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Author : Stijn Claessens,Ishac Diwan,Banco Mundial
Publisher : World Bank Publications
Page : 49 pages
File Size : 48,9 Mb
Release : 1989
Category : Conditionality (International relations)
ISBN : 8210379456XXX
Author : Oliver Morrissey
Publisher : Unknown
Page : 17 pages
File Size : 43,5 Mb
Release : 2002
Category : Conditionality (International relations)
ISBN : 929190127X
Author : Mr.Rodney Ramcharan
Publisher : International Monetary Fund
Page : 26 pages
File Size : 49,9 Mb
Release : 2003-09-01
Category : Business & Economics
ISBN : 9781451859782
In principle, international financial institutions (IFIs) can use their leverage as creditors to prompt governments to undertake policy reform. Yet such lending has been frequently linked to unsustainable debt levels and little reform. This paper illustrates how the dual roles of IFIs as purveyors of credit and monitors of reform may help explain these negative outcomes. When debt levels rise, the IFIs reforms goals may become subordinated to its creditor's interest, compromising the enforcement of conditionality. Attracted by this prospect, malevolent governments strategically reform, enhancing their reputation in order to maintain lending and build their debt stock. Once debt levels are sufficiently large, such governments can stop policy reforms, assured that lending will continue.
Author : Celine Tan
Publisher : Unknown
Page : 24 pages
File Size : 55,7 Mb
Release : 2007
Category : Debt relief
ISBN : 9832729858
Author : John Williamson
Publisher : Peterson Institute
Page : 98 pages
File Size : 43,9 Mb
Release : 1989
Category : Debt equity conversion
ISBN : UCSD:31822004854642
Author : Jeffrey Sachs
Publisher : World Bank Publications
Page : 64 pages
File Size : 47,9 Mb
Release : 1989
Category : Debt equity conversion
ISBN : 8210379456XXX
Debt reduction poses collective action problems that cannot be efficiently handled in the framework of voluntary market-based approaches. Instead we need concerted debt restructuring, based on below-market interest rates -- perhaps linked with credit enhancement by official creditors -- to provide the most direct mechanism for efficient, equitable sharing of losses.
Author : OECD
Publisher : OECD Publishing
Page : 94 pages
File Size : 55,8 Mb
Release : 2009-08-26
Category : Electronic
ISBN : 9789264075528
This study evaluates controversies that persist with respect to aid conditionality, how successful donors have been in stemming aid conditionality, and how the financial crisis has made it difficult to maintain traditional conditionality frameworks.
Author : Ennio Rodriguez
Publisher : Palgrave Macmillan
Page : 378 pages
File Size : 47,5 Mb
Release : 1992-04
Category : Business & Economics
ISBN : UCAL:B4447306
The book examines the operation of International Monetary Fund and World Bank conditionality in six developing countries (Argentina, Chile, Costa Rica, Jamaica, Mexico and Tanzania) and examines its effects on their economies. It draws conclusions and policy lessons for all developing countries as regards the operation of adjustment policies. The book also examines the regulatory treatment of Third World debt, both in the US, Canada and Europe, making specific policy suggestions for increasing flexibility in debt management.
Author : Tito Cordella,Giovanni Dell'Ariccia
Publisher : International Monetary Fund
Page : 30 pages
File Size : 44,9 Mb
Release : 2002-07
Category : Business & Economics
ISBN : UCSD:31822031526312
When donors and recipients have different preferences over budgetary allocations, conditionality helps the implementation of donor-financed poverty reduction programs. However, if donors cannot perfectly monitor all recipients' actions, conditionality entails an inefficient allocation of resources. Under such conditions, the optimal amount of conditionality varies (often not monotonically) with the recipients' degree of social commitment. Finally, if recipients' preferences are not observable, conditionality can be used to prevent recipients with a weak commitment to poverty reduction from obtaining aid funds. This may however lead to further distortions in terms of resource allocation and to phenomena of "aid rationing."
