This page intentionally left blank --  Debt-for-development exchanges are an important nancing tool for develop- ment. They make debt relief more politically and practically attractive to donor countries, and serve the development of recipient countries through the can- cellation of external debt and the funding of important development projects. This book commences by chronicling the emergence of debt-for-development exchanges from their forebears, debt–equity exchanges, and analyses why debt for development suffers from very few of the problems that plagued debt–equity. The book also analyses the different types of debt-for-development exchanges and the different ways they have been used by donor nations. The book then explores a range of critical perspectives on exchanges and concludes by considering a wide range of innovative uses for the funds generated by exchanges. Ross P. Buckley is a Professor of Law at University of New South Wales, a Fellow of the Asian Institute of International Financial Law of the University of Hong Kong and a Fellow of Australia , a national research organisation. He is the founding series editor of the Global Trade Law Series; series co-editor of the International Banking and Finance Law Series; and founding editor of the ‘Overseas Law’ column in the Australian Law Journal. He has written or edited eleven books and authored more than  book chapters and articles. Debt-for-Development Exchanges     Written and edited by ROSS P. BUCKLEY Faculty of Law, University of New South Wales    Cambridge, New York, Melbourne, Madrid, Cape Town, Singapore, São Paulo, Delhi, Tokyo, Mexico City Cambridge University Press  Avenue of the Americas, New York,  -,  www.cambridge.org Information on this title: www.cambridge.org/ © R oss P. Buckley  This publication is in copyright. Subject to statutory exception and to the provisions of relevant collective licensing agreements, no reproduction of any part may take place without the written permission of Cambridge University Press. First published  Printed in the United States of America A catalog record for this publication is available from the British Library. Library of Congress Cataloging in Publication data De bt-for-development exchanges : hi story and new ap plications / [edited by] Ross P. Buckley. p. cm . In cludes index.   ---- (hardback) . Ec onomic development projects – Fi nance – La w and legislation. I. Bu ckley, Ross P. II . Ti tle.  .    .–dc    ---- Hardback Cambridge University Press has no responsibility for the persistence or accuracy of s for external or third-party Internet Web sites referred to in this publication and does not guarantee that any content on such Web sites is, or will remain, accurate or appropriate. To family and friends. When all is said and done, all we have that matters are family and friends, and along the way all that is best is family and friends. Yet somehow it can be easy to forget to be lled with gratitude for that which gives our lives its greatest richness and meaning. vii Acknowledgments page xi List of Contributors xii i Introduction: A Pro ductive Partnership between Civ il Soc iety and the Academy  Ross P. Buckley P art I Ty pes of Exc hanges and Their Development over Time . The Early Years: The Evolution of a Technique  Ross P. Buckley  . De bt-for-Nature Exc hanges  Ross P. Buckley and Steven F reeland . Other Debt-for-Development Exchanges  Ross P. Buckley Part II Exchanges by Donor Countries . Uni ted Sta tes Debt Exc hanges  Ross P. Buckley and Steven F reeland . Italian Exchanges  Ross P. Buckley  . Ge rman Exc hanges  Ross P. Buckley Contents viii Contents . French Exchanges  Ross P. Buckley . Other Donor Nations’ Exchanges  Ross P. Buckley . Debt-for-Development Exchanges in Australia: Past, Present and Future  Adele Webb and Luke Fletcher Part III Critiques of Exchanges . Debt Audits: A Necessary Precondition to Credible Exchanges  Julia Roy . How to Deal with Debt Illegitimacy in Relation to Debt Conversion: Reections on an All-Too-Real Case  Jürgen Kaiser . The Human Rights Dimension in Exchanges  Gillian Moon . Bangladesh’s Experience with Exchanges: Liability to Potential  M. D. Shamsuddoha . The Philippines’ Experience with Exchanges  Joffre Balce Part IV Innovative Applications of Exchanges . Farmer-Managed Natural Regeneration: A Land Rehabilitation Technique Well Adapted to Funding by Exchanges  Tony Rinaudo . Restoring Mangroves in the Philippines  Ross P. Buckley . Po verty Reduction through Soc ial Protection: A Po tential Form of Debt-for-Development Exc hange  John Langmore . Publication data De bt-for-development exchanges : hi story and new ap plications / [edited by] Ross P. Buckley. p. cm . In cludes index.    - -  -  - (hardback) . Ec onomic. and Their Development over Time . The Early Years: The Evolution of a Technique  Ross P. Buckley  . De bt-for-Nature Exc hanges  Ross P. Buckley and Steven F reeland . Other Debt-for-Development. articles: “US Debt-for-Development Legislation: A Missed Opportunity to • Enhance United States National Security?” Banking and Finance Law Review : – (with S. Freeland) “Debt-for-Development