Recent jurisdictional decisions suggest that sovereign debt will be subject to bilateral investment treaties (BITs) for the foreseeable future. This Article argues that applying BITs to sovereign bonds threatens to undermine the core economic function of those treaties by encouraging inefficient state and creditor behavior and raising the overall cost of sovereign debt. It further argues that this concern can be addressed through an interpretative approach that leads to the equal treatment of like creditors.

中文翻译：

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双边投资条约与债券：主权债务的国际法和经济学

最近的管辖权决定表明，在可预见的未来，主权债务将受双边投资条约 (BITs) 的约束。本文认为，将双边投资条约应用于主权债券可能会通过鼓励低效率的国家和债权人行为并提高主权债务的总体成本，从而破坏这些条约的核心经济功能。它进一步认为，这种担忧可以通过一种解释性的方法来解决，这种方法导致对类似债权人的平等待遇。