litigation: Some Case Studies
500(4)
26.4 The Impact of Vulture Fund Activities on Human Rights
504(3)
26.5 `Starving the Vultures': Official Initiatives to Tackle Vulture Funds
507(4)
26.6 Rethinking Sovereign Immunity in the Context of Vulture Fund Litigation
511(2)
26.7 Conclusion
513(1)
27 Sustainable Financing through Domestic Resource Mobilization (DRM): The Role of International Law
514(22)
Francesco Seatzu
27.1 Introduction
514(2)
27.2 The Debate on the DRM as a Source of Financing for Sustainable Development and Economic Growth in Africa
516(5)
27.3 Intersection between Sovereign Debt and DRM
521(1)
27.4 Current Role of International Law in Enhancing DRM
522(7)
27.5 The Future Role of International Law on the Regulation of DRM
529(5)
27.6 Final Remarks
534(2)
28 The Right to Unilateral Repudiation of Odious, Illegal, and Illegitimate Sovereign Debt as a Human Rights Defence
536(19)
Ilias Bantekas
28.1 Introduction
536(3)
28.2 The Right to Unilateral Sovereign Insolvency
539(13)
28.3 Renegotiation of Bilateral Investment Treaties and Concessions
552(1)
28.4 Denunciation as a Lawful Countermeasure
553(1)
28.5 Conclusion
554(1)
Index 555
Ilias Bantekas FCIArb is Professor of International Law and Arbitration at Brunel and Northwestern (HBKU Qatar) universities and a senior fellow at the Institute of Advanced Legal Studies of the University of London. He has consulted governments, international organisations, private clients and NGOs in most areas of international law and regularly acts as arbitrator. Key works include: International Human Rights Law and Practice (2nd ed, CUP 2016 with L Oette); International Law (3rd ed, OUP 2017, with E Papastavridis); and Introduction to International Arbitration (CUP 2015).

Cephas Lumina is full Research Professor of Law at the University of Fort Hare, an Extra-Ordinary Professor of Human Rights Law at the Centre for Human Rights, University of Pretoria, an Advocate of the High Court of Zambia and the former United Nations Independent Expert on the effects of foreign debt and other related international financial obligations of States on the full enjoyment of all human rights, particularly economic, social and cultural rights (2008-2014). His work, particularly the UN Guiding Principles on Foreign Debt and Human Rights, is considered as having changed the political and legal landscape in the area of sovereign debt and human rights. He has consulted for various regional and international organisations, governments and non-governmental organisations on human rights and related issues. He is currently a Member of the United Nations Committee on the Rights of the Child (2017-2021).