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Reframing the debate : the debt relief initiative and new normative values in the governance of third world debt
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Tan, Celine (2014) Reframing the debate : the debt relief initiative and new normative values in the governance of third world debt. International Journal of Law in Context, Volume 10 (Number 2). pp. 249-272. doi:10.1017/S1744552314000056 ISSN 1744-5523.
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Official URL: http://dx.doi.org/10.1017/S1744552314000056
Abstract
The introduction of the Heavily Indebted Poor Countries (HIPC) initiative in 1996 established landmark legal and policy innovations both in the regulatory landscape of sovereign debt and in the framework of international development finance. As the HIPC framework draws to a close, this paper reviews the impact of this initiative on the regulation of sovereign debt, in particular the governance of third world debt. The paper considers the implications of the initiative's explicit link between debt restructuring and development policy and its incorporation of non-traditional normative values, such as poverty reduction and participatory development, into the legal and political discourse of sovereign debt. The paper argues that while the changes which brought about the HIPC initiative have led to a number of key initiatives to reform the governance of third world debt, they have also had the contradictory effect of reinforcing the core disciplinary discourses and pre-existing practices of the sovereign debt regime.
| Item Type: | Journal Article | ||||||
|---|---|---|---|---|---|---|---|
| Subjects: | H Social Sciences > HJ Public Finance | ||||||
| Divisions: | Faculty of Social Sciences > School of Law | ||||||
| Library of Congress Subject Headings (LCSH): | Debt relief -- Developing countries, Loans, Foreign -- Developing countries, Developing countries -- Economic conditions, Economic assistance -- Developing countries, Debts, External -- Developing countries | ||||||
| Journal or Publication Title: | International Journal of Law in Context | ||||||
| Publisher: | Cambridge University Press | ||||||
| ISSN: | 1744-5523 | ||||||
| Official Date: | June 2014 | ||||||
| Dates: |
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| Volume: | Volume 10 | ||||||
| Number: | Number 2 | ||||||
| Page Range: | pp. 249-272 | ||||||
| DOI: | 10.1017/S1744552314000056 | ||||||
| Status: | Peer Reviewed | ||||||
| Publication Status: | Published | ||||||
| Access rights to Published version: | Restricted or Subscription Access |
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