How the Brady Plan Delivered on Debt Relief: Lessons and Implications PDF Download
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Author: Mr. Neil Shenai
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 44
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Book Description
Rising debt vulnerabilities in low- and middle-income countries have rekindled interest in a Brady Plan-style mechanism to facilitate debt restructurings. To inform this debate, this paper analyzes the impact of the original Brady Plan by comparing macroeconomic outcomes of 10 Brady countries to 40 other emerging markets and developing economies. The paper finds that following the first Brady restructuring in 1990, Brady countries experienced substantial declines in public and external debt burdens and a sharp pick-up in output and productivity growth, anchored by a comparatively strong structural reform effort. The impact of the Brady Plan on overall debt burdens was many times greater than initial face value reductions, indicating the existence of a “Brady multiplier.” Brady restructurings took longer to complete than non-Brady restructurings. Today, similar mechanisms could be helpful in delivering meaningful debt stock reduction when solvency challenges are acute, but Brady-style mechanisms alone would not solve existing challenges in the sovereign debt landscape, including those related to creditor coordination, domestic barriers to economic reforms, and the increased prevalence of domestic debt, among others.
Author: Mr. Neil Shenai
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 44
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Book Description
Rising debt vulnerabilities in low- and middle-income countries have rekindled interest in a Brady Plan-style mechanism to facilitate debt restructurings. To inform this debate, this paper analyzes the impact of the original Brady Plan by comparing macroeconomic outcomes of 10 Brady countries to 40 other emerging markets and developing economies. The paper finds that following the first Brady restructuring in 1990, Brady countries experienced substantial declines in public and external debt burdens and a sharp pick-up in output and productivity growth, anchored by a comparatively strong structural reform effort. The impact of the Brady Plan on overall debt burdens was many times greater than initial face value reductions, indicating the existence of a “Brady multiplier.” Brady restructurings took longer to complete than non-Brady restructurings. Today, similar mechanisms could be helpful in delivering meaningful debt stock reduction when solvency challenges are acute, but Brady-style mechanisms alone would not solve existing challenges in the sovereign debt landscape, including those related to creditor coordination, domestic barriers to economic reforms, and the increased prevalence of domestic debt, among others.
Author: Dimitris Katsikas
Publisher: Springer Nature
ISBN: 3031684753
Category :
Languages : en
Pages : 364
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Book Description
Author: Mr.James M. Boughton
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 28
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Book Description
The IMF played a key role in developing and implementing the debt strategy throughout the 1980s. That strategy not only overcame the crisis but also produced successful transformationsof several major economiesin Latin America. Nonetheless, the IMF's role has also been criticized on several grounds. This study examines seven such criticisms.
Author: Andreas Freytag
Publisher: Routledge
ISBN: 1317058178
Category : Political Science
Languages : en
Pages : 262
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Book Description
Securing the Global Economy explores how and why the G8 and other institutions of global governance deal with increasingly comprehensive and complex economic-security connections. These connections are explored from an interdisciplinary perspective, with economists, political scientists and those in the policy world bringing their insights to bear. Moreover, this volume explores this economic-security connection from a constitutional or institutional perspective. In a classical liberal spirit, it is concerned with the organizing principles of a liberal international economic order and the framework of rules that enables it to survive and flourish. Security issues, national trade policies, the multilateral trade system and the detailed technical issues they subsume are analysed from this higher vantage point. This is thus a work about global governance as a whole and at its core, rather than a problem-solving manual for a few of the issues now at centre stage. Furthermore, it applies this larger vision to the current G8 and global economic-security agenda to generate a set of policy recommendations about how the global community, through and outside the G8, can better cope with the complex interconnected challenges it now confronts. Its innovative policy recommendations are especially timely when the recent global financial crisis, economic recession and fragile recovery place great strains on the liberal economic order, while new challenges from Iran, ongoing terrorist threats and corruption make this security-economic connection critically important.
Author: Carlos A. Primo Braga
Publisher: World Bank Publications
ISBN: 0821378759
Category : Business & Economics
Languages : en
Pages : 478
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Book Description
The history of debt relief goes back several decades. It reveals that a country s accumulation of unsustainable debt stems from such factors as deficiencies in macroeconomic management, adverse terms-of-trade shocks, and poor governance. Debt-relief initiatives have provided debt-burdened countries with the opportunity for a fresh start, but whether the benefits of debt relief can be preserved depends on transformations in a country s policies and institutions. In 1996, the Heavily Indebted Poor Countries (HIPC) Initiative was launched as the first comprehensive, multilateral, debt-relief framework for low-income countries. In 2005, the Multilateral Debt Relief Initiative was established, which increased the level of debt relief provided to HIPCs. As of early 2009, assistance through these two initiatives had been committed to 35 countries and amounted to US$117 billion in nominal terms, or half of the 2007 GDP of these countries. 'Debt Relief and Beyond' assesses the implications of debt relief for low-income countries and how its benefits can be preserved and used to fight poverty. The chapter authors bring unique operational experience to their examination of debt relief, debt sustainability, and debt management. Several key questions are addressed, including, what consequences does debt relief have for poverty-reducing expenditures, growth, and access to finance? Can debt relief guarantee debt sustainability? How can debt management at all levels of government be improved? What lessons can be learned from countries that have experienced debt restructuring? Finally, this book provides sound empirical evidence using current econometric techniques.
