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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: United States. Congress. Senate. Committee on Finance. Subcommittee on International Debt
Publisher:
ISBN:
Category : Debt relief
Languages : en
Pages : 66
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Book Description
Author: Carlos A. Primo Braga
Publisher: World Bank Publications
ISBN: 9780821378755
Category : Business & Economics
Languages : en
Pages : 480
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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: 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: 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: Fantu Cheru
Publisher: Zed Books
ISBN: 9781842777350
Category : Business & Economics
Languages : en
Pages : 258
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Book Description
How can the Millennium Development Goals (MDGs) be made a reality by 2015? This is an up-to-date overview of the funding proposals and mechanisms now under discussion. The contributors have contributed their analyses as part of the Helsinki Process on Globalization and Democracy--an inter-governmental initiative to develop new approaches to global problem-solving. Key resource flows examined include ODA, foreign direct investment, remittances by migrants, commodity export prices, and new ideas to secure sustainable debt relief, including debt cancellation, revaluation of IMF gold reserves, debt arbitration, and other proposals.
Author: Glenn P. Hastedt
Publisher: Rowman & Littlefield
ISBN: 1442270063
Category : Political Science
Languages : en
Pages : 400
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Book Description
Glenn Hastedt’s clear and succinct introduction to the field prepares students to think about America’s changing role in the world and to develop the critical thinking skills needed to participate in the debate about the conduct and content of American foreign policy. He begins by asking “What do we mean by foreign policy and what is the national interest?” Next, Hastedt looks to the past and examines the defining experiences that have helped to shape American foreign policy today. Third, he looks at how American foreign policy is made in the current hyperpartisan political climate. Here Hastedt examines the various institutions and how they come together to make policy, as well as the policy instruments available to decision makers. And finally, he encourages students to wonder, “What’s next?” The eleventh edition reflects the latest headlines, including more extensive discussions of hybrid warfare, cyber wars, drones, and an assessment of Obama’s foreign policy. There are new case studies on ISIS, authorization of force resolutions, women in combat, the climate agreement, the Iran nuclear agreement, Obama’s opening to Cuba, and the future of COIN. And new Historical Lessons boxes feature the War Powers Act, the integration of the military, the Kyoto Agreement, NAFTA, and Afghanistan. This book is accompanied by a learning package designed to enhance the experience of both instructors and students: Test Bank. The Test Bank includes a variety of test questions and is available in either Word, PDF or Respondus formats. For every chapter in the text, the Test Bank includes a complete test with a variety of question types, including multiple choice, true false, and essay formats. Our Test Bank is most flexibly used in Respondus, test authoring software which is available in two forms. Check with your university to see if you have a site license to the full program, Respondus 4.0, which offers the option to upload your tests to any of the most popular course management systems such as Blackboard. If you don’t have a Respondus license or do not care about having your tests in a course management system, you can use our test bank file in Respondus LE. The LE program is free and can be used to automate the process of creating tests in print format. • Visit the Respondus Test Bank Network to download the test bank for either Respondus 4.0 or Respondus LE. • If you prefer to use our Test Bank in Word or PDF, please Sign-In if you are a registered user, or Register then email us at
[email protected]. Companion Website. Accompanying the text is an open-access Companion Website designed to reinforce the main topics. For each chapter, flash cards and self-study quizzes help students master the information they learn in the classroom. Students can access the Companion Website from their computer or mobile device at textbooks.rowman.com/hastedt11e.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 32
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Book Description
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: Ngozi Okonjo-Iweala
Publisher: MIT Press
ISBN: 0262018144
Category : Business & Economics
Languages : en
Pages : 212
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Book Description
Covers the period from 2003-2006.
