The Concept of Odious Debt : Some Considerations
Despite the popularity of the term among advocates of debt forgiveness, there is little agreement on a workable definition of "odious" debts and there are but few examples where the concept has been invoked in law to justify non-payment of sovereign debts. Most often, these have been cases...
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| creator | Nehru, Vikram Thomas, Mark |
| description | Despite the popularity of the term among
advocates of debt forgiveness, there is little agreement on
a workable definition of "odious" debts and there
are but few examples where the concept has been invoked in
law to justify non-payment of sovereign debts. Most often,
these have been cases when a successor state or government
has refused to honor certain debts contracted by its
predecessor state or government. Repudiating sovereign debts
on broader grounds - such as that money may have been
misused by the borrower or that results were not as hoped
for at the outset of lending - would create real risks not
only of reduced financial flows to poorer countries as a
result of the danger of ex post challenges to lenders'
claims, but also of moral hazard and lack of project
ownership. This paper presents a discussion of the extant
legal and financial environment facing developing country
sovereign borrowers and develops a proposed approach within
this environment to address issues of concern underlying the
concept of odious or illegitimate debt. The authors make the
case for focusing attention on codes of conduct along the
lines of the Equator Principles and on refining
forward-looking attempts to increase aid effectiveness and
recover stolen assets. |
| format | Book |
| fullrecord | <record><control><sourceid>worldbank_VO9</sourceid><recordid>TN_cdi_worldbank_openknowledgerepository_10986_6825</recordid><sourceformat>XML</sourceformat><sourcesystem>PC</sourcesystem><sourcerecordid>oai:openknowledge.worldbank.org:10986/6825</sourcerecordid><originalsourceid>FETCH-worldbank_openknowledgerepository_10986_68253</originalsourceid><addsrcrecordid>eNrjZDAIyUhVcM7PS04tKFHIT1PwT8nMLy1WcElNKlGwUgjOzwXLFmempBYllmQCWTwMrGmJOcWpvFCam8HYzTXE2UO3PL8oJyUpMS87Pr8gNS87L788JzUlPbUotSC_OLMkv6gy3tDA0sIs3szCyNSYPF0A38E6yg</addsrcrecordid><sourcetype>Publisher</sourcetype><iscdi>true</iscdi><recordtype>book</recordtype></control><display><type>book</type><title>The Concept of Odious Debt : Some Considerations</title><source>Open Knowledge Repository</source><creator>Nehru, Vikram ; Thomas, Mark</creator><creatorcontrib>Nehru, Vikram ; Thomas, Mark</creatorcontrib><description>Despite the popularity of the term among
advocates of debt forgiveness, there is little agreement on
a workable definition of "odious" debts and there
are but few examples where the concept has been invoked in
law to justify non-payment of sovereign debts. Most often,
these have been cases when a successor state or government
has refused to honor certain debts contracted by its
predecessor state or government. Repudiating sovereign debts
on broader grounds - such as that money may have been
misused by the borrower or that results were not as hoped
for at the outset of lending - would create real risks not
only of reduced financial flows to poorer countries as a
result of the danger of ex post challenges to lenders'
claims, but also of moral hazard and lack of project
ownership. This paper presents a discussion of the extant
