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Author:
Publisher: USCCB
ISBN: 9781574553291
Category : Business & Economics
Languages : en
Pages : 36
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Book Description
Author:
Publisher: USCCB
ISBN: 9781574553291
Category : Business & Economics
Languages : en
Pages : 36
Get Book Here
Book Description
Author: Yiagadeesen Samy
Publisher: Routledge
ISBN: 1351523392
Category : Business & Economics
Languages : en
Pages : 270
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Book Description
The debt problems of poor countries are receiving unprecedented attention. Both federal and non-governmental organizations alike have been campaigning for debt forgiveness for poor countries. The governments of creditor nations responded to that challenge at a meeting sponsored by the G-7, International Monetary Fund, and World Bank, all of which upgraded debt relief as a policy priority. Their initiatives provided for generous interpretations of these nations' abilities to sustain debt, gave them opportunities to qualify for debt relief more rapidly, and linked debt relief to broader policies of poverty reduction. Despite this, the crisis has only deepened in the first years of the new millennium. This brilliant group of contributions assesses why this has occurred. In plain language, it considers why debt relief has been so long in coming for poor countries. It evaluates the cost of a persistent overhang in debt for those countries. It also examines, head on, whether enhanced debt relief initiatives offer a permanent exit from over-indebtedness, or are merely a short-term respite. Above all, this volume for the first time addresses the issues on the ground: that is, the views and opinions about debt relief on the part of leaders in advanced nations, and the probability of further support for the most impoverished lands. In this approach, the editors and contributors have made an explicit and successful attempt to be inclusive and relevant at all stages of the analysis. This volume covers the full range of the poorest countries, with contributions by John Serieux, Lykke Anderson and Osvaldo Nina, Befekadu Degefe, Ligia Maria Castro-Monge, and Peter B. Mijumbi. Collectively, they offer a sobering scenario: unless measures are put in place now, in anticipation of further crises, the future of the very poorest nations will remain bleak and troublesome.
Author: M. Ayhan Kose
Publisher: World Bank Publications
ISBN: 1464815453
Category : Business & Economics
Languages : en
Pages : 403
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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: Ms.Christina Daseking
Publisher: International Monetary Fund
ISBN: 1451856237
Category : Business & Economics
Languages : en
Pages : 30
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Book Description
The low-income country debt crisis had its origins in weak macroeconomic policies, and official creditors’ willingness to take risks unacceptable to private lenders. Payments problems were initially addressed through nonconcessional reschedulings and new lending that maximized financing while containing the budgetary costs for creditors. This led to an unsustainable buildup in debt stocks. More recently, debt ratios have improved, reflecting both adjustment and substantial debt relief. The paper estimates debt relief initiatives since 1988 have cost creditors at least $30 billion, and possibly much more. This compares with the estimated costs of about $27 billion under the enhanced HIPC Initiative.
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: Jeffrey D. Sachs
Publisher: University of Chicago Press
ISBN: 0226733238
Category : Business & Economics
Languages : en
Pages : 350
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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: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 149832892X
Category : Business & Economics
Languages : en
Pages : 39
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Book Description
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Author: Ilias Bantekas
Publisher:
ISBN: 019881044X
Category : Business & Economics
Languages : en
Pages : 641
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Book Description
Sovereign debt is necessary for states to function, yet its impact on human rights is underexplored. Bantekas and Lumina gather experts to conclude that imposing structural adjustment programmes exacerbates debt, injures the entrenched rights of peoples and their state's economic sovereignty, and worsens the borrower's economic situation.
Author: Eric Toussaint
Publisher: NYU Press
ISBN: 1583674985
Category : Political Science
Languages : en
Pages : 372
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Book Description
Mainstream economists tell us that developing countries will replicate the economic achievements of the rich countries if they implement the correct “free-market”policies. But scholars and activists Toussaint and Millet demonstrate that this is patently false. Drawing on a wealth of detailed evidence, they explain how developed economies have systematically and deliberately exploited the less-developed economies by forcing them into unequal trade and political relationships. Integral to this arrangement are the international economic institutions ostensibly created to safeguard the stability of the global economy—the International Monetary Fund (IMF) and the World Bank—and the imposition of massive foreign debt on poor countries. The authors explain in simple language, and ample use of graphics, the multiple contours of this exploitative system, its history, and how it continues to function in the present day. Ultimately, Toussaint and Millet advocate cancellation of all foreign debt for developing countries and provide arguments from a number of perspectives—legal, economic, moral. Presented in an accessible and easily-referenced question and answer format, Debt, the IMF, and the World Bank is an essential tool for the global justice movement.
Author: A. Geske Dijkstra
Publisher: Routledge
ISBN: 1134121636
Category : Business & Economics
Languages : en
Pages : 159
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Book Description
International debt relief continues to be a highly controversial subject. Although many heavily indebted poor countries have received large amounts of debt relief over the past quarter of a century, it doesn’t appear to be enough. This book examines the impact of international debt relief efforts since 1990. It assesses whether the various debt relief modalities have enhanced economic growth in eight highly indebted countries in Latin America and Africa. Dijkstra argues that fundamental changes of the international aid and debt architecture are necessary to stop the flow of new multilateral loans and the possible perverse effects of conditionality.
