Serkan Arslanalp and Peter Blair Henry
- Published in print:
- 2006
- Published Online:
- May 2006
- ISBN:
- 9780195168006
- eISBN:
- 9780199783458
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195168003.003.0009
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This chapter discusses the central economic question of debt relief: does debt relief work to promote economic growth? This seemingly straightforward question — often taken for granted by debt ...
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This chapter discusses the central economic question of debt relief: does debt relief work to promote economic growth? This seemingly straightforward question — often taken for granted by debt campaigners — merits closer attention to ensure that relief bears constructive and sustainable outcomes. It is argued that debt relief is highly effective at promoting growth in countries suffering from a “debt overhang”, where reducing debt levels will stimulate investment and net resource transfers from abroad, but less effective in countries where infrastructure is weak and where net resource transfers are already positive.Less
This chapter discusses the central economic question of debt relief: does debt relief work to promote economic growth? This seemingly straightforward question — often taken for granted by debt campaigners — merits closer attention to ensure that relief bears constructive and sustainable outcomes. It is argued that debt relief is highly effective at promoting growth in countries suffering from a “debt overhang”, where reducing debt levels will stimulate investment and net resource transfers from abroad, but less effective in countries where infrastructure is weak and where net resource transfers are already positive.
Jack Boorman
- Published in print:
- 2006
- Published Online:
- May 2006
- ISBN:
- 9780195168006
- eISBN:
- 9780199783458
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195168003.003.0012
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This chapter discusses ideas for resolving debt crises. It argues that a narrow focus on debt relief in HIPCs is insufficient and that the activist community and lenders must look to finding broader ...
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This chapter discusses ideas for resolving debt crises. It argues that a narrow focus on debt relief in HIPCs is insufficient and that the activist community and lenders must look to finding broader measures of foreign aid and creating a fair trading environment. In the end, finding the “right” level of debt relief is impossible and ignores the more important aim of delivering a better life to impoverished people. Support is given to a proposal floated by the IMF for a sovereign debt restructuring mechanism (SDRM) to resolve pending debt crises in developing countries.Less
This chapter discusses ideas for resolving debt crises. It argues that a narrow focus on debt relief in HIPCs is insufficient and that the activist community and lenders must look to finding broader measures of foreign aid and creating a fair trading environment. In the end, finding the “right” level of debt relief is impossible and ignores the more important aim of delivering a better life to impoverished people. Support is given to a proposal floated by the IMF for a sovereign debt restructuring mechanism (SDRM) to resolve pending debt crises in developing countries.
Chris Jochnick
- Published in print:
- 2006
- Published Online:
- May 2006
- ISBN:
- 9780195168006
- eISBN:
- 9780199783458
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195168003.003.0007
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This chapter briefly describes the tremendous social and economic costs of overindebtedness and the role of Northern creditors and governments in solving debt problems. It then sets forth legal ...
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This chapter briefly describes the tremendous social and economic costs of overindebtedness and the role of Northern creditors and governments in solving debt problems. It then sets forth legal reasons for the need for debt repudiation and/or relief: (1) the heightened level of responsibility of creditors and Northern governments; (2) violations of human rights, and (3) the illegitimacy of debt. These arguments are based on well-established principles of domestic and international law that are applicable to domestic proceedings and relevant to a future international insolvency mechanism. The arguments serve to challenge popular or political understandings of the legal sanctity of debt, thereby creating space and support for more ambitious solutions to debt crises.Less
This chapter briefly describes the tremendous social and economic costs of overindebtedness and the role of Northern creditors and governments in solving debt problems. It then sets forth legal reasons for the need for debt repudiation and/or relief: (1) the heightened level of responsibility of creditors and Northern governments; (2) violations of human rights, and (3) the illegitimacy of debt. These arguments are based on well-established principles of domestic and international law that are applicable to domestic proceedings and relevant to a future international insolvency mechanism. The arguments serve to challenge popular or political understandings of the legal sanctity of debt, thereby creating space and support for more ambitious solutions to debt crises.
Ann Pettifor
- Published in print:
- 2006
- Published Online:
- May 2006
- ISBN:
- 9780195168006
- eISBN:
- 9780199783458
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195168003.003.0015
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This chapter describes what is perhaps the most powerful innovation for achieving debt relief for the poor since the mid-1990s: the mobilization of civil societies. The Jubilee 2000 movement was ...