legal and financial environment facing developing country
sovereign borrowers and develops a proposed approach within
this environment to address issues of concern underlying the
concept of odious or illegitimate debt. The authors make the
case for focusing attention on codes of conduct along the
lines of the Equator Principles and on refining
forward-looking attempts to increase aid effectiveness and
recover stolen assets.</description><language>eng</language><subject>ADVISORY SERVICES ; AID EFFECTIVENESS ; APPROVAL PROCESS ; ARBITRAL AWARD ; ARBITRAL AWARDS ; ARBITRAL DECISIONS ; ARBITRAL TRIBUNALS ; ARBITRATION ; ARREARS ; BALANCE SHEETS ; BANKRUPTCY ; BANKRUPTCY LAWS ; BASIC NEEDS ; BENEFICIARIES ; BOND ; BOND FINANCING ; BONDHOLDERS ; BORROWER ; BORROWER GOVERNMENTS ; BORROWING ; BRIBES ; CANCELLATION OF DEBT ; CLAIM ; CLASS OF DEBTS ; COMMERCIAL BANK ; COMMERCIAL BANK LOANS ; COMMERCIAL BANKING ; COMMERCIAL CREDITORS ; COMMERCIAL LENDING ; CONTRIBUTION ; CORRUPTION ; COST OF LOAN ; COURT OF JUSTICE ; CREDITOR ; CREDITORS ; DEBT CONTRACTS ; DEBT CRISIS ; DEBT FORGIVENESS ; DEBT MANAGEMENT ; DEBT OBLIGATIONS ; DEBT PROBLEM ; DEBT PROBLEMS ; DEBT REDUCTION ; DEBT RELIEF ; DEBT RELIEF INITIATIVE ; DEBT REPAYMENTS ; DEBT REPUDIATION ; DEBT RESTRUCTURING ; DEBT STOCKS ; DEBT SUSTAINABILITY ; DEBT TRAP ; DEBTORS ; DEBTS ; DEVELOPING COUNTRIES ; DEVELOPING COUNTRY ; DEVELOPMENT ASSISTANCE ; DEVELOPMENT FINANCE ; DISCRIMINATION ; DISPUTE RESOLUTION ; DUE DILIGENCE ; ECONOMIC DEVELOPMENT ; ECONOMIC GROWTH ; ECONOMIC MANAGEMENT ; ECONOMIC POLICY ; ENFORCEABILITY ; EQUITY PARTICIPATION ; EQUITY STAKES ; EXPATRIATE ; EXPENDITURE ; EXTERNAL DEBT ; FIDUCIARY RESPONSIBILITIES ; FINANCE CORPORATION ; FINANCIAL AGENCIES ; FINANCIAL ASSISTANCE ; FINANCIAL CONTRACTS ; FINANCIAL ENVIRONMENT ; FINANCIAL FLOWS ; FINANCIAL INSTITUTIONS ; FINANCIAL LAWS ; FINANCIAL MANAGEMENT ; FINANCIAL SUPPORT ; FINANCIAL SYSTEMS ; FINANCIAL TRANSACTION ; FINANCIAL TRANSACTIONS ; FINANCIER ; FINANCIERS ; FISCAL BURDEN ; FLOW OF CAPITAL ; FRAUD ; GLOBALIZATION ; GOOD FAITH ; GOVERNANCE STANDARDS ; GOVERNMENT ASSETS ; GOVERNMENT BUREAUCRACY ; GOVERNMENT FAILURES ; HEAVILY INDEBTED COUNTRIES ; HIGH INTEREST RATES ; HUMAN RIGHTS ; ILLEGITIMATE DEBT ; INDEBTED ; INDEBTED COUNTRIES ; INDEBTED POOR COUNTRIES ; INDIVIDUAL LOAN ; INDIVIDUAL LOANS ; INFORMATION ASYMMETRY ; INTEREST RATES ; INTERNATIONAL BANK ; INTERNATIONAL CAPITAL ; INTERNATIONAL CAPITAL MARKETS ; INTERNATIONAL COURT ; INTERNATIONAL COURTS ; INTERNATIONAL DEBT ; INTERNATIONAL FINANCE ; INTERNATIONAL FINANCIAL SYSTEM ; INTERNATIONAL LAW ; INTERNATIONAL LAWS ; INTERNATIONAL LENDING ; INTERNATIONAL STANDARDS ; INVESTMENT CLIMATE ; JUDGMENT ; JUDGMENTS ; JURISDICTION ; JURISDICTIONS ; LAW ENFORCEMENT ; LEGAL AGREEMENTS ; LEGAL NORM ; LEGAL OBLIGATION ; LEGAL PROCEDURES ; LEGAL SYSTEM ; LEGAL SYSTEMS ; LENDER ; LENDERS ; LENDING POLICIES ; LEVERAGE ; LIABILITY ; LOAN ; LOAN AGREEMENT ; LOAN AGREEMENTS ; LOAN PROCEEDS ; LOAN REPAYMENTS ; LOSSES TO CREDITORS ; MONIES ; MORAL HAZARD ; MULTILATERAL CREDITORS ; MULTILATERAL DEBT ; MULTILATERAL DEBT RELIEF ; MULTINATIONAL ; NATIONAL BUDGET ; NATURAL DISASTERS ; NEGOTIATION ; NEGOTIATIONS ; ODIOUS DEBT ; ODIOUS DEBTS ; PRIVATE BORROWERS ; PROBABILITY ; PUBLIC DEBT ; PUBLIC DEBTS ; PUBLIC POLICY ; RECIPIENT COUNTRIES ; REMEDIES ; REMEDY ; REPATRIATION ; REPAYMENT ; REPAYMENT CAPACITY ; REPUDIATION OF DEBT ; REPUDIATION