Carl Schmitt lived during the political and economic turmoil of Germany, witnessing firsthand how crises threatened the very foundation of his nation and society. He observed that the State of exception, in full force, disrupts the ordinary functioning of societal systems and paralyzes the natural order of political and social affairs—an order maintained through legal norms and the rule of law. However, Schmitt argued that the first effect of the exception is the suspension of the legal order and the incapacitation of the law itself. In such circumstances, he believed that something beyond the law is necessary to preserve the foundations of society. He entrusted this critical responsibility to the Sovereign, empowering them with the instrument of decision. In times of crisis, the Sovereign, according to Schmitt, must suspend the ineffective legal order and, through a decisive political act, restore or create a State of normalcy. As such, the Sovereign assumes a position that closely resembles dictatorship: a dictatorship that either restores the normal order and neutralizes the exception, or constructs a new political and social order altogether. This study aims to understand Schmitt’s theory of dictatorship through the lens of the Sovereign and the State of exception, demonstrating that the figure of the Sovereign-dictator does not inevitably lead to despotism or arbitrary decisionism, contrary to common claims.

This paper takes a novel perspective in analyzing theoretically how the Sovereign wealth funds (SWFs) would impact on the Sovereign risk, and thereby, the financial sector and, due to some frictions, the real sector of its owner economy. This happens as we suggest SWFs could help in mitigating the extant financial markets incompleteness. In a standard dynamic (continuous time) stochastic partial equilibrium model, it is shown how the SWFs would, under certain conditions, mitigate its owner Sovereign risk, in which case it leads to the possibility of impacting on external financing costs of financial intermediaries and corporate sector. In particular, we explore how the sensitivity of default and/or financial distress and/or debt restructuring against (domestic and/or foreign) adverse shocks to the economy would be less, when there is a SWF in the economy in comparison with when the economy lacks it. This is investigated for two sources of financing the SWF. Further, we argue how the costs and benefits of establishing the SWF would be affected by the (relative) size of SWF, its type, and the State of the financial (surplus) capacity in time of setting up the SWF. The externality associated with the establishment of the SWF for the Sovereign risk and formation of the new channel for the transmission of monetary and fiscal policies have been examined too. Mutual interactions between the SWF and the monetary and fiscal policy within the analytical framework have been analyzed as well.

During the last decade of 20th century, the liberalization of financial services and the progressive internationalization of capital markets were deemed to be the building blocks for a new international financial order in which inclusive economic growth and prosperity for all human beings would be achieved and financial stability would be well maintained. Instead, it paved the way for one of the biggest global financial crisis so far i. e. Sovereign Debt Crisis. This article argues that Sovereign debt defaults, during the last two decades, in the absence of a global legal framework for orderly resolution of Sovereign debt disputes, has provided ample evidence that the existing international financial order which is excessively fragmented, has failed in achieving both financial stability and growth and the contractual clauses have been proved to be inadequate and inefficient in restructuring Sovereign bond debts. Therefore, resolving Sovereign debt crisis is not achievable unless further developments in international law of finance occur. This could be done through establishing an international legal regime governing Sovereign debt workouts with a view to balance the interests of the debtor State and its population on the one hand and the rights of the creditors on the other.

Since the 1970’ s developing and developed countries have experienced unprecedented public debt levels. This surge in public debt has emphasized the importance of public debt management. Since risks such as reducing economic growth, increasing inflation, and depreciation of the national currency accompany unplanned public debt accumulation, governments should be alert not to endanger economic growth with ill-considered borrowing. In this paper, we aim to analyze Iran’ s external debt variations concerning major macroeconomic variables such as GDP growth as a proxy of economic growth, inflation, and Sovereign oil generated incomes. The method that is applied in this research is cross wavelet transform which is a powerful mathematical approach for analyzing the financial data. Our results show there are different patterns in small and large scales between variables and external debt as a dependent variable has different relations with endogenous and exogenous factors. In the short run, low oil prices as an exogenous variable, during the 1980s have shaped governments’ debt accumulation behavior but on larger scales, indigenous variables such as governments’ budget deficits have been much more dominant in shaping governments borrowing patterns. In a chronological view, US cruel sanctions and the Iran-Iraq war were major events affecting Sovereign borrowing behavior.

Two important notions, after Constitutionalism, were developed on the basis of an important "background": the creation of a "Sovereign State" and "national unity". Among many intellectuals, these two grew as modern "motives" and "intentions" and emerged from the heart of the turbulent post-constitutional era. Security, meanwhile, was one of the main demands of the intellectuals and Statesmen of the day, demanding both "Sovereign State" and "national unity. " Hence, in the writings of the transition period from Qajar to Pahlavi, much attention was paid to this issue. The main question in this article is to find the relationship between these two through a review of one of the most important press of the late Qajar and early Pahlavi, namely "Ayandeh" and the speeches of its founder Mahmoud Afshar Yazdi. This article seeks to answer the question: What is the relationship between "national unity" and the notion of " Sovereign State " in "Ayandeh" magazine? Method: Skinner's intentional hermeneutics. Results: "Ayandeh", emphasizing the need for "national unity" and explaining its characteristics, considers the "powerful national constitutional government" as one of the basic tools for its realization. Moreover, "national unity" in "Ayandeh", as a "systemic" thinking, is closely related to categories such as security and education.

analyzing more than 9, 400 investment transactions performed by 32 Sovereign wealth funds (SWFs), from 23 countries, and targeted towards 77 countries, between 2010 and 2013, this study highlights some of the most important visible patterns and nuances in SWF investments. First, lion’ s share of SWF investments are cross-border transactions that originated from and targeted towards high-income economies, while SWFs from emerging economies (mainly China) are also becoming important players in the global capital markets. Second, the most popular sectors are the financial and the real eState sectors mainly because of their more liquid nature and the energy sector for its strategic importance. Finally, domestic investments are relatively more popular among non-commodity based SWFs in comparison to commodity based SWFs. The results also show that while infrastructure investments are in line with the time horizon of SWF investments and their objectives, only five percent of SWF investments were targeted toward the infrastructure sector.

Submarine communication cables are located under the legal system of the UNCLOS. The coastal State or other States have special rights and interests in connection with submarine communication cables in different maritime areas. In this regard, it is important to examine the legal aspects of the theory of the confrontation between the application of the Sovereign rights of the coastal State and the rights of the State seeking the submarine communication cable, which is one of the aims and topics of this article. The research method is descriptive-analytical and relies on the requirements of the Convention on the Law of the Sea to answer the question, what are the legal aspects of coastal State intervention in the submarine communication cable of other States in different maritime areas? The research findings show that submarine communication cable of all States in the Exclusive Economic Zone and the Continental Shelf is the concept of freedom of the seas and free from the permission of the Coastal State. The Coastal State has economic interests in these areas, but is not allowed to prevent submarine communication cable from other States. This situation is a manifestation of the rule of law of the Coastal State.

Mobile applications are playing an important role in our digital lives. App stores can be considered key components in the ecosystem of mobile applications. They assist users to ensure the authenticity of applications and protecting the intellectual property rights of application developers. In this paper, we introduce an autonomous decentralized mobile application distribution platform (app store) and a license management solution that utilizes a public blockchain and operates by smart contracts. We identify developers by their decentralized and self-Sovereign identities, verify the integrity of the applications according to the secure information on the blockchain, and implement a fully autonomous license management solution by non-fungible tokens (NFT) on the blockchain. We deploy a proof-of-concept implementation of our proposal written in Solidity language on the Ropsten (Ethereum) and RSK testnets, and evaluate its latency and costs. Our comparison with the related works demonstrates that our proposal ranks atop the related works.