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The Concept of Odious Debt : Some Considerations

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dc.contributor.authorNehru, Vikram
dc.contributor.authorThomas, Mark
dc.date.accessioned2012-05-31T22:15:01Z
dc.date.available2012-05-31T22:15:01Z
dc.date.issued2008-07
dc.description.abstractDespite the popularity of the term among advocates of debt forgiveness, there is little agreement on a workable definition of "odious" debts and there are but few examples where the concept has been invoked in law to justify non-payment of sovereign debts. Most often, these have been cases when a successor state or government has refused to honor certain debts contracted by its predecessor state or government. Repudiating sovereign debts on broader grounds - such as that money may have been misused by the borrower or that results were not as hoped for at the outset of lending - would create real risks not only of reduced financial flows to poorer countries as a result of the danger of ex post challenges to lenders' claims, but also of moral hazard and lack of project ownership. This paper presents a discussion of the extant legal and financial environment facing developing country sovereign borrowers and develops a proposed approach within this environment to address issues of concern underlying the concept of odious or illegitimate debt. The authors make the case for focusing attention on codes of conduct along the lines of the Equator Principles and on refining forward-looking attempts to increase aid effectiveness and recover stolen assets.en
dc.identifierhttp://documents.worldbank.org/curated/en/2008/07/9698381/concept-odious-debt-some-considerations
dc.identifier.doi10.1596/1813-9450-4676
dc.identifier.urihttps://hdl.handle.net/10986/6825
dc.languageEnglish
dc.relation.ispartofseriesPolicy Research Working Paper No. 4676
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectADVISORY SERVICES
dc.subjectAID EFFECTIVENESS
dc.subjectAPPROVAL PROCESS
dc.subjectARBITRAL AWARD
dc.subjectARBITRAL AWARDS
dc.subjectARBITRAL DECISIONS
dc.subjectARBITRAL TRIBUNALS
dc.subjectARBITRATION
dc.subjectARREARS
dc.subjectBALANCE SHEETS
dc.subjectBANKRUPTCY
dc.subjectBANKRUPTCY LAWS
dc.subjectBASIC NEEDS
dc.subjectBENEFICIARIES
dc.subjectBOND
dc.subjectBOND FINANCING
dc.subjectBONDHOLDERS
dc.subjectBORROWER
dc.subjectBORROWER GOVERNMENTS
dc.subjectBORROWING
dc.subjectBRIBES
dc.subjectCANCELLATION OF DEBT
dc.subjectCLAIM
dc.subjectCLASS OF DEBTS
dc.subjectCOMMERCIAL BANK
dc.subjectCOMMERCIAL BANK LOANS
dc.subjectCOMMERCIAL BANKING
dc.subjectCOMMERCIAL CREDITORS
dc.subjectCOMMERCIAL LENDING
dc.subjectCONTRIBUTION
dc.subjectCORRUPTION
dc.subjectCOST OF LOAN
dc.subjectCOURT OF JUSTICE
dc.subjectCREDITOR
dc.subjectCREDITORS
dc.subjectDEBT CONTRACTS
dc.subjectDEBT CRISIS
dc.subjectDEBT FORGIVENESS
dc.subjectDEBT MANAGEMENT
dc.subjectDEBT OBLIGATIONS
dc.subjectDEBT PROBLEM
dc.subjectDEBT PROBLEMS
dc.subjectDEBT REDUCTION
dc.subjectDEBT RELIEF
dc.subjectDEBT RELIEF INITIATIVE
dc.subjectDEBT REPAYMENTS
dc.subjectDEBT REPUDIATION
dc.subjectDEBT RESTRUCTURING
dc.subjectDEBT STOCKS
dc.subjectDEBT SUSTAINABILITY
dc.subjectDEBT TRAP
dc.subjectDEBTORS
dc.subjectDEBTS
dc.subjectDEVELOPING COUNTRIES
dc.subjectDEVELOPING COUNTRY
dc.subjectDEVELOPMENT ASSISTANCE
dc.subjectDEVELOPMENT FINANCE
dc.subjectDISCRIMINATION
dc.subjectDISPUTE RESOLUTION
dc.subjectDUE DILIGENCE
dc.subjectECONOMIC DEVELOPMENT
dc.subjectECONOMIC GROWTH
dc.subjectECONOMIC MANAGEMENT
dc.subjectECONOMIC POLICY
dc.subjectENFORCEABILITY
dc.subjectEQUITY PARTICIPATION
dc.subjectEQUITY STAKES
dc.subjectEXPATRIATE
dc.subjectEXPENDITURE
dc.subjectEXTERNAL DEBT
dc.subjectFIDUCIARY RESPONSIBILITIES
dc.subjectFINANCE CORPORATION
dc.subjectFINANCIAL AGENCIES
dc.subjectFINANCIAL ASSISTANCE
dc.subjectFINANCIAL CONTRACTS
dc.subjectFINANCIAL ENVIRONMENT
dc.subjectFINANCIAL FLOWS
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectFINANCIAL LAWS
dc.subjectFINANCIAL MANAGEMENT
dc.subjectFINANCIAL SUPPORT