OF DEBTS ; RESERVE ; RISK OF DEFAULT ; SETTLEMENT ; SHAREHOLDERS ; SOCIAL DEVELOPMENT ; SOVEREIGN BORROWER ; SOVEREIGN BORROWERS ; SOVEREIGN DEBT ; SOVEREIGN DEBTORS ; SOVEREIGN DEBTS ; SOVEREIGN LENDING ; STATE DEBTS ; TECHNICAL ASSISTANCE ; THIRD WORLD DEBT ; TITLES ; TRANSACTION ; TRANSPARENCY ; TREATIES ; TREATMENT OF DEBT ; TREATY ; USE OF LOAN PROCEEDS ; WORTH</subject><creationdate>2008</creationdate><rights>CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank</rights><oa>free_for_read</oa><woscitedreferencessubscribed>false</woscitedreferencessubscribed></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><link.rule.ids>307,780,784,787,18982</link.rule.ids><linktorsrc>$$Uhttps://hdl.handle.net/10986/6825$$EView_record_in_World_Bank$$FView_record_in_$$GWorld_Bank$$Hfree_for_read</linktorsrc></links><search><creatorcontrib>Nehru, Vikram</creatorcontrib><creatorcontrib>Thomas, Mark</creatorcontrib><title>The Concept of Odious Debt : Some Considerations</title><description>Despite the popularity of the term among
advocates of debt forgiveness, there is little agreement on
a workable definition of "odious" debts and there
are but few examples where the concept has been invoked in
law to justify non-payment of sovereign debts. Most often,
these have been cases when a successor state or government
has refused to honor certain debts contracted by its
predecessor state or government. Repudiating sovereign debts
on broader grounds - such as that money may have been
misused by the borrower or that results were not as hoped
for at the outset of lending - would create real risks not
only of reduced financial flows to poorer countries as a
result of the danger of ex post challenges to lenders'
claims, but also of moral hazard and lack of project
ownership. This paper presents a discussion of the extant
legal and financial environment facing developing country
sovereign borrowers and develops a proposed approach within
this environment to address issues of concern underlying the
concept of odious or illegitimate debt. The authors make the
case for focusing attention on codes of conduct along the
lines of the Equator Principles and on refining
forward-looking attempts to increase aid effectiveness and
recover stolen assets.</description><subject>ADVISORY SERVICES</subject><subject>AID EFFECTIVENESS</subject><subject>APPROVAL PROCESS</subject><subject>ARBITRAL AWARD</subject><subject>ARBITRAL AWARDS</subject><subject>ARBITRAL DECISIONS</subject><subject>ARBITRAL TRIBUNALS</subject><subject>ARBITRATION</subject><subject>ARREARS</subject><subject>BALANCE SHEETS</subject><subject>BANKRUPTCY</subject><subject>BANKRUPTCY LAWS</subject><subject>BASIC NEEDS</subject><subject>BENEFICIARIES</subject><subject>BOND</subject><subject>BOND FINANCING</subject><subject>BONDHOLDERS</subject><subject>BORROWER</subject><subject>BORROWER GOVERNMENTS</subject><subject>BORROWING</subject><subject>BRIBES</subject><subject>CANCELLATION OF DEBT</subject><subject>CLAIM</subject><subject>CLASS OF DEBTS</subject><subject>COMMERCIAL BANK</subject><subject>COMMERCIAL BANK LOANS</subject><subject>COMMERCIAL BANKING</subject><subject>COMMERCIAL CREDITORS</subject><subject>COMMERCIAL LENDING</subject><subject>CONTRIBUTION</subject><subject>CORRUPTION</subject><subject>COST OF LOAN</subject><subject>COURT OF JUSTICE</subject><subject>CREDITOR</subject><subject>CREDITORS</subject><subject>DEBT CONTRACTS</subject><subject>DEBT