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This chapter describes what is perhaps the most powerful innovation for achieving debt relief for the poor since the mid-1990s: the mobilization of civil societies. The Jubilee 2000 movement was extraordinary — uniting tens of millions of people and spanning nations and continents — all in the name of reducing the burden of developing-country debt. The movement's history and analysis of its successes and failures underscores the importance of civil society groups in the debate over debt and their potential role in promoting and implementing solutions.Less
This chapter describes what is perhaps the most powerful innovation for achieving debt relief for the poor since the mid-1990s: the mobilization of civil societies. The Jubilee 2000 movement was extraordinary — uniting tens of millions of people and spanning nations and continents — all in the name of reducing the burden of developing-country debt. The movement's history and analysis of its successes and failures underscores the importance of civil society groups in the debate over debt and their potential role in promoting and implementing solutions.
RUMU SARKAR
- Published in print:
- 2009
- Published Online:
- February 2010
- ISBN:
- 9780195398281
- eISBN:
- 9780199866366
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195398281.003.005
- Subject:
- Law, Human Rights and Immigration, Public International Law
This chapter explains the international financial architecture supporting the financing of international development. It examines the international borrowing practices of sovereign states, and ...
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This chapter explains the international financial architecture supporting the financing of international development. It examines the international borrowing practices of sovereign states, and analyzes two case studies of the Mexican and Asian financial crises. These sovereign debt crises are examined from the standpoint of strategic and tactical approaches to resolving them, and preventing financial contagion in the future. The current global financial contagion, originating in the United States, and its impact on developing countries, is reviewed from a “lessons learned” perspective. Tactical approaches to resolving sovereign debt crises such as debt-for-debt exchanges, debt-equity swaps, debt securitization, credit facilities, and special financing techniques are critically reviewed. Finally, debt relief as a development strategy is critically examined. Explanatory text boxes and other graphics are provided to assist the reader absorb a complex area of law.Less
This chapter explains the international financial architecture supporting the financing of international development. It examines the international borrowing practices of sovereign states, and analyzes two case studies of the Mexican and Asian financial crises. These sovereign debt crises are examined from the standpoint of strategic and tactical approaches to resolving them, and preventing financial contagion in the future. The current global financial contagion, originating in the United States, and its impact on developing countries, is reviewed from a “lessons learned” perspective. Tactical approaches to resolving sovereign debt crises such as debt-for-debt exchanges, debt-equity swaps, debt securitization, credit facilities, and special financing techniques are critically reviewed. Finally, debt relief as a development strategy is critically examined. Explanatory text boxes and other graphics are provided to assist the reader absorb a complex area of law.
Matthew Martin
- Published in print:
- 2010
- Published Online:
- May 2010
- ISBN:
- 9780199578788
- eISBN:
- 9780191723049
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199578788.003.0010
- Subject:
- Economics and Finance, Macro- and Monetary Economics, Development, Growth, and Environmental
This chapter takes us through the revealing case in point of how Ethiopia's debt burden was lifted. It traces the laborious process that the government underwent in eight separate debt renegotiation ...
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This chapter takes us through the revealing case in point of how Ethiopia's debt burden was lifted. It traces the laborious process that the government underwent in eight separate debt renegotiation rounds in the Club from 1992 to 2004, four of them before the HIPC Initiative was launched and four as part of the Initiative. The final decision on HIPC relief for Ethiopia was then followed by a further reduction in debt under the MDRI, which cancelled almost all of Ethiopia's remaining external debt. Within the context of the donors' slow recognition of the need for deeper relief, the chapter emphasizes how important it was that the Ethiopian debt management team gained the capacity and confidence to independently make its own debt sustainability assessments. Ethiopia thus became better able to advocate for itself in negotiations in the Bretton Woods institutions and with its government creditors on how much relief it required.Less
This chapter takes us through the revealing case in point of how Ethiopia's debt burden was lifted. It traces the laborious process that the government underwent in eight separate debt renegotiation rounds in the Club from 1992 to 2004, four of them before the HIPC Initiative was launched and four as part of the Initiative. The final decision on HIPC relief for Ethiopia was then followed by a further reduction in debt under the MDRI, which cancelled almost all of Ethiopia's remaining external debt. Within the context of the donors' slow recognition of the need for deeper relief, the chapter emphasizes how important it was that the Ethiopian debt management team gained the capacity and confidence to independently make its own debt sustainability assessments. Ethiopia thus became better able to advocate for itself in negotiations in the Bretton Woods institutions and with its government creditors on how much relief it required.
Graham Bird and Robert Powell
- Published in print:
- 2009
- Published Online:
- September 2009
- ISBN:
- 9780199239863
- eISBN:
- 9780191716805
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199239863.003.0009
- Subject:
- Economics and Finance, Financial Economics, Development, Growth, and Environmental
The conventional modalities for providing financial assistance to low-income countries have been foreign aid and debt relief. Although some attention has been paid to establishing new methods of ...
