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International Finance

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Product Specifications

Publisher Faculty Notes
Number of Pages 30
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  • About the book

About this eBook

regulations complements the chapter by Milner in this volume on foreign trade. As Milner shows, there is a lively debate about why some countries are more protectionist than others, and about how protectionism affects economic performance. Academics have studied domestic and international influences on trade policy and assessed the explanatory power of ideology and material interests. I show that a parallel research program has taken place in international finance. Readers can, therefore, compare the uses of commercial and financial regulations. After reviewing the literature on investment regulations, I examine one especially important type of investment sovereign lending. For centuries, bondholders and banks have lent money to foreign governments for a
variety of objectives, including economic development, military procurement, and domestic consumption. The practice continues to this day. Private bondholders and banks now advance hundreds of billions of dollars per year to foreign governments around the world. History is replete with examples of governments that defaulted on loans from foreign creditors. Some failed to pay interest and principal on schedule, as required by the loan contract others took the more extreme step of repudiating their obligations altogether. Standard Poor s, a rating agency that keeps track of sovereign defaults, reports that governments in more than 100 countries have shortchanged their private foreign creditors at least once in the past two centuries. Notwithstanding these numerous defaults, though, most countries honor their foreign debts most of the time. This essay addresses some of the key questions about sovereign debt. In a condition of international anarchy, with no world government to enforce debt contracts, why do countries repay their foreign debts Do they fear that foreign actors would deprive them of access to future loans Are they worried about punishment in other spheres of world affairs, such as trade embargoes, diplomatic pressure, and even military intervention Are they concerned that voters and interest groups

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