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  • Author: Chuck Fang, Julian Schumacher, Christoph Trebesch
  • Publication Date: 01-2021
  • Content Type: Working Paper
  • Institution: Kiel Institute for the World Economy (IfW)
  • Abstract: Sovereign debt crises are difficult to solve. This paper studies the “holdout problem”, meaning the risk that creditors refuse to participate in a debt restructuring. We document a large variation in holdout rates, based on a comprehensive new dataset of 23 bond restructurings with external creditors since 1994. We then study the determinants of holdouts and find that the size of creditor losses (haircuts) is among the best predictors at the bond level. In a restructuring, bonds with higher haircuts see higher holdout rates, and the same is true for small bonds and those issued under foreign law. Collective action clauses (CACs) are effective in reducing holdout risks. However, classic CACs, with bond-by-bond voting, are not sufficient to assure high participation rates. Only the strongest form of CACs, with single-limb aggregate voting, minimizes the holdout problem according to our simulations. The results help to inform theory as well as current policy initiatives on reforming sovereign bond markets.
  • Topic: Debt, Economics, International Political Economy, Law, Credit
  • Political Geography: Global Focus
  • Author: Erica Bosio, Simeon Djankov, Edward Glaeser, Andrei Shleifer
  • Publication Date: 08-2020
  • Content Type: Working Paper
  • Institution: Peterson Institute for International Economics
  • Abstract: This paper examines a new dataset of laws and practices governing public procurement, as well as procurement outcomes, in 187 countries. The authors measure regulation as restrictions on the discretion of the procuring agents. They find that laws and practices are highly correlated with each other across countries, and better practices are correlated with better outcomes, but laws themselves are not correlated with outcomes. To shed light on this puzzle, they present a model of procurement in which both regulation and public sector capacity determine the efficiency of procurement. In the model, regulation is effective in countries with low public sector capacity and detrimental in countries with high public sector capacity because it inhibits the socially optimal exercise of discretion. The paper finds evidence broadly consistent with this prediction: Regulation of procurement improves outcomes but only in countries with low public sector capacity.
  • Topic: Government, Law, Regulation, Procurement
  • Political Geography: Global Focus
  • Author: Tanya Goldman, David Weil
  • Publication Date: 02-2020
  • Content Type: Working Paper
  • Institution: Institute for New Economic Thinking (INET)
  • Abstract: The nature of work is changing, with workers enduring increasingly precarious working conditions without any safety net. In response, this Article proposes a new “Concentric Circle framework” which would improve workers’ access to civil, labor, and employment rights. Many businesses, including app-based platforms, have restructured toward “fissured workplace” business models. They treat workers like employees (specifying behaviors and closely monitoring outcomes) but they classify workers as independent contractors (engaging them at an arms-length and cutting them off from rights and benefits tied to employment). These arrangements confound legal classifications of “employment” and expose deficiencies with existing workplace protections, which are based on “employment relationships.” As a result, a growing number of workers lack both bargaining power and critical workpalce rights and benefits. We propose a Concentric Circle framework to better govern workers’ rights in the modern era. At the core, we maintain that certain rights and protections should not be tethered to an employment relationship, but to work itself. Thus, the right to be compensated for work and paid a minimum wage; freedom from discrimination and retaliation; access to a safe working environment, and the right to associate and engage in concerted activity should belong to all workers, not just employees. Second, as a middle circle, we argue for a rebuttable presumption of employment to address those rights that remain exclusive to employees (and not independent contractors), and we propose an updated legal test of employment. Finally, at the outer ring of the framework, we suggest policies that could enhance workers’ access to benefits that promote worker mobility and social welfare. Other scholarship has focused exclusively on either independent contractors or employees, or it has proposed a new category of worker altogether. We contend that this comprehensive framework better assigns rights, responsibilities, and protections in the modern workplace than do current legal doctrines or alternative proposals.
  • Topic: Economics, Labor Issues, Law, Legal Theory , Civil Rights, Legal Sector, Workforce
  • Political Geography: Global Focus
  • Author: Elena D'Agostino, Daniel J. Seidmann
  • Publication Date: 02-2020
  • Content Type: Working Paper
  • Institution: Nottingham Interdisciplinary Centre for Economic and Political Research (NICEP)
  • Abstract: Is it better to have the first or the last word in two-round debates like common law trials? If litigants always share available witnesses then they never prefer to present first (to lead), and may prefer to follow; and they never prefer to choose the order after observing the available witnesses than to always follow. Litigants can prefer to lead if they have different available witnesses because the outcomes when some litigant leads coincide with the outcomes in an alternative game where that litigant follows, but commits to its reaction function before observing its available witnesses. Leading is therefore a commitment device.
  • Topic: Law, Criminal Justice, Legal Sector
  • Political Geography: Global Focus
  • Author: Beth English
  • Publication Date: 12-2019
  • Content Type: Working Paper
  • Institution: Liechtenstein Institute on Self-Determination, Princeton University
  • Abstract: This volume is a sampling of research conducted by student fellows in the Project on Gender in the Global Community (GGC) at the Liechtenstein Institute on Self-Determination at Princeton University. Over the course of the 2018-19 academic year, GGC fellows pursued independent, academically rigorous research around a topic of their choosing. The papers in this volume represent a variety of disciplines and methodologies, and the range of work undertaken by students throughout the year—some in connection to course work, junior policy seminars and senior theses, others as stand-alone research papers, and still others as short framing essays intended to serve as starting points for larger long-term research projects. The volume is divided into three sections focusing on 1) gender and domestic political contexts, 2) violence against women and women in conflict, and 3) policy and political leadership.