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The conventional modalities for providing financial assistance to low-income countries have been foreign aid and debt relief. Although some attention has been paid to establishing new methods of development financing, recent global initiatives have concentrated instead on the traditional ones. This chapter focuses on debt relief. It describes how debt relief to indebted poor countries has evolved from early attempts to relax the ‘terms’ applied to poor country debt, to the heavily indebted poor country (HIPC) initiative and its enhancement and, more recently, to the multilateral debt relief initiative first proposed in June 2005 at the G8 summit. It gives some calculations of the size of the relief provided. It also discusses and estimates the extent to which debt relief has been ‘additional’. In this context, it examines the relationship between debt relief and foreign aid; has it been positive or negative? The empirical part of the chapter focuses on the low-income countries of Sub Saharan Africa and shows that the effects of debt relief on aid flows and resource transfers have changed over time. The chapter conjectures as to why these changes may have occurred, and discusses some of the more important contemporary policy issues surrounding debt relief.Less
The conventional modalities for providing financial assistance to low-income countries have been foreign aid and debt relief. Although some attention has been paid to establishing new methods of development financing, recent global initiatives have concentrated instead on the traditional ones. This chapter focuses on debt relief. It describes how debt relief to indebted poor countries has evolved from early attempts to relax the ‘terms’ applied to poor country debt, to the heavily indebted poor country (HIPC) initiative and its enhancement and, more recently, to the multilateral debt relief initiative first proposed in June 2005 at the G8 summit. It gives some calculations of the size of the relief provided. It also discusses and estimates the extent to which debt relief has been ‘additional’. In this context, it examines the relationship between debt relief and foreign aid; has it been positive or negative? The empirical part of the chapter focuses on the low-income countries of Sub Saharan Africa and shows that the effects of debt relief on aid flows and resource transfers have changed over time. The chapter conjectures as to why these changes may have occurred, and discusses some of the more important contemporary policy issues surrounding debt relief.
Damoni Kitabire
- Published in print:
- 2009
- Published Online:
- February 2010
- ISBN:
- 9780199556229
- eISBN:
- 9780191721823
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199556229.003.0012
- Subject:
- Economics and Finance, Macro- and Monetary Economics, Development, Growth, and Environmental
This chapter shows how the rapid accumulation of debt from 1986 led to a debt crisis in 1990. It discusses the debt management strategies adopted following the crisis to ensure that it would not ...
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This chapter shows how the rapid accumulation of debt from 1986 led to a debt crisis in 1990. It discusses the debt management strategies adopted following the crisis to ensure that it would not recur. Paris Club rescheduling and commercial debt buy‐back helped reduce the stock of arrears. However, this increased the share of multilateral debt, which could not be rescheduled, to 75%. Uganda was in the vanguard of the debt relief movement of the 1990s, which culminated in the Highly Indebted Poor Countries initiative, and was the first country to benefit from HIPC. This chapter shows how sound economic management and a strong commitment to poverty reduction underpinned the case for multilateral debt relief in a country where debt was vividly crowding out social expenditure. It also looks at Uganda's role in the HIPC initiative and shows the impact of debt relief on debt service costs.Less
This chapter shows how the rapid accumulation of debt from 1986 led to a debt crisis in 1990. It discusses the debt management strategies adopted following the crisis to ensure that it would not recur. Paris Club rescheduling and commercial debt buy‐back helped reduce the stock of arrears. However, this increased the share of multilateral debt, which could not be rescheduled, to 75%. Uganda was in the vanguard of the debt relief movement of the 1990s, which culminated in the Highly Indebted Poor Countries initiative, and was the first country to benefit from HIPC. This chapter shows how sound economic management and a strong commitment to poverty reduction underpinned the case for multilateral debt relief in a country where debt was vividly crowding out social expenditure. It also looks at Uganda's role in the HIPC initiative and shows the impact of debt relief on debt service costs.
Kathryn C. Lavelle
- Published in print:
- 2011
- Published Online:
- January 2012
- ISBN:
- 9780199765348
- eISBN:
- 9780199918959
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199765348.003.0006
- Subject:
- Political Science, International Relations and Politics
This chapter considers the moral hazard stage of the relationship between Congress and the IMF and World Bank. The chief exogenous shocks came from the 1995 Mexican peso crisis and 1997 Asian ...
