Foreign lending under limited enforcement
Date
2008
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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.
Source Title
Publisher
Routledge
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Book Title
China and Asia economic and financial interactions