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The author of this thesis raised question if the insolvency of a State is the legitimate basis for suspension or repudiation on international financial obligations. Since there is no uniform way to deal with the issue, the attention is given to different practices and guidelines of court’s reasoning. In order to answer the legal question, prove or neglect the hypothesis and fulfill goals descriptive, analytical and comparative methods are used. The paper consists of four major parts and proceeds in the following order. Part one provides general understanding of State as subject of international law, gives basic legal characteristics of Sovereign debt, introduces the legal definition of insolvent State and explores responsibility of the State in case of unilateral suspension or repudiation on external public debt. The second part explores the existing judicial regulation, defines the absence of international law containing a uniform or a codified insolvency law of states and outlines the main principles applicable to the dispute resolution between insolvent Sovereign State and its creditors. This section also analyzes the frequent practice of solvency crises resolutions and sifts through main judicial problems. It is concluded that current Sovereign crisis resolution violates the main fundamental principle of the rule of law: that one must not be judge in one's own cause. Author emphasizes that diversity among creditors creates uncertainty among all participants as to how... [to full text] / Darbo tikslas yra atsakyti į klausimą, ar valstybės nemokumas yra teisėtas pagrindas sustabdyti arba panaikinti tarptautinių įsipareigojimų vykdymą. Jam pasiekti naudojami aprašomasis, analitinis bei palyginamasis metodai. Magistro baigiamasis darbas yra sudarytas iš keturių pagrindinių dalių. Pirmiausia yra pristatoma valstybės kaip tarptautinės teisės subjekto samprata, bendra valstybės skolos charakteristika, pateikiamas nemokios valstybės apibrėžimas bei analizuojama valstybės atsakomybė vienašališkai sustabdant tarptautinių įsipareigojimų vykdymą arbą jų atsisakant. Antrojoje dalyje atskleidžiama nemokios valstybės is jos kreditorių santykių reglamentacija, aptariami bendrieji teisės principai taikytini valstybės nemokumui. Analizuojama dabartinė nemokių valstybių problemų sprendimo praktika bei atskleidžiamos pagrindinės teisinės problemos. Trečioji dalys yra skirta sąlygų, kurioms esant nemoki valstybė gali teisėtai atsisakyti vykdyti savo finansinius įsipareigojimus, analizei. Prieinama prie išvados, kad valstybės nemokumas gali būti teisėtas pagrindas sustabdyti arba panaikinti tarptautinių įsipareigojimų vykdymą , tačiau tik esant tam tikroms aplinkybėms – kuomet tarptautinių finansinių įsipareigojimų vykdymas pažeidžia pagrindinius nemokios valstybės piliečių poreikius bei teises. Paskutinėje dalyje pristatomi siūlymai kaip galima būtų teisiškai reguliuoti nemokios valstybės ir jos kretitorių santykius. Pateikti projektai palyginami, aptariamos jų trūkumai ir... [toliau žr. visą tekstą]

The purpose of this thesis is to examine the effects of macroeconomic  indicators on the government debt of Portugal, Italy, Ireland, Greece and Spain (PIIGS), based on the data from 1990 to 2010 and employed a panel data model. The research finds that the macroeconomc conditions of the PIIGS are all deteriorated to some extent, and these deteriorations lead the accumulation of government debt. The expansionary fiscal policy is an important factor that accounts for the high debt ratio of the PIIGS. On the other hand, the discrepancy between the unified monetary policy and the separated fiscal policy obstructs the adjustment mechanism by the individual government, and leads the exchange rate and interest rate instruments not efficient.

Thesis (Ph.D.)--Victoria University (Melbourne, Vic.), 2009.

Malgré la fréquence des périodes de crises financières, les États ne bénéficient pas d’un mécanisme d’insolvabilité. Prenant acte de cette absence de régulation institutionnelle, notre recherche poursuit un double objectif : identifier les outils existants pour traiter l’insolvabilité de l’État et évaluer leur efficacité. L’insolvabilité de l’État présente plusieurs spécificités. La première découle de l’absence de régulation en la matière : à défaut de mécanisme d’insolvabilité applicable, c’est le juge qui est susceptible d’être saisi. La seconde relève de la personne du débiteur. La qualité souveraine de la partie débitrice influe sur les modalités de concrétisation de l’insolvabilité. Dans une telle situation, l’État est tenté d’intervenir unilatéralement sur sa dette, soit pour annuler les contrats de prêt, soit pour les suspendre ou les modifier. Enfin, la troisième spécificité réside dans la personne des créanciers. Ceux-ci ne forment pas un tout uniforme. Ils sont issus d’ordres juridiques divers et poursuivent des objectifs variés. Pour répondre à chacune de ces difficultés, le droit international privé constitue un outil privilégié, du moins à l’égard des créanciers privés. Face aux difficultés soulevées par l’insolvabilité de l’État, le résultat est cependant contrasté. Lors de la question de l’accès au juge, le droit international privé se révèle décevant. Il n’est pas apte à satisfaire un traitement unitaire de l’insolvabilité. En revanche, les mécanismes substantiels de droit international privé apportent des progrès significatifs. S’ils sont adaptés, ils sont susceptibles d’assurer une certaine régulation de l’insolvabilité étatique. / Despite the large number of sovereign debt crises around the world over the centuries, international law on the matte is still very much underdeveloped. There exists no bankruptcy regime applicable to sovereign states. With this lack of institutional regulation in mind, our research aims at identifying a set of tools that can be used in order to provide a satisfactory treatment of state insolvency. State insolvency has specific characteristics. Firstly, due to the lack of regulation, the judge is the only authority that can be seized in case of insolvency. Secondly, being a sovereign powers in order to repudiate or modify sovereign debt. It can also declare a moratorium. Thirdly, the insolvency involves various creditors who each have different goals. They come from different legal orders. Private international law is a primary tool to tackle these issues, at least when creditors are private persons. However, the results of this research are contrasted. Private international law is unable to address the difficulties related to the access to the courts. Before judges, the treatment of State insolvency can only be fragmentary. By contrast, at a substantial level, some private international law mechanisms can sustain progress. If they are adjusted, they ensure a certain amount of state insolvency regulation.