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This chapter considers the moral hazard stage of the relationship between Congress and the IMF and World Bank. The chief exogenous shocks came from the 1995 Mexican peso crisis and 1997 Asian financial crisis, which caused many to reevaluate the role of the IMF in preventing financial instability. The chief endogenous change came with Republican control of the House during the Bill Clinton administration, ushering in an era of divided government in reverse. The chapter argues that the Republicans had connected party ideology to a very specific legislative agenda during the election, tying committee chairs more tightly to the majority party. Congressional advocacy developed with the growing use of appropriations bills to alter the course of public policy. As the constituencies for the Bretton Woods institutions fractured or disintegrated, the results were extended funding delays and additional policy demands in the form of the Meltzer Commission, debt relief, shift in the use of concessional loans to grants, and debt relief. By the end of the stage when the Argentine crisis occurred, the IMF searched openly for a mission and the World Bank’s role appeared to be obsolete, given the volume and sophistication of disintermediated capital flows.Less
This chapter considers the moral hazard stage of the relationship between Congress and the IMF and World Bank. The chief exogenous shocks came from the 1995 Mexican peso crisis and 1997 Asian financial crisis, which caused many to reevaluate the role of the IMF in preventing financial instability. The chief endogenous change came with Republican control of the House during the Bill Clinton administration, ushering in an era of divided government in reverse. The chapter argues that the Republicans had connected party ideology to a very specific legislative agenda during the election, tying committee chairs more tightly to the majority party. Congressional advocacy developed with the growing use of appropriations bills to alter the course of public policy. As the constituencies for the Bretton Woods institutions fractured or disintegrated, the results were extended funding delays and additional policy demands in the form of the Meltzer Commission, debt relief, shift in the use of concessional loans to grants, and debt relief. By the end of the stage when the Argentine crisis occurred, the IMF searched openly for a mission and the World Bank’s role appeared to be obsolete, given the volume and sophistication of disintermediated capital flows.
Florence Kuteesa, Emmanuel Tumusiime-Mutebile, Alan Whitworth, and Tim Williamson (eds)
- Published in print:
- 2009
- Published Online:
- February 2010
- ISBN:
- 9780199556229
- eISBN:
- 9780191721823
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199556229.001.0001
- Subject:
- Economics and Finance, Macro- and Monetary Economics, Development, Growth, and Environmental
Following fifteen years of Idi Amin, war and civil war, the Ugandan economy was in ruins by the time peace was restored in 1986. Since then Uganda has consistently been one of the fastest growing ...
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Following fifteen years of Idi Amin, war and civil war, the Ugandan economy was in ruins by the time peace was restored in 1986. Since then Uganda has consistently been one of the fastest growing economies in Africa, leading to a substantial reduction in poverty. This book helps explain how this economic transformation was brought about. Uganda's success has arguably had more influence on development thinking and on the international aid architecture than any other country. The HIPC debt relief initiative, the Paris Declaration on Aid Effectiveness, and the growth of budget support have all been strongly influenced by Ugandan experience and thinking, while Ugandan innovations such as poverty reduction strategies, public expenditure tracking surveys, and virtual poverty funds have been widely adopted elsewhere. Most of the reforms, that transformed the economy, originated inside the Ugandan government during the 1990s, rather than being imposed through donor conditionality. In this book, the architects of those reforms give their personal accounts of the thinking behind the reforms, how they were implemented, and their impact. Individual chapters cover reforms across the spectrum of central government economic policy and management, while Chapter 1 presents an overview and Chapter 2 the institutional and political background.Less
Following fifteen years of Idi Amin, war and civil war, the Ugandan economy was in ruins by the time peace was restored in 1986. Since then Uganda has consistently been one of the fastest growing economies in Africa, leading to a substantial reduction in poverty. This book helps explain how this economic transformation was brought about. Uganda's success has arguably had more influence on development thinking and on the international aid architecture than any other country. The HIPC debt relief initiative, the Paris Declaration on Aid Effectiveness, and the growth of budget support have all been strongly influenced by Ugandan experience and thinking, while Ugandan innovations such as poverty reduction strategies, public expenditure tracking surveys, and virtual poverty funds have been widely adopted elsewhere. Most of the reforms, that transformed the economy, originated inside the Ugandan government during the 1990s, rather than being imposed through donor conditionality. In this book, the architects of those reforms give their personal accounts of the thinking behind the reforms, how they were implemented, and their impact. Individual chapters cover reforms across the spectrum of central government economic policy and management, while Chapter 1 presents an overview and Chapter 2 the institutional and political background.