Author: Trudy Jacobsen
Publisher: Routledge
ISBN: 1317069706
Category : Law
Languages : en
Pages : 392
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Book Description
Sovereignty, as a concept, is in a state of flux. In the course of the last century, traditional meanings have been worn away while the limitations of sovereignty have been altered as transnational issues compete with domestic concerns for precedence. This volume presents an interdisciplinary analysis of conceptions of sovereignty. Divided into six overarching elements, it explores a wide range of issues that have altered the theory and practice of state sovereignty, such as: human rights and the use of force for human protection purposes, norms relating to governance, the war on terror, economic globalization, the natural environment and changes in strategic thinking. The authors are acknowledged experts in their respective areas, and discuss the contemporary meaning and relevance of sovereignty and how it relates to the constitution of international order.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 9781557758804
Category : Political Science
Languages : en
Pages : 42
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Book Description
This paper analyzes the IMF’s Enhanced Initiative for Heavily Indebted Poor Countries, which provides debt relief for low-income countries. The paper highlights that countries affected by the debt crisis of the 1980s received concerted support from the international financial community in the form of Paris Club flow reschedulings, stock-of-debt operations under the Brady plan, and adjustment programs supported by the multilateral financial institutions. These measures proved effective in significantly improving the debt situation of many middle-income countries.
Author: Mr.Udaibir S. Das
Publisher: International Monetary Fund
ISBN: 1475505531
Category : Business & Economics
Languages : en
Pages : 128
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Book Description
This paper provides a comprehensive survey of pertinent issues on sovereign debt restructurings, based on a newly constructed database. This is the first complete dataset of sovereign restructuring cases, covering the six decades from 1950–2010; it includes 186 debt exchanges with foreign banks and bondholders, and 447 bilateral debt agreements with the Paris Club. We present new stylized facts on the outcome and process of debt restructurings, including on the size of haircuts, creditor participation, and legal aspects. In addition, the paper summarizes the relevant empirical literature, analyzes recent restructuring episodes, and discusses ongoing debates on crisis resolution mechanisms, credit default swaps, and the role of collective action clauses.
Author: François Bourguignon
Publisher: World Bank Publications
ISBN: 082136104X
Category : Business & Economics
Languages : en
Pages : 388
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Book Description
The Little Data Book on Private Sector Development 2007 is one of a series of pocket-sized books intended to provide a quick reference to development data on different topics. The Little Data Book on Private Sector Development 2007 provides data for more than 20 key indicators on business environment and private sector development in a single page for each of the World Bank member countries and other economies with populations of more than 30,000. These more than 200 country pages are supplemented by aggregate data for regional and income groupings. The data topics include, economic and social context; business environment; private sector investment; finance and banking; infrastructure. It is intended as a quick reference for users of World Development Indicators, WDI Online, and the Atlas of Global Development. The book also includes data from the World Bank's Doing Business project and Enterprise Surveys.
Author: Neil Shenai
Publisher: Springer
ISBN: 3319913468
Category : Business & Economics
Languages : en
Pages : 241
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Book Description
How do market participants construct stable markets? Why do crises that seem inevitable after-the-fact routinely take market participants by surprise? What forces trigger financial panics, and why does uncertainty lead to market volatility? How do economic elites respond to financial distress, and why are some regulatory interventions more effective than others? Social Finance: Shadow Banking during the Global Financial Crisis answers these questions by presenting a new, economic conventions-based model of financial crises. This model emerges from a theoretical synthesis of several intellectual traditions, including Keynesian epistemology, Hyman Minsky’s asset market theory, economic sociology, and international relations theory. Social Finance uses this new paradigm to explain instability in the global shadow banking system during the global financial crisis. And it presents the results of interviews with some of the world’s leading investors – who saw over $2 trillion in annual order flows and managed over $160 billion in assets – to provide first-hand accounts of markets in crisis. Written in accessible prose, Social Finance will appeal to a broad audience of academics, policymakers, and practitioners interested in understanding the drivers of financial stability in the twenty-first century.
