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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.

Debts, Public --- Debts, External --- Arbitration (International law) --- International courts. --- 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 --- Law and legislation. --- Law --- General and Others

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Investments, Foreign (International law) --- International commercial arbitration --- Investments, Foreign --- Law and legislation

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Subnational insolvency is a reoccurring event in development, as demonstrated by historical and modern episodes of subnational defaults in both developed and developing countries. Insolvency procedures become more important as countries decentralize expenditure, taxation, and borrowing, and broaden subnational credit markets. As the first cross-country survey of procedures to resolve subnational financial distress, this paper has particular relevance for decentralizing countries. The authors explain central features and variations of subnational insolvency mechanisms across countries. They identify judicial, administrative, and hybrid procedures, and show how entry point and political factors drive their design. Like private insolvency law, subnational insolvency procedures predictably allocate default risk, while providing breathing space for orderly debt restructuring and fiscal adjustment. Policymakers' desire to mitigate the tension between creditor rights and the need to maintain essential public services, to strengthen ex ante fiscal rules, and to harden subnational budget constraints are motivations specific to the public sector.

Access to Finance --- Bankruptcy and Resolution of Financial Distress --- Banks and Banking Reform --- Credit markets --- Debt --- Debt Markets --- Debt restructuring --- Defaults --- Finance and Financial Sector Development --- Financial distress --- Insolvency --- Insolvency law --- Insolvency mechanisms --- Insolvency procedures --- Public Disclosure --- Strategic Debt Management

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"The enormous leaps of growth and development experienced by Eastern and Southeast Asian states since the 1960s on account of their astonishing industrial development have led to concerns that a resulting global economic and political shift might favour the Pacific region at the expense of the "Atlantic region". A "Pacific century" was proclaimed, in which it was predicted that Asian-Pacific countries would out pace the traditional leading powers of the West. A more careful look quickly reveals that this view is too simplistic. From the point of view of various disciplines and covering different nations like China, Vietnam, Indonesia, Singapore, the Philippines and Papua New Guinea the authors of this publication pursue the question whether the 21st century can already be labeled the "Pacific Century". This was also the title of the interdisciplinary series of lectures held at the University of Göttingen/Germany in the winter semester 2003/2004. This series of lectures was jointly organized by the Department of Geography, the University of Göttingen and the Association of Pacific Studies e.V. (APSA). This 10th volume of the publication series "Pazifik Forum" contains contributions by W. Kreisel, M. Taube & Ka-Wai Yiu, M. Waibel, A. Croissant, B. Dahm, H. Schneider, R. Seib and R. Jordan. The enormous leaps of growth and development experienced by Eastern and Southeast Asian states since the 1960s on account of their astonishing industrial development have led to concerns that a resulting global economic and political shift might favour the 'Pacific region' at the expense of the 'Atlantic region'. A 'Pacific century' was proclaimed, in which it was predicted that Asian-Pacific countries would out pace the traditional leading powers of the West. A more careful look quickly reveals that this view is too simplistic. From the point of view of various disciplines and covering different nations like China, Vietnam, Indonesia, Singapore, the Philippines and Papua New Guinea the authors of this publication pursue the question whether the 21st century can already be labeled the 'Pacific Century'. This was also the title of the interdisciplinary series of lectures held at the University of Göttingen/Germany in the winter semester 2003/2004. This series of lectures was jointly organized by the Department of Geography, the University of Göttingen and the Association of Pacific Studies e.V. (APSA). This 10th volume of the publication series 'Pazifik Forum' contains contributions by W. Kreisel, M. Taube & Ka-Wai Yiu, M. Waibel, A. Croissant, B. Dahm, H. Schneider, R. Seib and R. Jordan".

Economic development. --- Globalization. --- Economic policy. --- Asia --- Economic conditions