David M. Webber
- Published in print:
- 2017
- Published Online:
- May 2018
- ISBN:
- 9781474423564
- eISBN:
- 9781474438384
- Item type:
- chapter
- Publisher:
- Edinburgh University Press
- DOI:
- 10.3366/edinburgh/9781474423564.003.0005
- Subject:
- Political Science, UK Politics
The first of these case study chapters in chapter 5 draws parallels between the economic framework designed by Treasury officials at home and ‘the new international economic architecture’ that Gordon ...
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The first of these case study chapters in chapter 5 draws parallels between the economic framework designed by Treasury officials at home and ‘the new international economic architecture’ that Gordon Brown was keen to pursue abroad. This would provide the basis for a new approach to debt relief to reform the Heavily Indebted Poor Countries initiative. The new Multilateral Debt Relief Initiative would be conditional upon recipient countries meeting their obligations towards this new economic architecture, designed by Brown and based upon the principles of the ‘post-Washington Consensus’. This approach however, ran counter to many within civil society who viewed the issue of debt relief in ‘moral’ rather than simply ‘economic’ terms. In meeting with these different faith groups, NGOs and other debt activists, Brown certainly appeared sympathetic to such claims but the biblical language of forgiveness, justice and redemption that he used in speaking to these audiences differed from when he spoke in altogether more punitive terms to the international financial institutions. Here Brown spoke of the need for greater stability, demanded that indebted countries recognise their financial obligations, and urged greater surveillance by the International Monetary Fund of these countries national accounts.Less
The first of these case study chapters in chapter 5 draws parallels between the economic framework designed by Treasury officials at home and ‘the new international economic architecture’ that Gordon Brown was keen to pursue abroad. This would provide the basis for a new approach to debt relief to reform the Heavily Indebted Poor Countries initiative. The new Multilateral Debt Relief Initiative would be conditional upon recipient countries meeting their obligations towards this new economic architecture, designed by Brown and based upon the principles of the ‘post-Washington Consensus’. This approach however, ran counter to many within civil society who viewed the issue of debt relief in ‘moral’ rather than simply ‘economic’ terms. In meeting with these different faith groups, NGOs and other debt activists, Brown certainly appeared sympathetic to such claims but the biblical language of forgiveness, justice and redemption that he used in speaking to these audiences differed from when he spoke in altogether more punitive terms to the international financial institutions. Here Brown spoke of the need for greater stability, demanded that indebted countries recognise their financial obligations, and urged greater surveillance by the International Monetary Fund of these countries national accounts.
Barry Herman
- Published in print:
- 2010
- Published Online:
- May 2010
- ISBN:
- 9780199578788
- eISBN:
- 9780191723049
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199578788.003.0014
- Subject:
- Economics and Finance, Macro- and Monetary Economics, Development, Growth, and Environmental
This chapter turns our attention to a reform initiative driven by the private financial community in the form of a voluntary code of good conduct that would informally pressure the debtor countries ...
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This chapter turns our attention to a reform initiative driven by the private financial community in the form of a voluntary code of good conduct that would informally pressure the debtor countries to follow policies and practices that the creditors advocate. Although implementation of the code is now monitored by a group of prominent individuals from the private and public sectors convoked by an international bankers' organization, it is not clear that it will play a role in any wave of sovereign insolvencies. After all, and unlike a bankruptcy regime, it is purely voluntary. This chapter suggests, instead, how to develop an alternative that would have greater credibility with debtors as well as creditors and could have some force behind it.Less
This chapter turns our attention to a reform initiative driven by the private financial community in the form of a voluntary code of good conduct that would informally pressure the debtor countries to follow policies and practices that the creditors advocate. Although implementation of the code is now monitored by a group of prominent individuals from the private and public sectors convoked by an international bankers' organization, it is not clear that it will play a role in any wave of sovereign insolvencies. After all, and unlike a bankruptcy regime, it is purely voluntary. This chapter suggests, instead, how to develop an alternative that would have greater credibility with debtors as well as creditors and could have some force behind it.
Tonia Sharlach
- Published in print:
- 2007
- Published Online:
- January 2012
- ISBN:
- 9780197263907
- eISBN:
- 9780191734687
- Item type:
- chapter
- Publisher:
- British Academy
- DOI:
- 10.5871/bacad/9780197263907.003.0004
- Subject:
- Classical Studies, Asian and Middle Eastern History: BCE to 500CE
This chapter examines the social change associated with the transition from the Third Dynasty of Ur to the Old Babylonian Kingdoms in ancient Mesopotamia during the period from c.2112 to 1595 BCE. It ...