CRISIS</subject><subject>DEBT FORGIVENESS</subject><subject>DEBT MANAGEMENT</subject><subject>DEBT OBLIGATIONS</subject><subject>DEBT PROBLEM</subject><subject>DEBT PROBLEMS</subject><subject>DEBT REDUCTION</subject><subject>DEBT RELIEF</subject><subject>DEBT RELIEF INITIATIVE</subject><subject>DEBT REPAYMENTS</subject><subject>DEBT REPUDIATION</subject><subject>DEBT RESTRUCTURING</subject><subject>DEBT STOCKS</subject><subject>DEBT SUSTAINABILITY</subject><subject>DEBT TRAP</subject><subject>DEBTORS</subject><subject>DEBTS</subject><subject>DEVELOPING COUNTRIES</subject><subject>DEVELOPING COUNTRY</subject><subject>DEVELOPMENT ASSISTANCE</subject><subject>DEVELOPMENT FINANCE</subject><subject>DISCRIMINATION</subject><subject>DISPUTE RESOLUTION</subject><subject>DUE DILIGENCE</subject><subject>ECONOMIC DEVELOPMENT</subject><subject>ECONOMIC GROWTH</subject><subject>ECONOMIC MANAGEMENT</subject><subject>ECONOMIC POLICY</subject><subject>ENFORCEABILITY</subject><subject>EQUITY PARTICIPATION</subject><subject>EQUITY STAKES</subject><subject>EXPATRIATE</subject><subject>EXPENDITURE</subject><subject>EXTERNAL DEBT</subject><subject>FIDUCIARY RESPONSIBILITIES</subject><subject>FINANCE CORPORATION</subject><subject>FINANCIAL AGENCIES</subject><subject>FINANCIAL ASSISTANCE</subject><subject>FINANCIAL CONTRACTS</subject><subject>FINANCIAL ENVIRONMENT</subject><subject>FINANCIAL FLOWS</subject><subject>FINANCIAL INSTITUTIONS</subject><subject>FINANCIAL LAWS</subject><subject>FINANCIAL MANAGEMENT</subject><subject>FINANCIAL SUPPORT</subject><subject>FINANCIAL SYSTEMS</subject><subject>FINANCIAL TRANSACTION</subject><subject>FINANCIAL TRANSACTIONS</subject><subject>FINANCIER</subject><subject>FINANCIERS</subject><subject>FISCAL BURDEN</subject><subject>FLOW OF CAPITAL</subject><subject>FRAUD</subject><subject>GLOBALIZATION</subject><subject>GOOD FAITH</subject><subject>GOVERNANCE STANDARDS</subject><subject>GOVERNMENT ASSETS</subject><subject>GOVERNMENT BUREAUCRACY</subject><subject>GOVERNMENT FAILURES</subject><subject>HEAVILY INDEBTED COUNTRIES</subject><subject>HIGH INTEREST RATES</subject><subject>HUMAN RIGHTS</subject><subject>ILLEGITIMATE DEBT</subject><subject>INDEBTED</subject><subject>INDEBTED COUNTRIES</subject><subject>INDEBTED POOR COUNTRIES</subject><subject>INDIVIDUAL LOAN</subject><subject>INDIVIDUAL LOANS</subject><subject>INFORMATION ASYMMETRY</subject><subject>INTEREST RATES</subject><subject>INTERNATIONAL BANK</subject><subject>INTERNATIONAL CAPITAL</subject><subject>INTERNATIONAL CAPITAL MARKETS</subject><subject>INTERNATIONAL COURT</subject><subject>INTERNATIONAL COURTS</subject><subject>INTERNATIONAL DEBT</subject><subject>INTERNATIONAL FINANCE</subject><subject>INTERNATIONAL FINANCIAL SYSTEM</subject><subject>INTERNATIONAL LAW</subject><subject>INTERNATIONAL LAWS</subject><subject>INTERNATIONAL LENDING</subject><subject>INTERNATIONAL STANDARDS</subject><subject>INVESTMENT CLIMATE</subject><subject>JUDGMENT</subject><subject>JUDGMENTS</subject><subject>JURISDICTION</subject><subject>JURISDICTIONS</subject><subject>LAW ENFORCEMENT</subject><subject>LEGAL AGREEMENTS</subject><subject>LEGAL NORM</subject><subject>LEGAL OBLIGATION</subject><subject>LEGAL PROCEDURES</subject><subject>LEGAL SYSTEM</subject><subject>LEGAL SYSTEMS</subject><subject>LENDER</subject><subject>LENDERS</subject><subject>LENDING POLICIES</subject><subject>LEVERAGE</subject><subject>LIABILITY</subject><subject>LOAN</subject><subject>LOAN