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Sovereign Debt and the Debt Crisis in Emerging Countries: The Experience of the 1990s

Daniel Marx, Jose Echague, and Guido Sandleris

in Sovereign Debt at the Crossroads: Challenges and Proposals for Resolving the Third World Debt Crisis

Published in print:
2006
Published Online:
May 2006
ISBN:
9780195168006
eISBN:
9780199783458
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0195168003.003.0004
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter analyzes the main problems of the current global sovereign debt markets, particularly in relation to emerging countries, and presents some policy recommendations. It describes the ... More


Dealing Comprehensively, and Justly, with Sovereign Debt

Jack Boorman

in Sovereign Debt at the Crossroads: Challenges and Proposals for Resolving the Third World Debt Crisis

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 ... More


The IMF's SDRM—Simply Disastrous Rescheduling Management?

Kunibert Raffer

in Sovereign Debt at the Crossroads: Challenges and Proposals for Resolving the Third World Debt Crisis

Published in print:
2006
Published Online:
May 2006
ISBN:
9780195168006
eISBN:
9780199783458
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0195168003.003.0013
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter argues that that the IMF's sovereign debt restructuring mechanism (SDRM) is misguided in several ways. Most importantly, the SDRM proposal leaves the IMF itself in the position of having ... More


International Borrowing

RUMU SARKAR

in International Development Law: Rule of Law, Human Rights, and Global Finance

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 ... More


Private Sector Involvement and International Financial Crises: An Analytical Perspective

Michael Chui and Prasanna Gai

Published in print:
2005
Published Online:
July 2005
ISBN:
9780199267750
eISBN:
9780191602504
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/0199267758.001.0001
Subject:
Economics and Finance, Financial Economics

This book offers an analytical perspective on the policy debate on the design and reform of the international financial architecture. It stresses the role played by coordination problems in the ... More


Using International Finance to Further Conservation: The First 15 Years of Debt-for-Nature Swaps

William K. Reilly

in Sovereign Debt at the Crossroads: Challenges and Proposals for Resolving the Third World Debt Crisis

Published in print:
2006
Published Online:
May 2006
ISBN:
9780195168006
eISBN:
9780199783458
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0195168003.003.0010
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter examines debt-for-nature swaps and their potential for offsetting sovereign debt. Debt-for-nature swaps originated in the 1980s as a way of preserving natural areas in the developing ... More


Introduction

Chris Jochnick and Fraser A. Preston

in Sovereign Debt at the Crossroads: Challenges and Proposals for Resolving the Third World Debt Crisis

Published in print:
2006
Published Online:
May 2006
ISBN:
9780195168006
eISBN:
9780199783458
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0195168003.003.0001
Subject:
Economics and Finance, Development, Growth, and Environmental

This introductory chapter begins with a brief discussion of the real cost of sovereign debt. It then describes the three parts of the book. An overview of the chapters included in this volume is ... More


Creditor Initiatives in the 1980s and 1990s

David Roodman

in Sovereign Debt at the Crossroads: Challenges and Proposals for Resolving the Third World Debt Crisis

Published in print:
2006
Published Online:
May 2006
ISBN:
9780195168006
eISBN:
9780199783458
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0195168003.003.0002
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter presents an overview of the sovereign-debt initiatives from the last twenty-five years. It examines the programs devised by creditors, namely the World Bank and IMF, during the 1980s and ... More


The Political Economy of the SDRM

Brad Setser

in Overcoming Developing Country Debt Crises

Published in print:
2010
Published Online:
May 2010
ISBN:
9780199578788
eISBN:
9780191723049
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199578788.003.0012
Subject:
Economics and Finance, Macro- and Monetary Economics, Development, Growth, and Environmental

This chapter examines the IMF effort to create the sovereign debt‐restructuring mechanism (SDRM) and the forces that lined up in favor of and against the proposal. It emphasizes that different ... More


Overcoming Developing Country Debt Crises

Barry Herman, José Antonio Ocampo, and Shari Spiegel (eds)

Published in print:
2010
Published Online:
May 2010
ISBN:
9780199578788
eISBN:
9780191723049
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199578788.001.0001
Subject:
Economics and Finance, Macro- and Monetary Economics, Development, Growth, and Environmental

Developing country debt crises have been a recurrent phenomenon over the past two centuries. Despite the fact that several developing countries now have stronger economic fundamentals than they did ... More


Ecological Debt—The Economic Possibilities for Our Grandchildren

Andrew Simms

in Sovereign Debt at the Crossroads: Challenges and Proposals for Resolving the Third World Debt Crisis

