BITS & BONDS: THE INTERNATIONAL LAW AND ECONOMICS OF SOVEREIGN DEBT

• 成果类型: Article
• 署名作者: Pahis, Stratos
• 署名单位: New York University; Wake Forest University
• 刊物名称: AMERICAN JOURNAL OF INTERNATIONAL LAW
• ISSN/ISSBN: 0002-9300
• DOI: 10.1017/ajil.2021.1
• 发表日期: 2021
• 页码: 242-280
• 关键词: investment treaty arbitration

摘要

Recent jurisdictional decisions suggest that sovereign debt will be subject to bilateral investment treaties (BITs) for the foreseeable future. This Article argues that applying BITs to sovereign bonds threatens to undermine the core economic function of those treaties by encouraging inefficient state and creditor behavior and raising the overall cost of sovereign debt. It further argues that this concern can be addressed through an interpretative approach that leads to the equal treatment of like creditors.