Odious Debt Law-and-Economics Perspectives
The international debate on odious debt touches on many fundamental issues, including the intersection between ethics and finance, the moral responsibility of parties to international contracts and of sovereigns to their constituents. Stephania Bonilla an
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GABLER RESEARCH Ökonomische Analyse des Rechts Herausgegeben von Professor Dr. Peter Behrens Professor Dr. Thomas Eger Professor Dr. Manfred Holler Professor Dr. Claus Ott Professor Dr. Hans-Bernd Schäfer Professor Dr. Stefan Voigt (schriftführend) Universität Hamburg, Fakultät für Rechtswissenschaft und Fakultät für Wirtschafts- und Sozialwissenschaft
Die ökonomische Analyse des Rechts untersucht Rechtsnormen auf ihre gesellschaftlichen Folgewirkungen und bedient sich dabei des methodischen Instrumentariums der Wirtschaftswissenschaften. Sie ist ein interdisziplinäres Forschungsgebiet, in dem sowohl Rechtswissenschaftler als auch Wirtschaftswissenschaftler tätig sind und das zu wesentlichen neuen Erkenntnissen über Funktion und Wirkungen von Rechtsnormen geführt hat. Die Schriftenreihe enthält Monographien zu verschiedenen Rechtsgebieten und Rechtsentwicklungen.
Stephania Bonilla
Odious Debt Law-and-Economics Perspectives With a foreword by Prof. Dr. Hans-Bernd Schäfer
RESEARCH
Bibliographic information published by the Deutsche Nationalbibliothek The Deutsche Nationalbibliothek lists this publication in the Deutsche Nationalbibliografie; detailed bibliographic data are available in the Internet at http://dnb.d-nb.de.
Doctoral thesis, University of Hamburg, Graduiertenkolleg Recht und Ökonomik, 2010
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Foreword
If a private creditor gives a loan to a private person, knowing that the money is used to finance a crime, a civil court would declare the credit contract as nil and void. Contract law provides legal rules such as „void for illegality“ and principles of “good faith“ or “boni mores” to deal with such odious debts. This level of civilization achieved in private law has never been reached in international relations. If a sovereign state takes up an international credit to finance an aggressive war, an apparatus of oppression or to channel the money into the private coffers of office holders the rule of succession requires that a subsequent government has to honor the debt. This applies even if the creditor was aware of how the money was used and no matter what hardship this implies for the people in the debtor country. There are excep
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