Author: Jeffrey D. Sachs
Publisher: University of Chicago Press
ISBN: 0226733238
Category : Business & Economics
Languages : en
Pages : 350
Get Book Here
Book Description
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: Jeffrey D. Sachs
Publisher: University of Chicago Press
ISBN: 0226733211
Category : Business & Economics
Languages : en
Pages : 834
Get Book Here
Book Description
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 has 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. This project on developing country debt, undertaken by the National Bureau of Economic Research, provides a detailed analysis of the ongoing developing country debt crisis. 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 project analyzes the crisis from two perspectives, that of the international financial system as a whole (volume 1) and that of individual debtor countries (volumes 2 and 3). This third volume contains lengthy and detailed case studies of four very different Asian countries—Turkey, Indonesia, Korea, and the Philippines.
Author: M. Ayhan Kose
Publisher: World Bank Publications
ISBN: 1464815453
Category : Business & Economics
Languages : en
Pages : 420
Get Book Here
Book Description
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: Juan Pablo Bohoslavsky
Publisher: Cambridge University Press
ISBN: 1316510441
Category : Business & Economics
Languages : en
Pages : 309
Get Book Here
Book Description
Contributes to a better understanding of the policy, economic, and legal options of countries struggling with debt problems.
Author: United Nations Conference on Trade and Development (UNCTAD)
Publisher: United Nations
ISBN: 9210041089
Category : Business & Economics
Languages : en
Pages : 33
Get Book Here
Book Description
Ten years on from the global financial crisis, economies around the world have become dependent on debt for their growth. This has encouraged unprecedented global indebtedness, particularly in emerging markets and developing countries which have little control over global trends. The challenge for the governments of increasingly vulnerable economies is finding room to manoeuvre to manage debt sustainably, while ensuring growth-inducing expenditure to enhance development. In this report, it is argued that, within the global financial system, developing countries have a limited number of choices, and proposals for regional and inter-regional monetary and financial cooperation and reliance on directed development banking are set out as a place to start.
Author: Jeffrey Sachs
Publisher:
ISBN: 9780226733357
Category :
Languages : en
Pages : 821
Get Book Here
Book Description
Author: Lawrence G. Franko
Publisher: Pergamon
ISBN:
Category : Business & Economics
Languages : en
Pages : 332
Get Book Here
Book Description
Monograph of essays and case studies on external debt, debt repayment and adjustment assistance issues and trends, essentially from a USA foreign policy viewpoint - reviews problems, solutions and constraints in historical perspective, including role of USA economic aid, least developed country debt and the role of IMF, the impact of inflation in developing countries, etc. Bibliographys, graphs, references.
Author:
Publisher:
ISBN:
Category : Debts, External
Languages : en
Pages : 6
Get Book Here
Book Description
Author: Martin Feldstein
Publisher: University of Chicago Press
ISBN: 0226241815
Category : Business & Economics
Languages : en
Pages : 346
Get Book Here
Book Description
"A readable, balanced, and provocative view of the prospects for fruitful international economic cooperation. The papers are realistic: each discusses the difficulties involved in reaching cooperative solutions or procedures as well as the benefits of doing so. The discussion among the conference participants is lively, interesting, and insightful."--William H. Branson, Princeton University
Author: Jaejoon Woo
Publisher: International Monetary Fund
ISBN: 1455201855
Category : Business & Economics
Languages : en
Pages : 48
Get Book Here
Book Description
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.