  • Topic: Gender Issues, Law, Leadership, Gender Based Violence , Conflict
  • Political Geography: Global Focus
  • Publication Date: 09-2019
  • Content Type: Working Paper
  • Institution: Nonproliferation Policy Education Center
  • Abstract: The Nonproliferation Policy Education Center (NPEC) and the American Bar Association Standing Committee on Law and National Security (SCOLNS) held a law and policy workshop on Thursday, June 20, 2019. The workshop was the second collaboration between NPEC and SCOLNS, and it concerned the legal and policy issues that are emergin as space becomes increasingly commercialized and accesible. As the emerging space domain presents new challenges and opportunities, it is the hope of SCOLNS and NPEC that this report will guide future legal and policy decisions. The workshop sought to address a series of questions regarding national security challenges in space: Commercial Space: What will be profitable and when? Future Undesirable Space Conjunctions: Who is and should be liable? Insuring Against Unwanted Space Conjunctions: What new norms, regulations, laws, and understanding might be desirable? The workshop was comprised of experts from NPEC, SCOLNS, the U.S. Air Force, the Defense Intelligence Agency, the Department of Commece, the Department of States, nonprofits, think tanks, academia, and private companies and individuals. The discussion was governed under Chatham House rules, and therefore ideas and group affiliations from the workshop were not attributed to specific individuals.
  • Topic: Science and Technology, Law, Space, Public Sector, Norms, Private Sector
  • Political Geography: Global Focus
  • Author: Chanya Punyakumpol
  • Publication Date: 02-2019
  • Content Type: Working Paper
  • Institution: Centre for Trade and Economic Integration, The Graduate Institute (IHEID)
  • Abstract: Is there a doctrine of 'stare decisis' in international trade and international investment law? From a positive law perspective, the answer is a definite no. However, as many scholars have observed, in practice, there has been a strong level of deference from the Appellate Body to its previous rulings, but less so from investment tribunals. Using social network analysis to assess actual citations from the Appellate Body Reports and investment arbitrations from the inception to the current time, this paper examines the evolution and 'status quo' of citation networks in international trade and international investment arbitrations. It asks, not only whether there is a 'de facto' rule of precedent in the two regimes, but also when it occurs and how the development links with the institutional design of dispute settlement. The results show how the doctrine of 'stare decisis' diverges in international trade and international investment, as well as the importance of institutional design in shaping and constraining the behaviors of tribunals.
  • Topic: Economics, Globalization, International Trade and Finance, Law, Finance, Global Political Economy
  • Political Geography: Global Focus
  • Author: Howard Varney, Shenali De Silva, Alexandra Raleigh
  • Publication Date: 10-2019
  • Content Type: Working Paper
  • Institution: The International Center for Transitional Justice (ICTJ)
  • Abstract: Prosecution guidelines provide benchmarks for decision making and act as a shield for prosecutors in the face of undue influence, pressure, or interference. Prosecutors pursuing sensitive cases, such as those involving mass atrocities, ought to do so by applying binding, objective, fair and publicly known criteria. This report presents a comparative overview of prosecution guidelines from around the world in "ordinary" times and in the context of post-conflict transitions.
  • Topic: Law, Transitional Justice, Criminal Justice, Justice
  • Political Geography: Global Focus
  • Author: Lisa Sachs, Lise Johnson, Brooke Güven, Jesse Coleman
  • Publication Date: 03-2018
  • Content Type: Working Paper
  • Institution: Columbia Center on Sustainable Investment
  • Abstract: This paper analyzes the expected benefits of investment treaties, including: increased inward investment, increased outward investment, and depoliticization of investment disputes. It then considers evidence of the costs of investment treaties, including: litigation, liability, reputational cost, reduced policy space, distorted power dynamics, reduced role for domestic law-making, and uncertainty in the law. The authors set forth practical steps that states can take relating to both existing treaties as well as future treaties with an objective of increasing desired benefits and decreasing unexpected and high costs of investment treaties.
  • Topic: Treaties and Agreements, Law, Legal Theory , Investment
  • Political Geography: Global Focus
  • Author: Leonardo Borlinia, Francesco Montanaro
  • Publication Date: 03-2018
  • Content Type: Working Paper
  • Institution: Centre for Trade and Economic Integration, The Graduate Institute (IHEID)
  • Abstract: This article examines the recent evolution of the EU anti-money-laundering (AML) and counter-terrorist financing (CTF) legislative framework, focusing on the relationship between the main international standards in the field and the newest EU legislation. It suggests that international soft law norms—in particular, the Financial Action Task Force (FATF) Recommendations—have had a decisive influence on the latest development of legislation at the EU level and within its member states. It further argues that mainly the preventive component of the AML/CTF legislation will be strengthened by the EU instruments adopted in mid-2015. However, this Article concludes that the adoption of global soft standards has posed significant challenges to the EU legislative framework. The arguments are developed in four parts. The Article first highlights the main regulatory prescriptions that stem from the study of the phenomenology and the economics of AML/CTF regulation and underpin the current international regulatory paradigm. Second, it explores the evolution of the main international instruments in the field with a special focus on the role played by the FATF Recommendations. It also illustrates the relation between these instruments and the adoption of the new EU AML/CTF legislation from two different, but complementary, angles: (1) noting that the current international AML/CTF framework has a multidisciplinary approach, the Article focuses on the framework's repressive component and assessing the limits of the EU criminal approach against money laundering and terrorist financing; and (2) examining the recent EU preventive legislation and addressing the main challenges posed to the EU legislative framework when attempting to accommodate global standards, especially regarding tensions with fundamental freedoms and human rights protected within the EU.
  • Topic: Corruption, Crime, Economics, International Trade and Finance, Law, Finance, Global Political Economy
  • Political Geography: Global Focus