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This chapter examines the social change associated with the transition from the Third Dynasty of Ur to the Old Babylonian Kingdoms in ancient Mesopotamia during the period from c.2112 to 1595 BCE. It identifies certain key institutions at the time of the Third Dynasty of Ur and attempts to trace their evolution into Old Babylonian times. The analysis of the debt relief edicts and naditu priestesses reveals the discontinuities in the social and economic fabric of these two periods.Less
This chapter examines the social change associated with the transition from the Third Dynasty of Ur to the Old Babylonian Kingdoms in ancient Mesopotamia during the period from c.2112 to 1595 BCE. It identifies certain key institutions at the time of the Third Dynasty of Ur and attempts to trace their evolution into Old Babylonian times. The analysis of the debt relief edicts and naditu priestesses reveals the discontinuities in the social and economic fabric of these two periods.
Alan Whitworth and Tim Williamson
- Published in print:
- 2009
- Published Online:
- February 2010
- ISBN:
- 9780199556229
- eISBN:
- 9780191721823
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199556229.003.0001
- Subject:
- Economics and Finance, Macro- and Monetary Economics, Development, Growth, and Environmental
This synthesis chapter draws out the main findings from the individual chapters. After much agonizing over the direction of economic policy, three fundamental reforms between 1990 and 1992 ...
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This synthesis chapter draws out the main findings from the individual chapters. After much agonizing over the direction of economic policy, three fundamental reforms between 1990 and 1992 —legalization of the parallel foreign exchange market, liberalization of coffee marketing, and the establishment of fiscal discipline — brought macroeconomic stability. Together with trade liberalization and privatization, Uganda was set on the road to a liberal, capitalist economy. Concern that growth was bypassing the poor led to a focus on poverty reduction between the mid 1990s and early 2000s. Measures such as decentralization, the Poverty Eradication Action Plan, the Medium Term Expenditure Framework, the Poverty Action Fund, and Sector Working Groups succeeded in attracting increased aid and channeling it into poverty reduction. Sound economic management and a clear commitment to poverty reduction together explain why Uganda was the first beneficiary of both HIPC debt relief and the shift from project aid to budget support. The resulting increase in public service delivery contributed to rapid poverty reduction. The pace of reform has eased since 2002. The chapter concludes by emphasizing the crucial importance of political support for successful economic reform.Less
This synthesis chapter draws out the main findings from the individual chapters. After much agonizing over the direction of economic policy, three fundamental reforms between 1990 and 1992 —legalization of the parallel foreign exchange market, liberalization of coffee marketing, and the establishment of fiscal discipline — brought macroeconomic stability. Together with trade liberalization and privatization, Uganda was set on the road to a liberal, capitalist economy. Concern that growth was bypassing the poor led to a focus on poverty reduction between the mid 1990s and early 2000s. Measures such as decentralization, the Poverty Eradication Action Plan, the Medium Term Expenditure Framework, the Poverty Action Fund, and Sector Working Groups succeeded in attracting increased aid and channeling it into poverty reduction. Sound economic management and a clear commitment to poverty reduction together explain why Uganda was the first beneficiary of both HIPC debt relief and the shift from project aid to budget support. The resulting increase in public service delivery contributed to rapid poverty reduction. The pace of reform has eased since 2002. The chapter concludes by emphasizing the crucial importance of political support for successful economic reform.
Korkut Boratav, A. Erinc Yeldan, and Ahmet H. Köse
- Published in print:
- 2001
- Published Online:
- September 2007
- ISBN:
- 9780195145465
- eISBN:
- 9780199783960
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195145465.003.0010
- Subject:
- Economics and Finance, International
Turkey initiated its long process of integration with the world commodity and financial markets in 1980, and the successive stages of liberalization have been surveyed and are overviewed here. Since ...
