Autorentext

Aline Darbellay is an Assistant Professor of Capital Markets Law at the University of Zurich, Switzerland.

Norbert Gaillard is an economist and independent consultant at NG Consulting.

Michael Waibel is a Professor of International Law at the Faculty of Law, University of Vienna, Austria.

Klappentext

This book argues that the high degree of financial interdependence forged during the "golden age" of globalization from 1991-2016 is now the main impediment to the reduction of the elevated public debts observed in many countries. It investigates how interdependence may be reduced or made compatible with a deleveraging process.

Inhalt

1. Globalization, High Public Debt, and Interdependence: A Primer Part I: The Public-Private Nexus 2. The Lender of Last Resort and Moral Hazard 3. Legal and Political Toolkits to Rescue Major Financial Institutions Part II: Sovereign Risk: A Complex, Pervasive Threat 4. The Credit Position of Eurozone Members Contingent on Well-Calibrated Fiscal Policies 5. The Elusive Assessment of U.S. Sovereign Risk 6. The Endless Fall of Argentina's Credit Position, 1919-2025. Part III: The Constraints on Fiscal Policies 7. Fiscal Policy Choices Around Climate Change: An Evaluation of the European Union, the United States, and China 8. Rethinking Fiscal Policy: Towards A "Debt Targeting" Regime Part IV: Restructuring Sovereign Debts: An Impossible Duty? 9. How Emerging and Developing Countries Can Cope with Unconventional Lending Practices and Overcome the Ongoing Debt Crisis 10. Recent Challenges to the IMF's Role in Sovereign Restructurings