In response to continuing global financial turmoil, the UN Conference for Trade and Development has produced a set of principles to govern future sovereign financing. This book expands on these principles from a legal and economic perspective to analyse how sovereign financing can be regulated to prevent similar debt crises from occurring again.

• Part 1 - Setting the Global Scene


• 1: Carlos Espósito, Yuefen Li, and Juan Pablo Bohoslavsky: Introduction


• 2: Yuefen Li and Ugo Panizza: Why the Need for Promoting Principles on Responsible Sovereign Lending and Borrowing?


• 3: Armin von Bogdandy and Matthias Goldmann: Sovereign Debt Restructurings as Exercises of Public Authority: Towards a Decentralized Sovereign Insolvency Law


• Part 2 - Legal Status of the Principles


• 4: Carlos Espósito and Juan Pablo Bohoslavsky: Legal Status of UNCTAD's Principles on Responsible Sovereign Lending and Borrowing


• 5: Michael Waibel: Out of Thin Air? Tracing the Origins of the UNCTAD Principles in State Practice


• Part 3 - Comparative Studies: General Principles


• 6: Matthias Goldmann: Legal Stipulations of Sovereign Lending and Borrowing in Domestic Jurisdictions


• 7: Anastasios Gourgourini, Antonis Bredimas, and Georges Pavlidis: The Legal Contours of Sovereign Debt Restructuring under the UNCTAD Draft Principles


• Part 4 - Debt Management


• 8: Kunibert Raffer: Improving Debt Management on the Basis of UNCTAD's Principles


• 9: Juan Bautista Justo: UNCTAD's Principles and the United Nations Convention against Corruption. Links and joint strategies


• 10: José Oyola and Marie Sudreau: Fiduciary Relations: Legal Framework and Implications for Responsible Sovereign Debt Management


• 11: Ignacio Tirado: Current EU Mechanisms to Tackle Sovereign Insolvency: An Analysis Against the Benchmark of the UNCTAD Principles


• Part 5 - China as a Case Study


• 12: Meibo Huang: China's Governmental Preferential Loans and the Performance of its Lending Responsibility - Take China Export-Import Bank as an Example


• 13: Xiuli Han: Debt Crisis Prevention for China as the Biggest Sovereign Creditor and the Principles


• Part 6 - Two Key Issues


• 14: Lee Buccheit: Restructuring a Sovereign's Contingent Liabilities


• Part 7 - Outlook and Implementation


• 15: Mark C. Weidemaier: Producing Change in Sovereign Lending Practices


• 16: Anna Gelpern: Implementation of the Principles on Responsible Sovereign Financing


• Part 8 - Conclusions


• 17: Robert Howse: Concluding Remarks in the Light of International Law

Carlos Espósito holds a Chair in Public International Law at the University Autónoma of Madrid and is current Vice President of the European Society of International Law. His interests extend to all aspects of international law. He has published widely, including books on the ICJ advisory jurisdiction, the WTO, the role of courts in transitional justice, and jurisdictional immunities of States and human rights.
Yuefen Li has been working in UNCTAD since 1990 and is currently its Head of Debt and Development Finance Branch. She is also a guest professor at Tsinghua University, and two other universities in China. Previously she has taught economics and economics related courses at the University of International Business & Economics in China. She has academic degrees from universities in China, the United Kingdom and the United States. She has published books, papers, and articles in professional journals and newspapers, and contributed extensively to UNCTAD publications and documents.
Juan Pablo Bohoslavsky is currently a Sovereign Debt Expert in UNCTAD working for the initiative on "Responsible Sovereign Lending and Borrowing." He worked for UN ECLAC and the Argentinean government on legal issues related to sovereign debt and foreign investments. He has a bachelor in law, an LL.M. in corporate law, and a Ph.D. in Law. He was Hauser fellow at New York University and postdoctoral researcher at the Max Planck Institute in Heidelberg. His scholarship has appeared in international refereed journals.