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This study concerns international legal obligations, and is thus about substantive law. Substantive law defines rights, duties, and liabilities. It does not encompass either adjectival law, by which substantive law is applied, or `corporate' law of the parties to the obligatory relations.

International obligations --- Debts, Public --- Debts, External --- International finance --- International law --- Law and legislation --- Economic aspects --- International obligations. --- Contracts. --- Debt --- Obligations internationales --- Finances internationales --- Droit international --- Law and legislation. --- Economic aspects. --- Droit --- Aspect économique --- Obligations internationales. --- Droit. --- Aspect économique. --- Debts, Public - Law and legislation --- Debts, External - Law and legislation --- International finance - Law and legislation --- International law - Economic aspects --- Contracts (International law)

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"International law on sovereign defaults is underdeveloped because States have largely refrained from adjudicating disputes arising out of public debt. The looming new wave of sovereign defaults is likely to shift dispute resolution away from national courts to international tribunals and transform the current regime for restructuring sovereign debt. Michael Waibel assesses how international tribunals balance creditor claims and sovereign capacity to pay across time. The history of adjudicating sovereign defaults internationally over the last 150 years offers a rich repository of experience for future cases: US state defaults, quasi-receiverships in the Dominican Republic and Ottoman Empire, the Venezuela Preferential Case, the Soviet repudiation in 1917, the League of Nations, the World War Foreign Debt Commission, Germany's 30-year restructuring after 1918 and ICSID arbitration on Argentina's default in 2001. The remarkable continuity in international practice and jurisprudence suggests avenues for building durable institutions capable of resolving future sovereign defaults"--

International law --- Public debt --- -Arbitration, International --- Arbitration (international law). --- Debts, external --- Debts, public --- Debts, Public --- Debts, External --- Arbitration (International law) --- International courts --- Law and legislation --- International courts. --- Law / international. --- Law and legislation. --- 343.037 --- Fb2.3 --- Law of nations --- Nations, Law of --- Public international law --- Law --- International tribunals --- Tribunals, International --- Courts --- Jurisdiction (International law) --- Arbitration, International --- International arbitration --- International political arbitration --- Pacific settlement of international disputes --- International commissions of inquiry --- Mediation, International --- Debts, Government --- Government debts --- National debts --- Public debts --- Sovereign debt --- Debt --- Bonds --- Deficit financing --- Debts, Foreign --- Debts, International --- External debts --- Foreign debts --- International debts --- International finance --- Investments, Foreign --- Debts, Public - Law and legislation --- Debts, External - Law and legislation --- Dettes extérieures --- Arbitrage international --- Tribunaux internationaux --- Souveraineté --- Droit