AGREEMENT</subject><subject>LOAN AGREEMENTS</subject><subject>LOAN PROCEEDS</subject><subject>LOAN REPAYMENTS</subject><subject>LOSSES TO CREDITORS</subject><subject>MONIES</subject><subject>MORAL HAZARD</subject><subject>MULTILATERAL CREDITORS</subject><subject>MULTILATERAL DEBT</subject><subject>MULTILATERAL DEBT RELIEF</subject><subject>MULTINATIONAL</subject><subject>NATIONAL BUDGET</subject><subject>NATURAL DISASTERS</subject><subject>NEGOTIATION</subject><subject>NEGOTIATIONS</subject><subject>ODIOUS DEBT</subject><subject>ODIOUS DEBTS</subject><subject>PRIVATE BORROWERS</subject><subject>PROBABILITY</subject><subject>PUBLIC DEBT</subject><subject>PUBLIC DEBTS</subject><subject>PUBLIC POLICY</subject><subject>RECIPIENT COUNTRIES</subject><subject>REMEDIES</subject><subject>REMEDY</subject><subject>REPATRIATION</subject><subject>REPAYMENT</subject><subject>REPAYMENT CAPACITY</subject><subject>REPUDIATION OF DEBT</subject><subject>REPUDIATION OF DEBTS</subject><subject>RESERVE</subject><subject>RISK OF DEFAULT</subject><subject>SETTLEMENT</subject><subject>SHAREHOLDERS</subject><subject>SOCIAL DEVELOPMENT</subject><subject>SOVEREIGN BORROWER</subject><subject>SOVEREIGN BORROWERS</subject><subject>SOVEREIGN DEBT</subject><subject>SOVEREIGN DEBTORS</subject><subject>SOVEREIGN DEBTS</subject><subject>SOVEREIGN LENDING</subject><subject>STATE DEBTS</subject><subject>TECHNICAL ASSISTANCE</subject><subject>THIRD WORLD DEBT</subject><subject>TITLES</subject><subject>TRANSACTION</subject><subject>TRANSPARENCY</subject><subject>TREATIES</subject><subject>TREATMENT OF DEBT</subject><subject>TREATY</subject><subject>USE OF LOAN PROCEEDS</subject><subject>WORTH</subject><fulltext>true</fulltext><rsrctype>book</rsrctype><creationdate>2008</creationdate><recordtype>book</recordtype><sourceid>VO9</sourceid><recordid>eNrjZDAIyUhVcM7PS04tKFHIT1PwT8nMLy1WcElNKlGwUgjOzwXLFmempBYllmQCWTwMrGmJOcWpvFCam8HYzTXE2UO3PL8oJyUpMS87Pr8gNS87L788JzUlPbUotSC_OLMkv6gy3tDA0sIs3szCyNSYPF0A38E6yg</recordid><startdate>200807</startdate><enddate>200807</enddate><creator>Nehru, Vikram</creator><creator>Thomas, Mark</creator><scope>VO9</scope></search><sort><creationdate>200807</creationdate><title>The Concept of Odious Debt : Some Considerations</title><author>Nehru, Vikram ; Thomas, Mark</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-worldbank_openknowledgerepository_10986_68253</frbrgroupid><rsrctype>books</rsrctype><prefilter>books</prefilter><language>eng</language><creationdate>2008</creationdate><topic>ADVISORY SERVICES</topic><topic>AID EFFECTIVENESS</topic><topic>APPROVAL PROCESS</topic><topic>ARBITRAL AWARD</topic><topic>ARBITRAL AWARDS</topic><topic>ARBITRAL DECISIONS</topic><topic>ARBITRAL TRIBUNALS</topic><topic>ARBITRATION</topic><topic>ARREARS</topic><topic>BALANCE SHEETS</topic><topic>BANKRUPTCY</topic><topic>BANKRUPTCY LAWS</topic><topic>BASIC NEEDS</topic><topic>BENEFICIARIES</topic><topic>BOND</topic><topic>BOND FINANCING</topic><topic>BONDHOLDERS</topic><topic>BORROWER</topic><topic>BORROWER GOVERNMENTS</topic><topic>BORROWING</topic><topic>BRIBES</topic><topic>CANCELLATION OF DEBT</topic><topic>CLAIM</topic><topic>CLASS OF DEBTS</topic><topic>COMMERCIAL BANK</topic><topic>COMMERCIAL BANK LOANS</topic><topic>COMMERCIAL BANKING</topic><topic>COMMERCIAL CREDITORS</topic><topic>COMMERCIAL LENDING</topic><topic>CONTRIBUTION</topic><topic>CORRUPTION</topic><topic>COST OF LOAN</topic><topic>COURT