Overcoming Developing Country Debt Crises
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📒Overcoming Developing Country Debt Crises ✍ Barry Herman
✏Overcoming Developing Country Debt Crises Book Summary : Developing country debt crises have been a recurrent phenomenon over the past two centuries. In recent times sovereign debt insolvency crises in developing and emerging economies peaked in the 1980s and, again, from the middle 1990s to the start of the new millennium. Despite the fact that several developing countries now have stronger economic fundamentals than they did in the 1990s, sovereign debt crises will reoccur again. The reasons for this are numerous, but the central one is that economic fluctuations are inherent features of financial markets, the boom and bust nature of which intensify under liberalized financial environments that developing countries have increasingly adopted since the 1970s. Indeed, today we are in the midst of an almost unprecedented global "bust." The timing of the book is important. The conventional wisdom is that the international economic and financial system is broken. Policymakers in both the poorest and the richest countries are likely to seriously consider how to restructure the international trade and financial system, including how to resolve sovereign debt crises in a more effective and fair manner. This book calls for the international reform of sovereign debt workouts which derives from both economic theory and real-world experiences. Country case studies underline the point that we need to do better. This book recognizes that the politics of the international treatment of sovereign debt have not supported systemic reform efforts thus far; however, failure in the past does not preclude success in the future in an evolving international political environment, and the book thus puts forth alternative reform ideas for consideration.
📒Life After Debt ✍ J. Stiglitz
✏Life After Debt Book Summary : 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.
📒Too Little Too Late ✍ Martin Guzman
✏Too Little Too Late Book Summary : The current approach to resolving sovereign debt crises does not work: sovereign debt restructurings come too late and address too little. Though unresolved debt crises impose enormous costs on societies, many recent restructurings have not been deep enough to provide the conditions for economic recovery (as illustrated by the Greek debt restructuring of 2012). And if the debtor decides not to accept the terms demanded by the creditors, finalizing a restructuring can be slowed by legal challenges (as illustrated by the recent case of Argentina, deemed as "the trial of the century"). A fresh start for distressed debtors is a basic principle of a well-functioning market economy, yet there is no international bankruptcy framework for sovereign debts. While this problem is not new, the United Nations and the global community are now willing to do something about it. Providing guidance for those who intend to take up reform, this book assesses the relative merits of various debt-restructuring proposals, especially in relation to the main deficiencies of the current nonsystem. With contributions by leading academics and practitioners, Too Little, Too Late reflects the overwhelming consensus among specialists on the need to find workable solutions.
📒Sovereign Debt And Human Rights ✍ Ilias Bantekas
✏Sovereign Debt and Human Rights Book Summary : Sovereign debt is necessary for the functioning of many modern states, yet its impact on human rights is underexplored in academic literature. This volume provides the reader with a step-by-step analysis of the debt phenomenon and how it affects human rights. Beginning by setting out thehistorical, political and economic context of sovereign debt, the book goes on to address the human rights dimension of the policies and activities of the three types of sovereign lenders: international financial institutions (IFIs), sovereigns and private lenders.Bantekas and Lumina, along with a team of global experts, establish the link between debt and the manner in which the accumulation of sovereign debt violates human rights, examining some of the conditions imposed by structural adjustment programs on debtor states with a view to servicing their debt.They outline how such conditions have been shown to exacerbate the debt itself at the expense of economic sovereignty, concluding that such measures worsen the borrower's economic situation, and are injurious to the entrenched rights of peoples.
📒Development Cooperation In Times Of Crisis ✍ José Antonio Alonso
✏Development Cooperation in Times of Crisis Book Summary : Leading governments undertook extraordinary measures to offset the 2008 economic crisis, shoring up financial institutions, stimulating demand to reverse recession, and rebalancing budgets to alleviate sovereign debt. While productive in and of themselves, these solutions were effective because they were coordinated internationally and were matched with sweeping global financial reforms. Unfortunately, coordination has weakened after these initial steps, indicating one of the crisis's adverse effects will be a significant reduction in development cooperation. Urging advanced nations to improve their support for development, the contributors to this volume revisit the causes of the 2008 collapse and the ongoing effects of recession on global and developing economies. They reevaluate the international response to crisis and suggest more effective approaches to development cooperation. Experts on international aid join together to redesign the cooperation system and its governance, so it can accept new actors and better achieve the Millennial Development Goals of 2015 within the context of severe global crisis. In their introduction, José Antonio Alonso and José Antonio Ocampo summarize different chapters and the implications of their analyses, concluding with a frank assessment of global economic imbalance and the ability of increased cooperation to rectify these inequalities.
✏Financing for Overcoming Economic Insecurity Book Summary : The world is witnessing the paradox of simultaneous increase in income and insecurity. According to available data, global average per capita income has increased in recent decades, while at the same time actual and perceived insecurity has also increased. This paradox is true for both developed and developing countries. However, the concrete form and causes of insecurity differs across these two groups of countries. To the extent that income levels in many developing countries are very low, economic insecurity in these countries takes a starker and chronic form. In Financing for Overcoming Economic Insecurity, leading experts examine the causes and consequences of rising economic insecurity and policy measures that can be adopted to overcome insecurity. The volume contains papers addressing issues of economic insecurity pertaining to both developed and developing countries and caused by both economic factors and natural hazards. It also discusses the issues at both macro and micro levels. The volume's focus on policy measures, such as redistribution and reinvestment of profit income in developed countries and imposition of capital control and promotion of micro insurance in developing countries, should be of much help to policymakers as well as researchers.
✏Overcoming the Debt Crisis Book Summary :
📒Developing Country Debt And The World Economy ✍ Jeffrey D. Sachs
✏Developing Country Debt and the World Economy Book Summary : 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.
📒Millennium Development Goal 8 ✍ United Nations
✏Millennium Development Goal 8 Book Summary : Significant gaps remain in delivering on the Millennium Development Goals (MDGs) in the areas of aid, trade, debt relief, access to new technologies and affordable essential medicines. This Report monitors the progress made in achieving the targets of MDG 8, including continued attention to the impact of the global crisis on meeting the targets set under MDG 8 and embedding any new commitments resulting from the High-level Plenary Meeting of the 65th session of the General Assembly on the MDGs into the monitoring process. Policy coherence is a central theme of the 2011 issue of the Report, which provides recommendations to all major stakeholders on how to address the remaining implementation gaps.
📒Sovereign Debt At The Crossroads ✍ Chris Jochnick
✏Sovereign Debt at the Crossroads Book Summary : This is a comprehensive overview of the problems associated with Third World debt and describes new and practical approaches to overcoming them. As contributions come from leading thinkers across a range of disciplines, the text offers a timely guide for understanding and influencing the debt debate.