Recent state and municipal budget crises have generated a great deal of consternation among market participants and policymakers; they have also led scholars to debate the merits of bailouts or other forms of debt relief. This Essay considers why the mechanisms that were supposed to control...

This paper examines the comparative analysis of the average level of External Debts between Democratic and Military Regimes in Pakistan for the time period of 41 years spread over1972 to 2012. This tenure had a combination of military and democratic regimes. Independent sample t-test is used to...

The problem of odious debt typically arises when a despotic regime has incurred substantial sovereign debt and is then succeeded by a less-despotic, possibly democratic, regime that seeks to repudiate that debt. There is no agreed-upon method for dealing with attempts to repudiate odious debt....