This thesis consists of three chapters on macroeconomics and international economics. The first studies the effectiveness of macroprudential policies in a New Keynesian dynamic stochastic general equilibrium framework with financial frictions. Profit-maximizing banks with endogenous leverage ratio expand credit lending during economic booms and become increasingly vulnerable to unanticipated economic shocks. Countercyclical macroprudential instruments are found to be effective in dampening economic fluctuations and stabilizing the credit cycle. However, a policy regulating the loan-to-value ratio of the residential households causes a credit shift towards the business sector. Optimal simple rules are selected using welfare analysis to provide practical implications for the evaluation, estimation and future implementation of macroprudential policies in alleviating economic risk of financial intermediaries. The second chapter examines the impact of political risk on sovereign default. An economic model with endogenous default decisions shows that political instability increases the likelihood of sovereign default. A quantitative analysis using data from 68 countries in the period from 1970 to 2010 finds that both short and long-run aspects of the political environment have significant effects. The findings suggest that a country is more likely to experience default when i) it has a relatively younger political regime in place; ii) it faces a higher chance of political turnover; and iii) it has a less democratic political system. The third chapter investigates the bidirectional relationship between banking and sovereign debt crisis. An economic model with financial intermediaries and a government sector shows that sovereign default may cause a banking crisis as banks hold a large amount of government bonds. Nevertheless, a significant amount of bailouts or bank guarantees may constrain the short-term liquidity of the government sector and trigger a sovereign debt crisis. Empirical studies using the credit default swap spreads of the Eurozone support the two-way linkage. Quantitative results also show increasing spillover effects across borders as globalization leads to greater integration of financial markets.

[pt] O presente estudo documenta a relação entre a volatilidade do risco soberano e adesão ao padrão-ouro no período clássico, entre 1870 e 1914. A aplicação do modelo econométrico de FCGARCH (ou Flexible Coefficient GARCH) evidencia que regimes de baixa volatilidade de spreads – tal como medido pela diferença entre a taxa de juros obtida pelos empréstimos soberanos no mercado londrino e a contra-partida sem risco, os consols britânicos – estiveram associados a adesão ao padrão-ouro. De forma geral, interpretase que a baixa variância gerou as pré-condições necessárias para adesão ao regime, especialmente para países da periferia. Trabalhos anteriores limitavam-se à análise do comportamento da média dos spreads quando da adesão ao regime, sem encontrar nenhum efeito significativo. / [en] This research documents the relationship between sovereign risk volatility and gold standard adherence in the classical period comprised between 1870 and 1914. The application the econometric model of FCGARCH (or Flexible Coefficient GARCH) provides evidence that regimes of low volatility of spreads – as measured by the difference between the interest rate accrued by sovereign debt floated in the City of London and its risk-free counterpart, the British consols – were associated to adherence to the gold standard. In a general manner, it is interpreted that the low variance created the necessary preconditions for gold standard adherence, specially for countries in the periphery. Earlier papers on this subject analyzed the mean spread behavior when country adopted the regime, and no significant effect was found.