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Turkey initiated its long process of integration with the world commodity and financial markets in 1980, and the successive stages of liberalization have been surveyed and are overviewed here. Since its early inception, the Turkish adjustment program was hailed as a model by the orthodox international community, and was supported by generous structural adjustment loans, debt relief, and technical aid; currently, the Turkish economy can be said to be operating under conditions of a truly open and liberalized economy, and in this setting, many of the instruments of macro and fiscal control have been transformed, and the constraints of macroequilibrium have undergone major structural change. The analytics of the two distinct phases of liberalization (1980–8 and 1989–98) is the theme of the first section of this chapter, where the modes of accumulation and surplus creation under both subperiods are addressed separately; the second section carries this analysis to microaspects of adjustment and reports on the evolving patterns of employment, labor productivity, and overall informalization of the labor force. Responses to pressures of international competitiveness and the emerging patterns of income distribution are studied in the third section, and in the fourth section, the preceding analysis is applied to size distribution of income and the incidence of postliberalization adjustments on poverty. The incidence of globalization on public sector accounts and the state's changing role in the provision of public goods are narrated in the fifth section, and the sixth concludes with an overview of the social policy implications of globalization.Less
Turkey initiated its long process of integration with the world commodity and financial markets in 1980, and the successive stages of liberalization have been surveyed and are overviewed here. Since its early inception, the Turkish adjustment program was hailed as a model by the orthodox international community, and was supported by generous structural adjustment loans, debt relief, and technical aid; currently, the Turkish economy can be said to be operating under conditions of a truly open and liberalized economy, and in this setting, many of the instruments of macro and fiscal control have been transformed, and the constraints of macroequilibrium have undergone major structural change. The analytics of the two distinct phases of liberalization (1980–8 and 1989–98) is the theme of the first section of this chapter, where the modes of accumulation and surplus creation under both subperiods are addressed separately; the second section carries this analysis to microaspects of adjustment and reports on the evolving patterns of employment, labor productivity, and overall informalization of the labor force. Responses to pressures of international competitiveness and the emerging patterns of income distribution are studied in the third section, and in the fourth section, the preceding analysis is applied to size distribution of income and the incidence of postliberalization adjustments on poverty. The incidence of globalization on public sector accounts and the state's changing role in the provision of public goods are narrated in the fifth section, and the sixth concludes with an overview of the social policy implications of globalization.
- Published in print:
- 2009
- Published Online:
- March 2013
- ISBN:
- 9780226033648
- eISBN:
- 9780226033679
- Item type:
- chapter
- Publisher:
- University of Chicago Press
- DOI:
- 10.7208/chicago/9780226033679.003.0008
- Subject:
- Political Science, Political Economy
This chapter explores how increased congressional activism in the banks created an opening for civil society groups to shape U.S. policy toward them, emphasizing on human rights in the 1970s, the ...
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This chapter explores how increased congressional activism in the banks created an opening for civil society groups to shape U.S. policy toward them, emphasizing on human rights in the 1970s, the environment in the 1980s and 1990s, and heavily indebted poor country (HIPC) debt relief in the 1990s and into the twenty-first century. There has been a rise of civil society advocacy around the multilateral development banks (MDBs). It argues that the debt-relief initiative was the most successful and human rights the least so. Human rights advocates won some important victories. The congressional activism around the MDBs and the environment are addressed. Over the past three decades, social movements working through nongovernmental organizations (NGOs) have had a growing impact on U.S. policies toward the MDBs and, thereby, on the banks' activities. It is shown that each wave of social movement involvement has paved the way for greater future activism.Less
This chapter explores how increased congressional activism in the banks created an opening for civil society groups to shape U.S. policy toward them, emphasizing on human rights in the 1970s, the environment in the 1980s and 1990s, and heavily indebted poor country (HIPC) debt relief in the 1990s and into the twenty-first century. There has been a rise of civil society advocacy around the multilateral development banks (MDBs). It argues that the debt-relief initiative was the most successful and human rights the least so. Human rights advocates won some important victories. The congressional activism around the MDBs and the environment are addressed. Over the past three decades, social movements working through nongovernmental organizations (NGOs) have had a growing impact on U.S. policies toward the MDBs and, thereby, on the banks' activities. It is shown that each wave of social movement involvement has paved the way for greater future activism.
Sarah Wamala, Ichiro Kawachi, and Besinati Phiri Mpepo
- Published in print:
- 2006
- Published Online:
- September 2009
- ISBN:
- 9780195172997
- eISBN:
- 9780199865659
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195172997.003.0014
- Subject:
- Public Health and Epidemiology, Public Health, Epidemiology
This chapter focuses on poverty reduction strategy papers (PRSPs). PRSPs were introduced by the World Bank and International Monetary Fund (IMF) in September 1999 as a new requirement for countries ...
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This chapter focuses on poverty reduction strategy papers (PRSPs). PRSPs were introduced by the World Bank and International Monetary Fund (IMF) in September 1999 as a new requirement for countries to receive concessional funding and debt relief. PRSPs are national planning frameworks, and describe a country's macroeconomic, structural, and social policies and programs to promote growth and reduce poverty, as well as associated external financing needs. PRSPs may signal an improvement on structural adjustment programs (SAPs) but still have some distance to go in recognizing and addressing issues such as equity and gender disparities. Although it is too soon to appraise the outcomes of PRSPs, some skepticism has been voiced in some quarters that they are SAPs by another name.Less
This chapter focuses on poverty reduction strategy papers (PRSPs). PRSPs were introduced by the World Bank and International Monetary Fund (IMF) in September 1999 as a new requirement for countries to receive concessional funding and debt relief. PRSPs are national planning frameworks, and describe a country's macroeconomic, structural, and social policies and programs to promote growth and reduce poverty, as well as associated external financing needs. PRSPs may signal an improvement on structural adjustment programs (SAPs) but still have some distance to go in recognizing and addressing issues such as equity and gender disparities. Although it is too soon to appraise the outcomes of PRSPs, some skepticism has been voiced in some quarters that they are SAPs by another name.
