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Author : Ronald Findlay
Publisher : Unknown
Page : 0 pages
File Size : 52,5 Mb
Release : 1988
Category : Debts, External
ISBN : OCLC:1180953127
Author : Guillermo Calvo
Publisher : Wiley-Blackwell
Page : 462 pages
File Size : 44,7 Mb
Release : 1989-01-01
Category : Business & Economics
ISBN : 0631156852
Author : International Monetary Fund,World Bank
Publisher : International Monetary Fund
Page : 32 pages
File Size : 55,7 Mb
Release : 2022-04-26
Category : Business & Economics
ISBN : 9798400208591
The coronavirus crisis has stiffened debt and development-related headwinds that had become strong even before 2020. Sustaining development while maintaining debt sustainability has been made harder by the protracted effects of the pandemic on public finances, earnings and employment, and human capital accumulation of vulnerable populations. The fiscal support programs financed by public debt provided relief and saved lives and livelihoods. But debt-induced uncertainty can now dampen investment and growth, especially given rising global interest rates. Bigger debt servicing burdens will reduce available fiscal space for development and stabilization and growing sovereign debt financing needs can crowd out domestic investment. Over-indebtedness can adversely affect economic development through many channels—"debt overhang,” “fiscal space,” “crowding out” and increased crisis risk —making countries vulnerable to abrupt changes in market sentiment, jeopardizing both stability and growth.
Author : John Loxley
Publisher : Routledge
Page : 228 pages
File Size : 53,7 Mb
Release : 2019-03-13
Category : Social Science
ISBN : 9780429692185
One of the most important and controversial challenges feeing the international financial and trading system is the need for developing countries to meet their high and rapidly growing external debt obligations and foreign exchange requirements. Developing countries have suffered major shocks in the form of global recession, high real interest rates, weakened terms of trade, and rising protectionism against their exports. The International Monetary Fund, the World Bank, Western central banks, and private financial institutions are seeking to avoid a collapse of the international financial system, and developing countries are seeking to grow through increased trade and access to external financing. Yet the fragility of current international trade and monetary systems seriously threatens the achievement of both sets of objectives. Professor Loxley integrates the structural adjustment experience of Third World countries with the policies, practices, and relationships of external financial agents in his discussion of options for reforming policy and of the limitations inherent in implementing these reforms.
Author : H. Elif Ture
Publisher : International Monetary Fund
Page : 24 pages
File Size : 51,6 Mb
Release : 2021-01-15
Category : Business & Economics
ISBN : 9781513566788
This paper revisits the stabilization role of public banks and analyzes whether weak public finances may hinder this role. During the global financial crisis (GFC), public banks were widely used to counter the private credit crunch and prop up the economy. Using cross-country bank-level data for 125 advanced and developing economies for 1999–2018, the paper finds public bank lending to be less procyclical than private bank lending on average, particularly during busts. A key result, however, is that in developing economies with high public debt levels, public bank lending has been more procyclical, particularly outside of the GFC period. This finding suggests high public debt can limit the stabilization role of public banks during domestic busts, likely reflecting higher financing costs public banks face and lower subsidies they receive in economies with tighter budget constraints.
Author : M. Ayhan Kose,Peter Nagle,Franziska Ohnsorge,Naotaka Sugawara
Publisher : World Bank Publications
Page : 403 pages
File Size : 47,6 Mb
Release : 2021-03-03
Category : Business & Economics
ISBN : 9781464815454
The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.
Author : Dr. Jürgen Kaiser,Alain Lambert
Publisher : Iucn
Page : 76 pages
File Size : 46,9 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.
Author : Manuel Pastor
Publisher : Westview Press
Page : 260 pages
File Size : 44,6 Mb
Release : 1987-08-12
Category : Business & Economics
ISBN : STANFORD:36105038281536
Author : Guillermo E. Perry,Luis Serv n,Rodrigo Suesc n
Publisher : World Bank Publications
Page : 350 pages
File Size : 42,5 Mb
Release : 2007-10-19
Category : Business & Economics
ISBN : 0821370855
Fiscal policy in Latin America has been guided primarily by short-term liquidity targets whose observance was taken as the main exponent of fiscal prudence, with attention focused almost exclusively on the levels of public debt and the cash deficit. Very little attention was paid to the effects of fiscal policy on growth and on macroeconomic volatility over the cycle. Important issues such as the composition of public expenditures (and its effects on growth), the ability of fiscal policy to stabilize cyclical fluctuations, and the currency composition of public debt were largely neglected. As a result, fiscal policy has often amplified cyclical volatility and dampened growth. 'Fiscal Policy, Stabilization, and Growth' explores the conduct of fiscal policy in Latin America and its consequences for macroeconomic stability and long-term growth. In particular, the book highlights the procyclical and anti-investment biases embedded in the region's fiscal policies, explores their causes and macroeconomic consequences, and asesses their possible solutions.
