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Global Waves of Debt by M. Ayhan Kose,Peter Nagle,Franziska Ohnsorge,Naotaka Sugawara Pdf
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.
Overcoming Developing Country Debt Crises by Barry Herman,José Antonio Ocampo,Shari Spiegel Pdf
The book looks at historical sovereign debt crises in developing and transition economies, and concludes that these occurrences have been economic and social catastrophes and are likely to happen again in the future due to the boom and bust nature of economic cycles, which can wreak havoc in liberalized financial environments.
Public Debt in Developing Countries by Indermit Singh Gill,Brian Pinto Pdf
Several prominent MACs have sought to address the debt and external finance problem by generating large primary fiscal surpluses, switching to flexible exchange rates, and reforming fiscal and financial institutions. Such country-led initiatives completely dominate attempts to overhaul the international financial architecture or launch new lending instruments, which have so far met with little success. While the initial results of the countries' initiatives have been encouraging, serious questions remain about the viability of the model of market-based external development finance. Beyond crisis resolution, which has received attention in the form of the sovereign debt restructuring mechanism, the international financial institutions may need to ramp up their role as providers of stable long-run development finance to MACs instead of exiting from them."
Developing World Debt Policy by United States. Congress. House. Committee on Banking, Finance, and Urban Affairs. Subcommittee on International Finance, Trade, and Monetary Policy Pdf
Developing Country Debt and the World Economy by Jeffrey D. Sachs Pdf
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.
Developing Country Debt by Lawrence G. Franko,Marilyn J. Seiber Pdf
Developing Country Debt presents a variety of views and perspectives on the topic of debt in developing countries, with emphasis on the revolutionary effects of the post-1973 OPEC oil prices on the world's economic system. The book shows how the problem of developing country debt has become inexorably intertwined with the successful functioning of the global economic system. This book is comprised of 14 chapters and opens with a historical overview of developing nations' debt before turning to LDC debt since the 1973 OPEC price increases and the developing countries' abilities to carry debt. The myths of debt are also analyzed from a banker's perspective. The next section presents case studies detailing the economic and political conditions of selected countries with substantial debt and varying degrees of economic difficulty, including the Philippines, Jamaica, Turkey, and Peru. The remaining chapters examine alternative proposals for debt relief and place the analysis of developing country debt in a broader, global context. LDC debt is considered from three perspectives: the development needs of LDCs; the safety and soundness of United States banks; and the U.S. national interest. The role of the International Monetary Fund as a lender of last resort is also considered. The final chapter assesses the implications of debt for trade and the prospects for world economic growth. This monograph will be of interest to economists, bankers, politicians, and policymakers.
Pierre Sauvé,Institute for Research on Public Policy
Author : Pierre Sauvé,Institute for Research on Public Policy Publisher : IRPP Page : 92 pages File Size : 51,8 Mb Release : 1984 Category : Business & Economics ISBN : 0886450098
International Borrowing by Developing Countries by Marilyn J. Seiber Pdf
International Borrowing by Developing Countries analyzes the various aspects of developing-country debt. The title covers various concepts such as theory of borrowing, official and private debt, petrofund recycling, and debt relief. The text first deals with role of external capital and debt in economic development, and then proceeds to examining the historical debt experience of the now-creditor countries. Next, the selection tackles the official bilateral and multilateral debt along with its patterns, magnitude, and the procedures and experience of official debt rescheduling. The text also analyzes the private Eurocurrency debt and the official positions on debt relief and reviews proposals for recycling petrofunds and providing new sources of financing. The last part deals with the political factors that will affect external debt, as well as recommendations for future policy. The book will be of great interest to economists, political scientists, game theorists, and sociologists.
Martin Guzman,José Antonio Ocampo,Joseph E. Stiglitz
Author : Martin Guzman,José Antonio Ocampo,Joseph E. Stiglitz Publisher : Columbia University Press Page : 307 pages File Size : 48,7 Mb Release : 2016-05-10 Category : Business & Economics ISBN : 9780231542029
Too Little, Too Late by Martin Guzman,José Antonio Ocampo,Joseph E. Stiglitz Pdf
The current approach to resolving sovereign debt crises does not work: sovereign debt restructurings come too late and address too little. Though unresolved debt crises impose enormous costs on societies, many recent restructurings have not been deep enough to provide the conditions for economic recovery (as illustrated by the Greek debt restructuring of 2012). And if the debtor decides not to accept the terms demanded by the creditors, finalizing a restructuring can be slowed by legal challenges (as illustrated by the recent case of Argentina, deemed as "the trial of the century"). A fresh start for distressed debtors is a basic principle of a well-functioning market economy, yet there is no international bankruptcy framework for sovereign debts. While this problem is not new, the United Nations and the global community are now willing to do something about it. Providing guidance for those who intend to take up reform, this book assesses the relative merits of various debt-restructuring proposals, especially in relation to the main deficiencies of the current nonsystem. With contributions by leading academics and practitioners, Too Little, Too Late reflects the overwhelming consensus among specialists on the need to find workable solutions.
Debt Relief Initiatives by Dr Andrea F Presbitero,Dr Marco Arnone Pdf
This book deals with the recent debt crises in developing countries and analyzes the design and implementation of the Heavily Indebted Poor Countries (HIPC) Initiative, by providing background concepts, pointing out the main drawbacks and suggesting a different approach to debt sustainability and debt relief programs. The authors merge academic, operational and institutional expertise, in order to provide an evaluation as complete and balanced as possible on the much-debated effectiveness of debt relief in fostering economic growth, reducing poverty and reaching debt sustainability. Marco Arnone and Andrea F. Presbitero assess the joint evolution of external and domestic public debt and produce original empirical evidence on the potential effects of public debt on investment, economic growth and institution-building in low- and middle-income countries. The book also explores relevant and up-to-date policy issues, such as the loans-grants mix and the development of responsible lending strategies in foreign assistance, the surge of non-concessional and domestic borrowing by low-income countries, and the impact of the 2008-2009 global financial crisis on debt sustainability.
Third World Debt by Edward R. Fried,Philip H. Trezise Pdf
This volume is the record of a conference held in March 1989 that centered on a departure from the basic U.S. policy toward the long-standing problem of third world debt.Secretary of the Treasury Nicholas Brady took the occasion of the conference to announce that officially sponsored reduction of debt principal and debt interest should henceforth be an integral part of debt strategy. Promptly labeled the Brady Plan, the secretary's statement has since been the subject of extensive debate at home and abroad. Now that it has been given official sanction, debt service reduction has become an inescapable feature of the ongoing effort to manage and resolve the debt problem. This volume considers the implications of introducing debt and debt service reduction into the preexisting menu of policies and, more specifically, to suggest the conditions under which it can be expected to hasten the removal of the third world debt problem from the international economic agenda.
Canada, the International Financial Institutions and the Debt Problem of Developing Countries by Canada. Parliament. Senate. Standing Committee on Foreign Affairs,George C. Van Roggen Pdf
Author : William Russell Easterly Publisher : World Bank Publications Page : 44 pages File Size : 46,7 Mb Release : 1999 Category : Amount Of Debt ISBN : 8210379456XXX
How Did Highly Indebted Poor Countries Become Highly Indebted? by William Russell Easterly Pdf
Theoretical models predict that countries with unchanged long-run savings preferences will respond to debt relief by running up new debts or by running down assets. And there are some signs that incremental debt relief over the past two decades has fulfilled those predictions. Debt relief is futile for countries with unchanged long-run savings preferences.