Published in print:
2006
Published Online:
May 2006
ISBN:
9780195168006
eISBN:
9780199783458
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0195168003.003.0005
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter broadens the analysis of sovereign debt by incorporating ecological concerns. Centuries of consumption of the natural resources of the developing world by the developed world, resources ... More


Assessing Contractual and Statutory Approaches: Policy Proposals for Restructuring Unsustainable Sovereign Debt

Inge Kaul and Pedro Conceiçāo

in The New Public Finance: Responding to Global Challenges

Published in print:
2006
Published Online:
October 2011
ISBN:
9780195179972
eISBN:
9780199850709
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195179972.003.0018
Subject:
Economics and Finance, International

This chapter discusses the rationale behind efforts to make sovereign debt restructuring more efficient, orderly and predictable. It compares the contractual and statutory approaches to debt ... More


Why the Code of Conduct for Resolving Sovereign Debt Crises Falls Short

Barry Herman

in Overcoming Developing Country Debt Crises

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 ... More


Towards a New Modus Operandi of the International Financial System

Daniel Cohen

in The Washington Consensus Reconsidered: Towards a New Global Governance

Published in print:
2008
Published Online:
May 2008
ISBN:
9780199534081
eISBN:
9780191714658
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199534081.003.0009
Subject:
Economics and Finance, Development, Growth, and Environmental

The Bretton Woods system was conceived as a fixed exchange rate regime, allowing for a few devaluations, with the IMF supplying a line of credits to countries in ‘transitory’ difficulties. As capital ... More


Paris Club: Intergovernmental Relations in Debt Restructuring

Enrique Cosío‐Pascal

in Overcoming Developing Country Debt Crises

Published in print:
2010
Published Online:
May 2010
ISBN:
9780199578788
eISBN:
9780191723049
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199578788.003.0009
Subject:
Economics and Finance, Macro- and Monetary Economics, Development, Growth, and Environmental

This chapter describes the unique way negotiations within the Paris Club are carried out, with the debtor in essence as supplicant to the creditors who then announce their joint decision on relief, ... More


Sovereign Debt: Notes on Theoretical Frameworks and Policy Analyses

Joseph E. Stiglitz

in Overcoming Developing Country Debt Crises

Published in print:
2010
Published Online:
May 2010
ISBN:
9780199578788
eISBN:
9780191723049
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199578788.003.0002
Subject:
Economics and Finance, Macro- and Monetary Economics, Development, Growth, and Environmental

This chapter focuses on what lessons might be drawn for sovereign insolvency from the principles underlying national policies for corporate or personal bankruptcy. It then develops a framework to ... More


Why Do Countries Repay Their Debts?

Jerome Roos

in Why Not Default?

Published in print:
2019
Published Online:
May 2019
ISBN:
9780691180106
eISBN:
9780691184937
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691180106.003.0002
Subject:
Business and Management, Public Management

The striking puzzle at the heart of international lending has long been known as the “enforcement problem” of cross-border debt contracts: clearly there is some kind of cross-border enforcement at ... More


Taking Stock of Proposals for More Ordered Workouts

Jürgen Kaiser

in Overcoming Developing Country Debt Crises

Published in print:
2010
Published Online:
May 2010
ISBN:
9780199578788
eISBN:
9780191723049
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199578788.003.0015
Subject:
Economics and Finance, Macro- and Monetary Economics, Development, Growth, and Environmental

This chapter compares six proposals of civil society, financial sector, or academic parentage. The five proposals besides the SDRM that are reviewed include: Christoph Paulus's call for an ... More


How CACs Became Boilerplate: Governments in ‘Market‐Based’ Change

Anna Gelpern and Mitu Gulati

in Overcoming Developing Country Debt Crises

Published in print:
2010
Published Online:
May 2010
ISBN:
9780199578788
eISBN:
9780191723049
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199578788.003.0013
Subject:
Economics and Finance, Macro- and Monetary Economics, Development, Growth, and Environmental

The authors found this intriguing, as it is doubtful that senior political figures in the major economic powers knew what legal boilerplate was, let alone would advocate for particular clauses. There ... More


The Russian Federation: From Financial Pariah to Star Reformer

Sergei Gorbunov

in Overcoming Developing Country Debt Crises

Published in print:
2010
Published Online:
May 2010
ISBN:
9780199578788
eISBN:
9780191723049
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199578788.003.0007
Subject:
Economics and Finance, Macro- and Monetary Economics, Development, Growth, and Environmental

This chapter traces Russia's descent into bankruptcy, from the collapse of the Soviet Union in 1992 to the sovereign default in August 1998, and the recovery strategy that followed. It ascribes the ... More


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