OF JUSTICE</topic><topic>CREDITOR</topic><topic>CREDITORS</topic><topic>DEBT CONTRACTS</topic><topic>DEBT CRISIS</topic><topic>DEBT FORGIVENESS</topic><topic>DEBT MANAGEMENT</topic><topic>DEBT OBLIGATIONS</topic><topic>DEBT PROBLEM</topic><topic>DEBT PROBLEMS</topic><topic>DEBT REDUCTION</topic><topic>DEBT RELIEF</topic><topic>DEBT RELIEF INITIATIVE</topic><topic>DEBT REPAYMENTS</topic><topic>DEBT REPUDIATION</topic><topic>DEBT RESTRUCTURING</topic><topic>DEBT STOCKS</topic><topic>DEBT SUSTAINABILITY</topic><topic>DEBT TRAP</topic><topic>DEBTORS</topic><topic>DEBTS</topic><topic>DEVELOPING COUNTRIES</topic><topic>DEVELOPING COUNTRY</topic><topic>DEVELOPMENT ASSISTANCE</topic><topic>DEVELOPMENT FINANCE</topic><topic>DISCRIMINATION</topic><topic>DISPUTE RESOLUTION</topic><topic>DUE DILIGENCE</topic><topic>ECONOMIC DEVELOPMENT</topic><topic>ECONOMIC GROWTH</topic><topic>ECONOMIC MANAGEMENT</topic><topic>ECONOMIC POLICY</topic><topic>ENFORCEABILITY</topic><topic>EQUITY PARTICIPATION</topic><topic>EQUITY STAKES</topic><topic>EXPATRIATE</topic><topic>EXPENDITURE</topic><topic>EXTERNAL DEBT</topic><topic>FIDUCIARY RESPONSIBILITIES</topic><topic>FINANCE CORPORATION</topic><topic>FINANCIAL AGENCIES</topic><topic>FINANCIAL ASSISTANCE</topic><topic>FINANCIAL CONTRACTS</topic><topic>FINANCIAL ENVIRONMENT</topic><topic>FINANCIAL FLOWS</topic><topic>FINANCIAL INSTITUTIONS</topic><topic>FINANCIAL LAWS</topic><topic>FINANCIAL MANAGEMENT</topic><topic>FINANCIAL SUPPORT</topic><topic>FINANCIAL SYSTEMS</topic><topic>FINANCIAL TRANSACTION</topic><topic>FINANCIAL TRANSACTIONS</topic><topic>FINANCIER</topic><topic>FINANCIERS</topic><topic>FISCAL BURDEN</topic><topic>FLOW OF CAPITAL</topic><topic>FRAUD</topic><topic>GLOBALIZATION</topic><topic>GOOD FAITH</topic><topic>GOVERNANCE STANDARDS</topic><topic>GOVERNMENT ASSETS</topic><topic>GOVERNMENT BUREAUCRACY</topic><topic>GOVERNMENT FAILURES</topic><topic>HEAVILY INDEBTED COUNTRIES</topic><topic>HIGH INTEREST RATES</topic><topic>HUMAN RIGHTS</topic><topic>ILLEGITIMATE DEBT</topic><topic>INDEBTED</topic><topic>INDEBTED COUNTRIES</topic><topic>INDEBTED POOR COUNTRIES</topic><topic>INDIVIDUAL LOAN</topic><topic>INDIVIDUAL LOANS</topic><topic>INFORMATION ASYMMETRY</topic><topic>INTEREST RATES</topic><topic>INTERNATIONAL BANK</topic><topic>INTERNATIONAL CAPITAL</topic><topic>INTERNATIONAL CAPITAL MARKETS</topic><topic>INTERNATIONAL COURT</topic><topic>INTERNATIONAL COURTS</topic><topic>INTERNATIONAL DEBT</topic><topic>INTERNATIONAL FINANCE</topic><topic>INTERNATIONAL FINANCIAL SYSTEM</topic><topic>INTERNATIONAL LAW</topic><topic>INTERNATIONAL LAWS</topic><topic>INTERNATIONAL LENDING</topic><topic>INTERNATIONAL STANDARDS</topic><topic>INVESTMENT CLIMATE</topic><topic>JUDGMENT</topic><topic>JUDGMENTS</topic><topic>JURISDICTION</topic><topic>JURISDICTIONS</topic><topic>LAW ENFORCEMENT</topic><topic>LEGAL AGREEMENTS</topic><topic>LEGAL NORM</topic><topic>LEGAL OBLIGATION</topic><topic>LEGAL PROCEDURES</topic><topic>LEGAL SYSTEM</topic><topic>LEGAL SYSTEMS</topic><topic>LENDER</topic><topic>LENDERS</topic><topic>LENDING POLICIES</topic><topic>LEVERAGE</topic><topic>LIABILITY</topic><topic>LOAN</topic><topic>LOAN AGREEMENT</topic><topic>LOAN AGREEMENTS</topic><topic>LOAN PROCEEDS</topic><topic>LOAN REPAYMENTS</topic><topic>LOSSES TO CREDITORS</topic><topic>MONIES</topic><topic>MORAL HAZARD</topic><topic>MULTILATERAL CREDITORS</topic><topic>MULTILATERAL DEBT</topic><topic>MULTILATERAL