David Silkenat
- Published in print:
- 2012
- Published Online:
- March 2014
- ISBN:
- 9781617032257
- eISBN:
- 9781617032332
- Item type:
- chapter
- Publisher:
- University Press of Mississippi
- DOI:
- 10.14325/mississippi/9781617032257.003.0005
- Subject:
- History, Political History
This chapter focuses on North Carolina, the one state where the Populists achieved statewide power, to determine how the Populists saw the issue of debt and how debt influenced Populist attempts to ...
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This chapter focuses on North Carolina, the one state where the Populists achieved statewide power, to determine how the Populists saw the issue of debt and how debt influenced Populist attempts to reform the state economy. It places the Populists’ notion of debt in the long duree and traces the development of attitudes toward and the rhetoric of debt. By the 1880s and 1890s, white farmers saw debt as a form of slavery and oppression. It is argued that debt relief was a central tenet of North Carolina Populism, but once the Populists achieved power in the mid-1890s, they were unable to pass much in the way of debt relief, in part because they achieved power in alliance with Republicans, who were less than enthusiastic about wholesale debt reform.Less
This chapter focuses on North Carolina, the one state where the Populists achieved statewide power, to determine how the Populists saw the issue of debt and how debt influenced Populist attempts to reform the state economy. It places the Populists’ notion of debt in the long duree and traces the development of attitudes toward and the rhetoric of debt. By the 1880s and 1890s, white farmers saw debt as a form of slavery and oppression. It is argued that debt relief was a central tenet of North Carolina Populism, but once the Populists achieved power in the mid-1890s, they were unable to pass much in the way of debt relief, in part because they achieved power in alliance with Republicans, who were less than enthusiastic about wholesale debt reform.
Govind Bhattacharjee
- Published in print:
- 2016
- Published Online:
- April 2016
- ISBN:
- 9780199460830
- eISBN:
- 9780199086528
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199460830.003.0010
- Subject:
- Political Science, Indian Politics
This chapter contains detailed analysis of public finances of the special category states during the ten year period i.e., 2000– 01 to 2010–11, in order to assess the impact of sustained Central ...
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This chapter contains detailed analysis of public finances of the special category states during the ten year period i.e., 2000– 01 to 2010–11, in order to assess the impact of sustained Central funding of these states. Discussing the intricacies of Government finances, the chapter then proceeds to assess the financial management of special category states in respect of each of the four major areas: resource, expenditure, debt and deficit, using a set of indicators for each of these areas. These states are among the most heavily indebted states of India; the chapter also examines the sustainability of their debt as well as sustainability, flexibility, and vulnerability of their finances. The chapter then constructs independent indices in respect of resource management, expenditure management, debt management, and deficit management and combines these indices to create a composite index to measure and rank these states according to their performance in relation to their management of public finances.Less
This chapter contains detailed analysis of public finances of the special category states during the ten year period i.e., 2000– 01 to 2010–11, in order to assess the impact of sustained Central funding of these states. Discussing the intricacies of Government finances, the chapter then proceeds to assess the financial management of special category states in respect of each of the four major areas: resource, expenditure, debt and deficit, using a set of indicators for each of these areas. These states are among the most heavily indebted states of India; the chapter also examines the sustainability of their debt as well as sustainability, flexibility, and vulnerability of their finances. The chapter then constructs independent indices in respect of resource management, expenditure management, debt management, and deficit management and combines these indices to create a composite index to measure and rank these states according to their performance in relation to their management of public finances.
Mohammad A. Razzaque, Philip Osafa‐Kwaako, and Roman Grynberg
- Published in print:
- 2007
- Published Online:
- January 2008
- ISBN:
- 9780199234707
- eISBN:
- 9780191715488
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199234707.003.0011
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This final chapter argues for a comprehensive approach to the commodity problem with the help of increased aid flow, debt relief, diversification, and trade preferences.
This final chapter argues for a comprehensive approach to the commodity problem with the help of increased aid flow, debt relief, diversification, and trade preferences.
