Foreign lending under limited enforcement

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Abstract

It is widely recognized that the well-established principle of sovereign immunity poses an additional risk for lenders of international capital. The lack of any notable collateral and the absence of a supranational institutionwith a recognized authority to enforce loan contracts limit lending to sovereign states. Assuming participants in international capital markets are rational, any sovereign loan contract must therefore be self-enforcing.

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Routledge

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China and Asia economic and financial interactions

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Published Version (Please cite this version)

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