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Author: Vinod K. Aggarwal
Publisher: Cambridge University Press
ISBN: 9780521555524
Category : Business & Economics
Languages : en
Pages : 634
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Book Description
International debt rescheduling, both in earlier epochs and our present one, has been marked by a flurry of bargaining. In this process, significant variation has emerged over time and across cases in the extent to which debtors have undertaken economic adjustment, banks or bondholders have written down debts, and creditor governments and international organizations have intervened in negotiations. Debt Games develops and applies a situational theory of bargaining to analyze the adjustment undertaken by debtors and the concessions provided by lenders in international debt rescheduling. This approach has two components: a focus on each actor's individual situation, defined by its political and economic bargaining resources, and a complementary focus on changes in their position. The model proves successful in accounting for bargaining outcomes in eighty-four percent of the sixty-one cases, which include all instances of Peruvian and Mexican debt rescheduling over the last one hundred and seventy years as well as Argentine and Brazilian rescheduling between 1982 and 1994.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1451951825
Category : Business & Economics
Languages : en
Pages : 28
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Book Description
This paper analyzes the factors determining the payment on outstanding debt in the presence of partial defaults, and the feasibility of renewed investment. We show that a higher relative size of sectors with lower substitutability between domestic and foreign products will increase the resource transfer ceiling. Even with a partial default, investment in highly trade dependent sectors with high productivity may be warranted. This investment can be implemented by a marginal relief of the present debt service, in exchange for investment in the proper sector. A way to partially overcome some of the monitoring problems associated with renewed investment is through direct investment.
Author: Stefano Manzocchi
Publisher: International Monetary Fund
ISBN: 1451855567
Category : Business & Economics
Languages : en
Pages : 29
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Book Description
External finance can provide a positive contribution to the transition process and can enhance welfare in former centrally planned economies, especially when domestic saving has not fully recovered after the initial contraction. However, as was pointed out at the beginning of the transition process, foreign debt could exert a strong constraint on the borrowing capacity of some central and eastern European countries. This paper analyzes the determinants of net external borrowing in ten transition economies during 1990-95 and assesses the impact of the outstanding stock of foreign liabilities on net financial inflows.
Author: Jonathan Batten
Publisher: Emerald Group Publishing
ISBN: 0857247530
Category : Business & Economics
Languages : en
Pages : 745
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Book Description
The Global Financial Crisis of 2007-2009 has highlighted the resilience of the financial markets and economies from the developing world. This title investigates and assesses the impact and response to the crisis from an emerging markets perspective including asset pricing, contagion, financial intermediation, market structure and regulation.
Author: Vinod K. Aggarwal
Publisher: Cambridge University Press
ISBN: 9780521555524
Category : Business & Economics
Languages : en
Pages : 634
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Book Description
International debt rescheduling, both in earlier epochs and our present one, has been marked by a flurry of bargaining. In this process, significant variation has emerged over time and across cases in the extent to which debtors have undertaken economic adjustment, banks or bondholders have written down debts, and creditor governments and international organizations have intervened in negotiations. Debt Games develops and applies a situational theory of bargaining to analyze the adjustment undertaken by debtors and the concessions provided by lenders in international debt rescheduling. This approach has two components: a focus on each actor's individual situation, defined by its political and economic bargaining resources, and a complementary focus on changes in their position. The model proves successful in accounting for bargaining outcomes in eighty-four percent of the sixty-one cases, which include all instances of Peruvian and Mexican debt rescheduling over the last one hundred and seventy years as well as Argentine and Brazilian rescheduling between 1982 and 1994.
Author: Karamo N. M. Sonko
Publisher: University Press of America
ISBN: 9780819193124
Category : Business & Economics
Languages : en
Pages : 244
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Book Description
This book assesses the impact of the African debt crisis on poverty. The author studies the relationship between debt and socio-economic development in Sub-Saharan Africa. Furthermore, Sonko analyzes the impact of debt-induced expenditure adjustments, including budgetary retrenchment in an African economy undergoing structural adjustment. Sustainable, self-reliant development, debt relief, and the redesign of structural adjustment programs to make them less controversial and more effective in Africa are required. The overall analysis is conducted with a view to what the author refers to as the "state of global interconnectedness," implying the need for global economic policy coordination and assistance in finding solutions to Africa's development problems. Contents: The Debt Burden: Trends, Causes and Comparative Analysis; Debt and Development; Debt, Adjustment and Equity; Structural Adjustment Programs: Criticisms, Evolution and Forms for the 1990s; The African Debt Crisis: What Can and Should be Done? Summary and Concluding Remarks; Appendix; Bibliography; Index.
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: Michael Tomz
Publisher: Princeton University Press
ISBN: 1400842921
Category : Political Science
Languages : en
Pages : 324
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Book Description
How does cooperation emerge in a condition of international anarchy? Michael Tomz sheds new light on this fundamental question through a study of international debt across three centuries. Tomz develops a reputational theory of cooperation between sovereign governments and foreign investors. He explains how governments acquire reputations in the eyes of investors, and argues that concerns about reputation sustain international lending and repayment. Tomz's theory generates novel predictions about the dynamics of cooperation: how investors treat first-time borrowers, how access to credit evolves as debtors become more seasoned, and how countries ascend and descend the reputational ladder by acting contrary to investors' expectations. Tomz systematically tests his theory and the leading alternatives across three centuries of financial history. His remarkable data, gathered from archives in nine countries, cover all sovereign borrowers. He deftly combines statistical methods, case studies, and content analysis to scrutinize theories from as many angles as possible. Tomz finds strong support for his reputational theory while challenging prevailing views about sovereign debt. His pathbreaking study shows that, across the centuries, reputations have guided lending and repayment in consistent ways. Moreover, Tomz uncovers surprisingly little evidence of punitive enforcement strategies. Creditors have not compelled borrowers to repay by threatening military retaliation, imposing trade sanctions, or colluding to deprive defaulters of future loans. He concludes by highlighting the implications of his reputational logic for areas beyond sovereign debt, further advancing our understanding of the puzzle of cooperation under anarchy.
Author: Stefano Manzocchi
Publisher: Springer
ISBN: 1349276200
Category : Business & Economics
Languages : en
Pages : 213
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Book Description
The object of this volume is to evaluate the pattern and the function of foreign capital in developing countries in a long-run perspective. The main conceptual instruments employed are the theory of economic growth, and the techniques associated with recent advances in growth econometrics. This empirical work points out that there is no mechanical trade-off between the short-term dangers and the long-run gains from capital market integration, but the growth benefits of foreign capital in transforming economies are conditional on an effective destination of the resources. Over-borrowing and excessive consumption are the main pitfalls in the short- as in the long-run. Nevertheless, foreign capital can be conducive to faster growth and possibly higher welfare.
Author:
Publisher:
ISBN:
Category : Commerce
Languages : en
Pages : 856
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Book Description
Author: Yin-Wong Cheung
Publisher: Routledge
ISBN: 1135971625
Category : Business & Economics
Languages : en
Pages : 316
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Book Description
This book places China in the Asian international economic context, suggesting that the importance of China has sometimes been misunderstood and comparing it with the earlier Japanese experiences in a new, refreshing way.
