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March 16, 2021
Ryan Leary Authors Chapter on Puerto Rican Contract Provisions, Default Risks, and Bond Prices in Oxford University Press Book on Sovereign Debt

Brattle Associate Dr. Ryan Leary has coauthored a chapter in Oxford University Press’ Sovereign Debt Diplomacies: Rethinking Sovereign Debt from Colonial Empires to Hegemony. The book aims to revisit the meaning of sovereign debt related to colonial history and postcolonial developments through three contributions: historical studies, “law and society” focused studies of debt, and colonial and postcolonial studies.

Puerto Rico’s financial crisis – and related $72 billion debt burden – marks the most significant municipal restructuring in US history. Dr. Leary and Professor Anusha Chari authored “Contract Provisions, Default Risk and Bond Prices: Evidence from Puerto Rico.” The chapter conducts a case study to investigate the pricing of key contract provisions of Puerto Rican debt.

The full book, Sovereign Debt Diplomacies: Rethinking Sovereign Debt from Colonial Empires to Hegemony, is available below.