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53 Emory L.J. 691 (2004)
Between Mandate and Market: Contract Transition in the Shadow of the International Order

handle is hein.journals/emlj53 and id is 703 raw text is: BETWEEN MANDATE AND MARKET: CONTRACT TRANSITION IN THE SHADOW OF THE INTERNATIONAL ORDER Robert B. Ahdieh* IN TRO D UCTION ................................................................................................ 693 I. THE SLOW AND SUDDEN EVOLUTION OF SOVEREIGN D EBT C ONTRACTS ................................................................................ 697 A. Unanimous and Collective Action in Sovereign D ebt R estructuring ....................................................................... 698 B. Holdout Creditors and the Bumpy Road to D ebt R estructuring ....................................................................... 702 1. An International Bankruptcy Regime? ................................... 705 2. Institutional Versus Contractual Remedies to the Restructuring Dilemma ................................................ 707 II. A NETWORK THEORY OF SOVEREIGN DEBT CONTRACTING ................ 710 A. Toward a Network Conception of Sovereign D ebt Contracting .......................................................................... 710 B. Network Effects, Stasis, and Change in Sovereign Debt Contracting ......................................................... 721 III. COORDINATION GAMES, FOCAL POINTS, AND A CUEING THEORY OF SOVEREIGN DEBT TRANSITION ......................................... 728 A. A Game Theoretic Account of Sovereign D ebt Contracting .......................................................................... 729 B. Regulatory Cues in Sovereign Debt Contract Transition ............. 736 1. Regulatory Cues of Creditor States and the Official Sector ........................................................... 736 2. Emerging Market Regulatory Cues ........................................ 740 C. The Nature and Role of Regulatory Cues ..................................... 742 * Associate Professor of Law, Emory University School of Law. A.B., Princeton University; J.D., Yale University. Thanks to Mitu Gulati for inviting me to participate in Georgetown University's Conference on Sovereign Debt Restructuring: The View from the Legal Academy, and for his generous assistance in educating me in the complexities of sovereign debt. For their guidance on earlier drafts of this Article, I am grateful to Ralph Brubaker, Lee Buchheit, Bill Buzbee, Bill Carney, Steve Choi, Michael Gibson, Allen Kamp, Bill Klein, Peter Linzer, Marc Miller, Ashok Mody, James Nehf, Robert Schapiro, and David Slawson. Thank you also to my research assistants, for their indefatigable labors.

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