Trustees versus fiscal agents and default risk in international sovereign bonds

Over the last 10?years, organisations such as the IMF have launched several initiatives to change market practice with respect to sovereign bond contract drafting to ease restructuring after defaults. The first of these, the universal adoption of collective action clauses, was embraced by the market after some hesitation. Another proposal??the more widespread appointment of trustees to represent bondholders in times of crisis, to centralise enforcement action against the debtor and thus to facilitate debt relief??has so far failed to have the desired impact. Amongst other potential reasons for this failure, the argument has been made that to vest enforcement rights in the trustee, as opposed to individual bondholder rights, would be to reduce the deterrence against opportunistic defaults and thus to exacerbate moral hazard. Using a sample of secondary market bond spreads and information on default status, this paper assesses empirically whether sovereign bonds issued under a trust structure indeed carry a higher default risk. It finds no systematic evidence of either a spread premium or higher actual default rates for bonds with collective enforcement rights.     

Comparing urban renewal in Barcelona and Seoul—urban management in conditions of competition among global cities

Cities have become increasingly autonomous economic and political actors which actively respond to the pressures and opportunities of globalisation. Consequently, the urban management of any particular city is often based on the assumption that the city can improve its position against rival cities by efficiently managing its strategic resources and promoting its presumed advantages. Though such an approach to urban management may help cities to improve their global competitiveness and the quality of their residents’ everyday life, it can sometimes result in negative consequences at the local level, thus actually narrowing the development prospects of the cities in the end. This article discusses urban management against the backdrop of the competitive urban policy in Barcelona and Seoul, and compares the local consequences of urban renewal in both cities. Based on a comparison of the two cases of urban renewal, 22@ Activity District in Barcelona and the Cheonggyecheon restoration in Seoul, this article argues that, in conditions of competition among global cities, even very different approaches to urban management and urban renewal may result in similar consequences at the local level.     

Polymorphism of four X-chromosomal STR loci in Belarusians and Slovaks

We have investigated four X-chromosomal STR loci (a tetranucleotide repeat marker HPRTB, DXS7423 and trinucleotide repeat systems DXS101, DXS8377) in population samples of unrelated Belarusian and Slovak males (N = 180 and 116, respectively).Markers were amplified in a multiplex PCR reaction with primers labeled with fluorescent dyes 5-FAM and 5-JOE (dye set F). The separation and detection of PCR products were performed by capillary electrophoresis on a 3130 Genetic Analyzer (Applied Biosystems), using positive controls (K562 and NA9947A) and the GeneScan-500 ROX internal lane standard. Allele designation was based on comparison with the constructed allelic ladder. We performed statistical analysis estimating power of discrimination for males (PD_male). Our data was compared with European populations from Poland and Germany. The obtained data are useful in forensic practice and they contribute to creation of national X-STR databases in Belarus and Slovakia.     

Lebensgef?hrte der Mieterin im Schutzbereich des Mietvertrags?

Die Schutz- und Sorgfaltspflichten des Bestandgebers (hier die Pflicht zur R?umung und Streuung des Besucherparkplatzes) bestehen nicht nur gegenüber dem Bestandnehmer, sondern auch gegenüber den zu dessen Hausgemeinschaft geh?renden Familienangeh?rigen und Hausangestellten, nicht jedoch gegenüber Personen, die sich nur kurzfristig in den Mietr?umen aufhalten, wie G?ste, Lieferanten, Handwerker oder blo?e Besucher, mag es sich dabei auch um Angeh?rige des Mieters handeln. Der Lebensgef?hrte der Mieterin geh?rt nur dann zum Schutzbereich des Mietvertrags, wenn er mit ihr in Wohnungsgemeinschaft lebt und somit zu ihrer Hausgemeinschaft geh?rt.