DEBT RELIEF</topic><topic>MULTINATIONAL</topic><topic>NATIONAL BUDGET</topic><topic>NATURAL DISASTERS</topic><topic>NEGOTIATION</topic><topic>NEGOTIATIONS</topic><topic>ODIOUS DEBT</topic><topic>ODIOUS DEBTS</topic><topic>PRIVATE BORROWERS</topic><topic>PROBABILITY</topic><topic>PUBLIC DEBT</topic><topic>PUBLIC DEBTS</topic><topic>PUBLIC POLICY</topic><topic>RECIPIENT COUNTRIES</topic><topic>REMEDIES</topic><topic>REMEDY</topic><topic>REPATRIATION</topic><topic>REPAYMENT</topic><topic>REPAYMENT CAPACITY</topic><topic>REPUDIATION OF DEBT</topic><topic>REPUDIATION OF DEBTS</topic><topic>RESERVE</topic><topic>RISK OF DEFAULT</topic><topic>SETTLEMENT</topic><topic>SHAREHOLDERS</topic><topic>SOCIAL DEVELOPMENT</topic><topic>SOVEREIGN BORROWER</topic><topic>SOVEREIGN BORROWERS</topic><topic>SOVEREIGN DEBT</topic><topic>SOVEREIGN DEBTORS</topic><topic>SOVEREIGN DEBTS</topic><topic>SOVEREIGN LENDING</topic><topic>STATE DEBTS</topic><topic>TECHNICAL ASSISTANCE</topic><topic>THIRD WORLD DEBT</topic><topic>TITLES</topic><topic>TRANSACTION</topic><topic>TRANSPARENCY</topic><topic>TREATIES</topic><topic>TREATMENT OF DEBT</topic><topic>TREATY</topic><topic>USE OF LOAN PROCEEDS</topic><topic>WORTH</topic><toplevel>online_resources</toplevel><creatorcontrib>Nehru, Vikram</creatorcontrib><creatorcontrib>Thomas, Mark</creatorcontrib><collection>Open Knowledge Repository</collection></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext_linktorsrc</fulltext></delivery><addata><au>Nehru, Vikram</au><au>Thomas, Mark</au><format>book</format><genre>book</genre><ristype>BOOK</ristype><btitle>The Concept of Odious Debt : Some Considerations</btitle><date>2008-07</date><risdate>2008</risdate><abstract>Despite the popularity of the term among
advocates of debt forgiveness, there is little agreement on
a workable definition of "odious" debts and there
are but few examples where the concept has been invoked in
law to justify non-payment of sovereign debts. Most often,
these have been cases when a successor state or government
has refused to honor certain debts contracted by its
predecessor state or government. Repudiating sovereign debts
on broader grounds - such as that money may have been
misused by the borrower or that results were not as hoped
for at the outset of lending - would create real risks not
only of reduced financial flows to poorer countries as a
result of the danger of ex post challenges to lenders'
claims, but also of moral hazard and lack of project
ownership. This paper presents a discussion of the extant
legal and financial environment facing developing country
sovereign borrowers and develops a proposed approach within
this environment to address issues of concern underlying the
concept of odious or illegitimate debt. The authors make the
case for focusing attention on codes of conduct along the
lines of the Equator Principles and on refining
forward-looking attempts to increase aid effectiveness and
recover stolen assets.</abstract><oa>free_for_read</oa></addata></record> |
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| language | eng |
| recordid | cdi_worldbank_openknowledgerepository_10986_6825 |
| source | Open Knowledge Repository |
