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Overcoming Developing Country Debt Crises (Paperback)
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Overcoming Developing Country Debt Crises (Paperback)
Series: Initiative for Policy Dialogue
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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 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.
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