dc.subjectFINANCIAL SYSTEMS
dc.subjectFINANCIAL TRANSACTION
dc.subjectFINANCIAL TRANSACTIONS
dc.subjectFINANCIER
dc.subjectFINANCIERS
dc.subjectFISCAL BURDEN
dc.subjectFLOW OF CAPITAL
dc.subjectFRAUD
dc.subjectGLOBALIZATION
dc.subjectGOOD FAITH
dc.subjectGOVERNANCE STANDARDS
dc.subjectGOVERNMENT ASSETS
dc.subjectGOVERNMENT BUREAUCRACY
dc.subjectGOVERNMENT FAILURES
dc.subjectHEAVILY INDEBTED COUNTRIES
dc.subjectHIGH INTEREST RATES
dc.subjectHUMAN RIGHTS
dc.subjectILLEGITIMATE DEBT
dc.subjectINDEBTED
dc.subjectINDEBTED COUNTRIES
dc.subjectINDEBTED POOR COUNTRIES
dc.subjectINDIVIDUAL LOAN
dc.subjectINDIVIDUAL LOANS
dc.subjectINFORMATION ASYMMETRY
dc.subjectINTEREST RATES
dc.subjectINTERNATIONAL BANK
dc.subjectINTERNATIONAL CAPITAL
dc.subjectINTERNATIONAL CAPITAL MARKETS
dc.subjectINTERNATIONAL COURT
dc.subjectINTERNATIONAL COURTS
dc.subjectINTERNATIONAL DEBT
dc.subjectINTERNATIONAL FINANCE
dc.subjectINTERNATIONAL FINANCIAL SYSTEM
dc.subjectINTERNATIONAL LAW
dc.subjectINTERNATIONAL LAWS
dc.subjectINTERNATIONAL LENDING
dc.subjectINTERNATIONAL STANDARDS
dc.subjectINVESTMENT CLIMATE
dc.subjectJUDGMENT
dc.subjectJUDGMENTS
dc.subjectJURISDICTION
dc.subjectJURISDICTIONS
dc.subjectLAW ENFORCEMENT
dc.subjectLEGAL AGREEMENTS
dc.subjectLEGAL NORM
dc.subjectLEGAL OBLIGATION
dc.subjectLEGAL PROCEDURES
dc.subjectLEGAL SYSTEM
dc.subjectLEGAL SYSTEMS
dc.subjectLENDER
dc.subjectLENDERS
dc.subjectLENDING POLICIES
dc.subjectLEVERAGE
dc.subjectLIABILITY
dc.subjectLOAN
dc.subjectLOAN AGREEMENT
dc.subjectLOAN AGREEMENTS
dc.subjectLOAN PROCEEDS
dc.subjectLOAN REPAYMENTS
dc.subjectLOSSES TO CREDITORS
dc.subjectMONIES
dc.subjectMORAL HAZARD
dc.subjectMULTILATERAL CREDITORS
dc.subjectMULTILATERAL DEBT
dc.subjectMULTILATERAL DEBT RELIEF
dc.subjectMULTINATIONAL
dc.subjectNATIONAL BUDGET
dc.subjectNATURAL DISASTERS
dc.subjectNEGOTIATION
dc.subjectNEGOTIATIONS
dc.subjectODIOUS DEBT
dc.subjectODIOUS DEBTS
dc.subjectPRIVATE BORROWERS
dc.subjectPROBABILITY
dc.subjectPUBLIC DEBT
dc.subjectPUBLIC DEBTS
dc.subjectPUBLIC POLICY
dc.subjectRECIPIENT COUNTRIES
dc.subjectREMEDIES
dc.subjectREMEDY
dc.subjectREPATRIATION
dc.subjectREPAYMENT
dc.subjectREPAYMENT CAPACITY
dc.subjectREPUDIATION OF DEBT
dc.subjectREPUDIATION OF DEBTS
dc.subjectRESERVE
dc.subjectRISK OF DEFAULT
dc.subjectSETTLEMENT
dc.subjectSHAREHOLDERS
dc.subjectSOCIAL DEVELOPMENT
dc.subjectSOVEREIGN BORROWER
dc.subjectSOVEREIGN BORROWERS
dc.subjectSOVEREIGN DEBT
dc.subjectSOVEREIGN DEBTORS
dc.subjectSOVEREIGN DEBTS
dc.subjectSOVEREIGN LENDING
dc.subjectSTATE DEBTS
dc.subjectTECHNICAL ASSISTANCE
dc.subjectTHIRD WORLD DEBT
dc.subjectTITLES
dc.subjectTRANSACTION
dc.subjectTRANSPARENCY
dc.subjectTREATIES
dc.subjectTREATMENT OF DEBT
dc.subjectTREATY
dc.subjectUSE OF LOAN PROCEEDS
dc.subjectWORTH
dc.titleThe Concept of Odious Debt : Some Considerationsen
dspace.entity.typePublication
okr.crossref.titleThe Concept Of Odious Debt: Some Considerations
okr.date.doiregistration2025-04-10T09:32:34.839348Z
okr.doctypePublications & Research::Policy Research Working Paper
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/2008/07/9698381/concept-odious-debt-some-considerations
okr.globalpracticeFinance and Markets
okr.globalpracticeTrade and Competitiveness
okr.guid542021468150313836
okr.identifier.doi10.1596/1813-9450-4676
okr.identifier.externaldocumentum000158349_20080723095102
okr.identifier.internaldocumentum9698381
okr.identifier.reportWPS4676
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2008/07/23/000158349_20080723095102/Rendered/PDF/WPS4676.pdfen
okr.topicFinance and Financial Sector Development::Access to Finance
okr.topicInternational Economics and Trade::External Debt
okr.topicFinance and Financial Sector Development::Bankruptcy and Resolution of Financial Distress
okr.topicFinance and Financial Sector Development::Debt Markets
okr.topicInternational Economics and Trade
okr.unitDevelopment Research Group (DECRG)
okr.volume1 of 1
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
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