Author : Jaejoon Woo,Mr.Manmohan S. Kumar
Publisher : International Monetary Fund
Page : 48 pages
File Size : 42,7 Mb
Release : 2010-07-01
Category : Business & Economics
ISBN : 9781455201853
This paper explores the impact of high public debt on long-run economic growth. The analysis, based on a panel of advanced and emerging economies over almost four decades, takes into account a broad range of determinants of growth as well as various estimation issues including reverse causality and endogeneity. In addition, threshold effects, nonlinearities, and differences between advanced and emerging market economies are examined. The empirical results suggest an inverse relationship between initial debt and subsequent growth, controlling for other determinants of growth: on average, a 10 percentage point increase in the initial debt-to-GDP ratio is associated with a slowdown in annual real per capita GDP growth of around 0.2 percentage points per year, with the impact being somewhat smaller in advanced economies. There is some evidence of nonlinearity with higher levels of initial debt having a proportionately larger negative effect on subsequent growth. Analysis of the components of growth suggests that the adverse effect largely reflects a slowdown in labor productivity growth mainly due to reduced investment and slower growth of capital stock.
Author : Andrzej Krassowski
Publisher : Unknown
Page : 184 pages
File Size : 41,7 Mb
Release : 1974
Category : Debts, External
ISBN : STANFORD:36105036776578
Monograph analysing the external debt legacy of nkrumah's economic policy in Ghana, subsequent stabilization measures and the rescheduling of debt repayment - examines the background of development aid, balance of payments problems, efforts at debt consolidation, the role of UK, etc. References and statistical tables.
Author : Mr.Daniel Leigh,Mr.Andrea Pescatori,Mr.Jaime Guajardo
Publisher : International Monetary Fund
Page : 41 pages
File Size : 41,9 Mb
Release : 2011-07-01
Category : Business & Economics
ISBN : 9781455294695
This paper investigates the short-term effects of fiscal consolidation on economic activity in OECD economies. We examine the historical record, including Budget Speeches and IMFdocuments, to identify changes in fiscal policy motivated by a desire to reduce the budget deficit and not by responding to prospective economic conditions. Using this new dataset, our estimates suggest fiscal consolidation has contractionary effects on private domestic demand and GDP. By contrast, estimates based on conventional measures of the fiscal policy stance used in the literature support the expansionary fiscal contractions hypothesis but appear to be biased toward overstating expansionary effects.
Author : Jeffrey D. Sachs
Publisher : University of Chicago Press
Page : 350 pages
File Size : 49,7 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 : 54,8 Mb
Release : 2003-09-12
Category : Business & Economics
ISBN : 9781498328920
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Author : Benno Ferrarini,Raghbendra Jha,Arief Ramayandi
Publisher : Routledge
Page : 227 pages
File Size : 43,9 Mb
Release : 2012
Category : Business & Economics
ISBN : 9780415522212
Addressing the global financial crisis has required fiscal intervention on a substantial scale by governments around the world. The consequent buildup of public debt, in particular its sustainability, has moved to center stage in the policy debate. If the Asia and Pacific region is to continue to serve as an engine for global growth, its public debt must be sustainable. Public Debt Sustainability in Developing Asia addresses this issue for Asia and the Pacific as a whole as well as for three of the most dynamic economies in the region: the People’s Republic of China, India, and Viet Nam. The book begins with a discussion of the reasons for increased attention to debt-related issues. It also introduces fiscal indicators for the Asian Development. Bank’s developing member countries and economies. The sustainability of their debt is assessed through extant approaches and with the most up-to-date data sources. The book also surveys the existing literature on debt sustainability, outlining the main issues related to it, and discusses the key implications for the application of debt sustainability analysis in developing Asia. Also highlighted is the importance of conducting individual country studies in view of wide variations in definitions of public expenditure, revenues, contingent liabilities, government structures (e.g., federal), and the like, as well as the impact of debt on interest rates. The book further provides in-depth debt sustainability analyses for the People’s Republic of China, India, and Viet Nam. Public Debt Sustainability in Developing Asia offers a comprehensive analytical and empirical update on the sustainability of public debt in the region. It breaks new ground in examining characteristics that are crucial to understanding sustainability and offers richer policy analysis that should prove useful for policymakers, researchers, and graduate students.