O presente trabalho examinará a temática da imunidade de jurisdição do Estado estrangeiro em relação às violações aos Direitos Humanos. Na primeira parte, será abordada a configuração do instituto da imunidade de jurisdição do Estado estrangeiro, analisando seus fundamentos (soberania, independência, igualdade e dignidade), operando a distinção entre jurisdição, competência e imunidade do Estado estrangeiro, abordando a questão da transição do paradigma absoluto ao relativo e examinando como se deu esta transição na jurisprudência do Brasil. Na segunda parte do trabalho, tratar-se-á da oposição entre os Direitos Humanos em relação à imunidade de jurisdição do Estado estrangeiro, examinando-se as novas abordagens teóricas a respeito (teoria da renúncia implícita, teoria da hierarquia normativa, teoria da jurisdição universal, teoria da opção e da calculabilidade do risco, teoria e teoria do benefício coletivo), bem como suas repercussões jurisprudenciais, além de se propor uma síntese entre as teorias, para, finalmente, analisar o panorama jurisprudencial brasileiro na questão da imunidade de jurisdição em relação a violações de Direitos Humanos por Estado estrangeiro. / This paper will examine the issue of sovereign immunity regarding Human Rights violations. The first part will look at the configuration of the State’s jurisdictional immunity, analyzing its foundations (sovereignty, independence, equality and dignity), operating the distinction between jurisdiction, competence and sovereign immunity, addressing the transition from the absolutist paradigm to a relative one and examining how this transition occurred in Brazilian case-law. In the second part, the opposition between Human Rights and State’s jurisdictional immunity will be addressed by examining new theoretical approaches about the issue ( the implied waiver theory, the normative hierarchy theory, the universal jurisdiction theory, the option-risk calculability theory and the theory of collective benefit) as well as its repercussions in case law, in addition to proposing a synthesis between the theories, to finally analyze the Brazilian case-law on the question of sovereign immunity and Human Rights violations.

Fundação Carlos Chagas Filho de Amparo a Pesquisa do Estado do Rio de Janeiro / Esta tese de doutorado é dedicada ao estudo do pensamento de Nietzsche quanto à liberdade e à responsabilidade. Circunscrevendo-se no período que vai de Humano, demasiado Humano até as obras da maturidade produtiva do filósofo, o autor busca identificar os diversos meios que o pensador usou para tentar conceber uma noção de liberdade individual que não incorresse nos pressupostos metafísicos que historicamente determinaram seu conceito, problematizando assim as noções de sujeito, autodeterminação, intencionalidade, vontade, metas, motivos da ação e, particulamente, a noção de responsabilidade. Por meio da análise crítica de determinadas referências teóricas do filósofo, junto de uma leitura cronológica que acompanha as transformações conceituais presentes nas obras publicadas e nas anotações póstumas, esta pesquisa mostra o caminho de experimentação por meio do qual o pensamento de Nietzsche tomou forma e amadureceu ao longo dos anos. O problema que orienta toda a concepção da tese é o questionamento sobre como ser possível a responsabilidade no interior da própria desconstrução do sentido quanto aos critérios de avaliação das ações, de seus motivos e objetivos. Neste sentido, esta pesquisa investiga como Nietzsche busca por outros critérios que possibilitem avaliações e ações com engajamento efetivo e duradouro. Na medida em que sua busca por superação da metafísica envolve o ensaio de pensar num outro modo de relação com a prática de estabilização do devir que não exclua a assunção de sua vigência e as consequências disso, o autor postula a hipótese interpretativa de que o ideal moral de Nietzsche reside na figura do indivíduo soberano apresentado em Para a Genealogia da Moral, no qual se concretizaria a viabilidade de uma forma de comprometimento com projetos e pessoas, reinstaurando-se a liberdade e a responsabilidade como critérios de autorealização que superem, ao mesmo tempo, os seus tradicionais critérios metafísico-niilistas, por meio de uma outra compreensão de subjetividade e de autodeterminação, a partir da prática de experimentos de auto superação que não incorram necessariamente na impossibilidade de engajamentos duradouros. / The study of Nietzsche's thoughts on freedom and responsibility is at the center of this doctorates thesis. The research focused on the period from Human, All Too Human to the productive works of the philosophers maturity. The author aims to identify the various means that the thinker used to try to envisage a notion of individual freedom that is not subjected to the metaphysical assumptions that historically determined its concept. Thus questioning the notions of subject, self-determination, intentionality, will, goals, and actions motives, in particular, the notion of responsibility. Through critical analysis of particular theoretical references of the philosopher, alongside chronological reading of the conceptual transformations present in the published works and posthumous notes, this research shows the path of experimentation through which Nietzsche's thought took shape and matured over the years. The questionof how responsibility could be possible when its meaning is deconstructed in terms of traditionalcriteria for evaluating actions, their motives and goals, guides the thesis. In this sense, this research investigates how Nietzsche searches for other criteria that enable reviews and actions with effective and lasting engagement. Insofar as his quest to supersedemetaphysics involves the practicing of thinking in another way of relating with the practice of stabilization of becoming that does not exclude the assumption of its validity and the consequences of such, the author postulates an interpretive hypothesis. This contends that the moral ideal of Nietzsche lies in the figure of the sovereign individual presented in On the Genealogy of Morals. In this figure, the feasibility of a form of commitment to projects and people would materialize, reintroducing freedom and responsibility as criteria for self-realization that overcome, at the same time, their traditional metaphysical nihilist criteria. This being achieved by means of further understanding of subjectivity and self-determination, from the practice of experiments of self-overcoming, which do not necessarily entail the impossibility of lasting commitments.

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