Author : Ilias Bantekas,Cephas Lumina
Publisher : Oxford University Press, USA
Page : 641 pages
File Size : 40,9 Mb
Release : 2019-01-15
Category : Law
ISBN : 9780198810445
Sovereign debt is necessary for the functioning of many modern states, yet its impact on human rights is underexplored in academic literature. This volume provides the reader with a step-by-step analysis of the debt phenomenon and how it affects human rights. Beginning by setting out thehistorical, political and economic context of sovereign debt, the book goes on to address the human rights dimension of the policies and activities of the three types of sovereign lenders: international financial institutions (IFIs), sovereigns and private lenders.Bantekas and Lumina, along with a team of global experts, establish the link between debt and the manner in which the accumulation of sovereign debt violates human rights, examining some of the conditions imposed by structural adjustment programs on debtor states with a view to servicing their debt.They outline how such conditions have been shown to exacerbate the debt itself at the expense of economic sovereignty, concluding that such measures worsen the borrower's economic situation, and are injurious to the entrenched rights of peoples.
Author : Jeffrey D. Sachs
Publisher : University of Chicago Press
Page : 350 pages
File Size : 51,8 Mb
Release : 2007-12-01
Category : Business & Economics
ISBN : 9780226733234
For dozens of developing countries, the financial upheavals of the 1980s have set back economic development by a decade or more. Poverty in those countries have intensified as they struggle under the burden of an enormous external debt. In 1988, more than six years after the onset of the crisis, almost all the debtor countries were still unable to borrow in the international capital markets on normal terms. Moreover, the world financial system has been disrupted by the prospect of widespread defaults on those debts. Because of the urgency of the present crisis, and because similar crises have recurred intermittently for at least 175 years, it is important to understand the fundamental features of the international macroeconomy and global financial markets that have contributed to this repeated instability. Developing Country Debt and the World Economy contains nontechnical versions of papers prepared under the auspices of the project on developing country debt, sponsored by the National Bureau of Economic Research. The project focuses on the middle-income developing countries, particularly those in Latin America and East Asia, although many lessons of the study should apply as well to other, poorer debtor countries. The contributors analyze the crisis from two perspectives, that of the international financial system as a whole and that of individual debtor countries. Studies of eight countries—Argentina, Bolivia, Brazil, Indonesia, Mexico, the Philippines, South Korea, and Turkey—explore the question of why some countries succumbed to serious financial crises while other did not. Each study was prepared by a team of two authors—a U.S.-based research and an economist from the country under study. An additional eight papers approach the problem of developing country debt from a global or "systemic" perspective. The topics they cover include the history of international sovereign lending and previous debt crises, the political factors that contribute to poor economic policies in many debtor nations, the role of commercial banks and the International Monetary Fund during the current crisis, the links between debt in developing countries and economic policies in the industrialized nations, and possible new approaches to the global management of the crisis.
Author : International Monetary Fund,World Bank
Publisher : International Monetary Fund
Page : 39 pages
File Size : 54,6 Mb
Release : 2003-09-12
Category : Business & Economics
ISBN : 9781498328920
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Author : Carsten Hefeker,Katharina Michaelowa
Publisher : Unknown
Page : 32 pages
File Size : 51,9 Mb
Release : 2003
Category : Electronic
ISBN : UCSD:31822032241986
Author : Jeffrey Sachs
Publisher : Unknown
Page : 68 pages
File Size : 49,6 Mb
Release : 1983
Category : Business & Economics
ISBN : IND:30000113820330
The current crisis in international lending points up a lesson re-learned several times in the past 150 years: the international loan markets function very differently from the textbook model of competitive lending. This paper discusses various extensions of the basic model. First, we amend the textbook model to show how limitations on a government'staxing authority may greatly affect its optimal borrowing strategy. Second, we explore the implications of adebtor country's option to repudiate debt. Third, we show that efficient lending may require collective actions by bank syndicates, and that a breakdown in collective action can result in serious inefficiencies and even financial panics.
Author : Dr. Jürgen Kaiser,Alain Lambert
Publisher : Iucn
Page : 76 pages
File Size : 49,6 Mb
Release : 1996
Category : Debt equity conversion
ISBN : MINN:31951D016287647
This publication is aimed at helping IUCN's members to understand the scope and mechanisms of debt conversion and to spot opportunities for their own action in this important field.