| subjects | ADVISORY SERVICES AID EFFECTIVENESS APPROVAL PROCESS ARBITRAL AWARD ARBITRAL AWARDS ARBITRAL DECISIONS ARBITRAL TRIBUNALS ARBITRATION ARREARS BALANCE SHEETS BANKRUPTCY BANKRUPTCY LAWS BASIC NEEDS BENEFICIARIES BOND BOND FINANCING BONDHOLDERS BORROWER BORROWER GOVERNMENTS BORROWING BRIBES CANCELLATION OF DEBT CLAIM CLASS OF DEBTS COMMERCIAL BANK COMMERCIAL BANK LOANS COMMERCIAL BANKING COMMERCIAL CREDITORS COMMERCIAL LENDING CONTRIBUTION CORRUPTION COST OF LOAN COURT OF JUSTICE CREDITOR CREDITORS DEBT CONTRACTS DEBT CRISIS DEBT FORGIVENESS DEBT MANAGEMENT DEBT OBLIGATIONS DEBT PROBLEM DEBT PROBLEMS DEBT REDUCTION DEBT RELIEF DEBT RELIEF INITIATIVE DEBT REPAYMENTS DEBT REPUDIATION DEBT RESTRUCTURING DEBT STOCKS DEBT SUSTAINABILITY DEBT TRAP DEBTORS DEBTS DEVELOPING COUNTRIES DEVELOPING COUNTRY DEVELOPMENT ASSISTANCE DEVELOPMENT FINANCE DISCRIMINATION DISPUTE RESOLUTION DUE DILIGENCE ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC MANAGEMENT ECONOMIC POLICY ENFORCEABILITY EQUITY PARTICIPATION EQUITY STAKES EXPATRIATE EXPENDITURE EXTERNAL DEBT FIDUCIARY RESPONSIBILITIES FINANCE CORPORATION FINANCIAL AGENCIES FINANCIAL ASSISTANCE FINANCIAL CONTRACTS FINANCIAL ENVIRONMENT FINANCIAL FLOWS FINANCIAL INSTITUTIONS FINANCIAL LAWS FINANCIAL MANAGEMENT FINANCIAL SUPPORT FINANCIAL SYSTEMS FINANCIAL TRANSACTION FINANCIAL TRANSACTIONS FINANCIER FINANCIERS FISCAL BURDEN FLOW OF CAPITAL FRAUD GLOBALIZATION GOOD FAITH GOVERNANCE STANDARDS GOVERNMENT ASSETS GOVERNMENT BUREAUCRACY GOVERNMENT FAILURES HEAVILY INDEBTED COUNTRIES HIGH INTEREST RATES HUMAN RIGHTS ILLEGITIMATE DEBT INDEBTED INDEBTED COUNTRIES INDEBTED POOR COUNTRIES INDIVIDUAL LOAN INDIVIDUAL LOANS INFORMATION ASYMMETRY INTEREST RATES INTERNATIONAL BANK INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL MARKETS INTERNATIONAL COURT INTERNATIONAL COURTS INTERNATIONAL DEBT INTERNATIONAL FINANCE INTERNATIONAL FINANCIAL SYSTEM INTERNATIONAL LAW INTERNATIONAL LAWS INTERNATIONAL LENDING INTERNATIONAL STANDARDS INVESTMENT CLIMATE JUDGMENT JUDGMENTS JURISDICTION JURISDICTIONS LAW ENFORCEMENT LEGAL AGREEMENTS LEGAL NORM LEGAL OBLIGATION LEGAL PROCEDURES LEGAL SYSTEM LEGAL SYSTEMS LENDER LENDERS LENDING POLICIES LEVERAGE LIABILITY LOAN LOAN AGREEMENT LOAN AGREEMENTS LOAN PROCEEDS LOAN REPAYMENTS LOSSES TO CREDITORS MONIES MORAL HAZARD MULTILATERAL CREDITORS MULTILATERAL DEBT MULTILATERAL DEBT RELIEF MULTINATIONAL NATIONAL BUDGET NATURAL DISASTERS NEGOTIATION NEGOTIATIONS ODIOUS DEBT ODIOUS DEBTS PRIVATE BORROWERS PROBABILITY PUBLIC DEBT PUBLIC DEBTS PUBLIC POLICY RECIPIENT COUNTRIES REMEDIES REMEDY REPATRIATION REPAYMENT REPAYMENT CAPACITY REPUDIATION OF DEBT REPUDIATION OF DEBTS RESERVE RISK OF DEFAULT SETTLEMENT SHAREHOLDERS SOCIAL DEVELOPMENT SOVEREIGN BORROWER SOVEREIGN BORROWERS SOVEREIGN DEBT SOVEREIGN DEBTORS SOVEREIGN DEBTS SOVEREIGN LENDING STATE DEBTS TECHNICAL ASSISTANCE THIRD WORLD DEBT TITLES TRANSACTION TRANSPARENCY TREATIES TREATMENT OF DEBT TREATY USE OF LOAN PROCEEDS WORTH |
| title | The Concept of Odious Debt : Some Considerations |
| url | https://sfx.bib-bvb.de/sfx_tum?ctx_ver=Z39.88-2004&ctx_enc=info:ofi/enc:UTF-8&ctx_tim=2024-12-26T15%3A45%3A08IST&url_ver=Z39.88-2004&url_ctx_fmt=infofi/fmt:kev:mtx:ctx&rfr_id=info:sid/primo.exlibrisgroup.com:primo3-Article-worldbank_VO9&rft_val_fmt=info:ofi/fmt:kev:mtx:book&rft.genre=book&rft.btitle=The%20Concept%20of%20Odious%20Debt%20:%20Some%20Considerations&rft.au=Nehru,%20Vikram&rft.date=2008-07&rft_id=info:doi/&rft_dat=%3Cworldbank_VO9%3Eoai:openknowledge.worldbank.org:10986/6825%3C/worldbank_VO9%3E%3Curl%3E%3C/url%3E&disable_directlink=true&sfx.directlink=off&sfx.report_link=0&rft_id=info:oai/&rft_id=info:pmid/&rfr_iscdi=true |