Anna Gelpern

@agelpern.bsky.social

Law professor #DebtCon #PublicDebtIsPublic #sovereigndebtforum #lawandmacro

WB Law Justice & Development Week 2025, livestream session "Navigating the Legal Complexities of Sovereign Debt," 4 November 4PM moderated by Nicole Kearse, speakers from IMF, African regional institutes, Liberia, AfDB, @agelpern.bsky.social www.worldbank.org/en/events/20...

Navigating the Legal Complexities of Sovereign Debt

LJD Week 2025 Session. Explore innovative legal strategies for sovereign debt management from the African Legal Support Facility's experience, research, and tools.

worldbank.org

Developed through an interdisciplinary collaboration between Sovereign Debt Forum, Queen Mary University of London’s Centre for Commercial Law Studies, Georgetown Law’s Institute of International Economic Law, and Georgetown’s Massive Data Institute

5/ The legal side is just as important. Most contracts assume hard enforcement — but sovereign debt lives in a gray zone. Lawyers and economists often speak past each other. We try to bridge that gap

4/ Debt models built on “limited commitment” can’t handle the real world. Governments borrow more than they should, default less than predicted, and often repay despite having no legal reason to.

3/ We argue that it’s time to ditch the old split between developing countries and advanced economies and suggest that we’ve focused too much on immunity and not enough on authority — the state’s power to write rules, manage institutions, and shape financial architecture.