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Author: Barry Eichengreen
Publisher: MIT Press
ISBN: 9780262550222
Category : Business & Economics
Languages : en
Pages : 304
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Book Description
Eichengreen and Lindert bring together original studies that assess the historical record to see what lessons can be learned for resolving today's crisis.
Author: Barry Eichengreen
Publisher: MIT Press
ISBN: 9780262550222
Category : Business & Economics
Languages : en
Pages : 304
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Book Description
Eichengreen and Lindert bring together original studies that assess the historical record to see what lessons can be learned for resolving today's crisis.
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: Barry Eichengreen
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
Two general approaches have been offered for dealing with the developing country debt crisis: continued reliance on case-by-case negotiation, versus global plans for fundamentally restructuring the terms of international lending and repayment. Both approaches have precedents in earlier historical periods. In the 1930s, for instance, when some two thirds of foreign dollar bonds lapsed into default, several global schemes for resolving the crisis were considered even while individual debtor- creditor negotiations were underway. In the end no global plan was adopted and the debt crisis of the 30s was resolved by the muddling-through approach of case-by-case negotiation. This experience suggests two questions about the efficacy of the alternative approaches. First, what stumbling blocks stand in the way of the adoption of global schemes? Second, as a crisis drags on, how do the evolution of debtor and creditor strategies permit it to be resolved through bilateral negotiation? In this paper historical evidence from the interwar period is addressed to these questions
Author: Nicolas Barreyre
Publisher: Springer Nature
ISBN: 3030487946
Category : Business & Economics
Languages : en
Pages : 593
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Book Description
This book analyzes public debt from a political, historical, and global perspective. It demonstrates that public debt has been a defining feature in the construction of modern states, a main driver in the history of capitalism, and a potent geopolitical force. From revolutionary crisis to empire and the rise and fall of a post-war world order, the problem of debt has never been the sole purview of closed economic circles. This book offers a key to understanding the centrality of public debt today by revealing that political problems of public debt have and will continue to need a political response. Today’s tendency to consider public debt as a source of fragility or economic inefficiency misses the fact that, since the eighteenth century, public debts and capital markets have on many occasions been used by states to enforce their sovereignty and build their institutions, especially in times of war. It is nonetheless striking to observe that certain solutions that were used in the past to smooth out public debt crises (inflation, default, cancellation, or capital controls) were left out of the political framing of the recent crisis, therefore revealing how the balance of power between bondholders, taxpayers, pensioners, and wage-earners has evolved over the past 40 years. Today, as the Covid-19 pandemic opens up a dramatic new crisis, reconnecting the history of capitalism and that of democracy seems one of the most urgent intellectual and political tasks of our time. This global political history of public debt is a contribution to this debate and will be of interest to financial, economic, and political historians and researchers. Chapters 13 and 19 are available open access under a Creative Commons Attribution 4.0 International License via link.springer.com.
Author: Menzie D. Chinn
Publisher: W. W. Norton & Company
ISBN: 0393080501
Category : Business & Economics
Languages : en
Pages : 259
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Book Description
A clear, authoritative guide to the crisis of 2008, its continuing repercussions, and the needed reforms ahead. The U.S. economy lost the first decade of the twenty-first century to an ill-conceived boom and subsequent bust. It is in danger of losing another decade to the stagnation of an incomplete recovery. How did this happen? Read this lucid explanation of the origins and long-term effects of the recent financial crisis, drawn in historical and comparative perspective by two leading political economists. By 2008 the United States had become the biggest international borrower in world history, with more than two-thirds of its $6 trillion federal debt in foreign hands. The proportion of foreign loans to the size of the economy put the United States in league with Mexico, Indonesia, and other third-world debtor nations. The massive inflow of foreign funds financed the booms in housing prices and consumer spending that fueled the economy until the collapse of late 2008. This was the most serious international economic crisis since the Great Depression of the 1930s. Menzie Chinn and Jeffry Frieden explain the political and economic roots of this crisis as well as its long-term effects. They explore the political strategies behind the Bush administration’s policy of funding massive deficits with foreign borrowing. They show that the crisis was foreseen by many and was avoidable through appropriate policy measures. They examine the continuing impact of our huge debt on the continuing slow recovery from the recession. Lost Decades will long be regarded as the standard account of the crisis and its aftermath.
Author: J. Stiglitz
Publisher: Palgrave Macmillan
ISBN: 9781137411464
Category : Business & Economics
Languages : en
Pages : 0
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Book Description
This volume provides a pluralistic discussion from world-renowned scholars on the international aspects of the debt crisis and prospects for resolution. It provides a comprehensive evaluation of how the debt crisis has impacted Western Europe, the emerging markets and Latin America, and puts forward different suggestions for recovery.
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: Barry J. Eichengreen
Publisher:
ISBN:
Category :
Languages : es
Pages : 42
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Book Description
Author: A. Pettifor
Publisher: Springer
ISBN: 0230236758
Category : Political Science
Languages : en
Pages : 199
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Book Description
In this book, Ann Pettifor examines the issues of debt affecting the 'first world' or OECD countries, looking at the history, politics and ethics of the coming debt crisis and exploring the implications of high international indebtedness for governments, corporations, households, individuals and the ecosystem.
Author: Carmen M. Reinhart
Publisher: Princeton University Press
ISBN: 0691152640
Category : Business & Economics
Languages : en
Pages : 513
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Book Description
An empirical investigation of financial crises during the last 800 years.
