Part I of this Note examines the concept of sovereignty and the role of the International Monetary Fund (Fund) as an instrument of supranational or joint sovereignty. Part II traces the development of economic dependence in Mexico and Argentina, examines the history of both public and private lending to these nations, and suggests that their current indebtedness is an extension of a chronic need for imported capital. Part III discusses the growth of international bank lending to developing countries in the 1970's, and Part IV examines the Fund's role in the renegotiation of sovereign debt. Part V addresses the relationship between modern economic interdependence and sovereignty. The Note concludes that the relationship between commercial bank creditors and their sovereign debtors is one that has grown beyond the legal mechanisms that coordinate international economic relations.
Elizabeth Smith Stukey,
Economic Interdependence and the Sovereignty of Debtor Nations: A Comparison of Mexican and Argentine Reactions to International Monetary Fund Stabilization,
8 Fordham Int'l L.J. 544
Available at: http://ir.lawnet.fordham.edu/ilj/vol8/iss3/7