Overcoming Developing Country Debt Crises

Paperback | April 18, 2010

EditorBarry Herman, Jose Antonio Ocampo, Shari Spiegel

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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 thatseveral 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 ofwhich 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 howto 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 havenot 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.

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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 thatseveral developing countries now have stronger ...

Barry Herman is Visiting Senior Fellow at the Graduate Program in International Affairs of The New School in New York. He is also a member of the Board of Directors of Global Integrity, a research NGO based in Washington that works with independent scholars and investigative reporters on assessing laws, institutions and practices to i...

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Overcoming Developing Country Debt Crises
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$44.69 online$57.99list price(save 22%)
Format:PaperbackDimensions:424 pagesPublished:April 18, 2010Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199578796

ISBN - 13:9780199578795

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Table of Contents

Introduction1. Barry Herman, Jose Antonio Ocampo and Shari Spiegel: The case for a new international reform effortPart I: The analytical framework for debt policy2. Joseph E. Stiglitz: Sovereign debt: notes on theoretical frameworks and policy analyses3. Stijn Claessens: Reasons for limited sovereign risk management and how to improve it4. Ugo Panizza: Is domestic debt the answer to debt crises?Part II: Crisis Experiences When Most Credits Were Private5. Luis Jorge Garay Salamanca: The 1980s crisis in syndicated bank lending to sovereigns and the sequence of mechanisms to fix it6. Shari Spiegel: Excess Returns on Emerging Market Bonds and the Framework for Sovereign Debt Restructuring7. Sergei Gorbuno: The Russian Federation: From Financial Pariah to Star Reformer8. Mario Damill, Roberto Frenkel and Martin Rapetti: The Argentine debt: history, default and restructuringPart III: Crisis Experiences When Most Credits Were Official9. Enrique Cosio-Pascal: Paris Club: intergovernmental relations in debt restructuring10. Matthew Martin: Ethiopian debt policy: the long road from Paris Club to the MDGs11. Henry Northover: Human development advocacy for debt relief, aid and governancePart IV: Political Economy and Institutional Reform12. Brad Setser: The political economy of the SDRM13. Anna Gelpern and Mitu Gulati: How CACs became boilerplate: governments in "market-based"change14. Barry Herman: Why the code of conduct for resolving sovereign debt crises falls short15. Jurgen Kaiser: Taking stock of proposals for more ordered workouts16. Patrick Bolton and David A. Skeel, Jr.: How to rethink sovereign bankruptcy: a new role for IMF?Conclusion17. Barry Herman, Jose Antonio Ocampo and Shari Spiegel: Towards a Comprehensive Sovereign Debt Bankruptcy Regime