Overcoming Developing Country Debt Crises

by Barry Herman (Editor), Josï Antonio Ocampo (Editor), Shari Spiegel (Editor)

Overview

The book looks at historical sovereign debt crises in developing and transition economies, and concludes that these occurrences have been economic and social catastrophes and are likely to happen again in the future due to the boom and bust nature of economic cycles, which can wreak havoc in liberalized financial environments.

Product Details

ISBN-13:	9780199578788
Publisher:	Oxford University Press
Publication date:	05/26/2010
Series:	Initiative for Policy Dialogue
Pages:	532
Product dimensions:	6.20(w) x 9.30(h) x 1.30(d)

About the Author

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 improve governance and limit corruption in developed and developing countries. He completed almost 30 years in the United Nations Secretariat in 2005, the last two years of which were as Senior Advisor in the Financing for Development Office in the Department of Economic and Social Affairs (DESA). Prior to his UN service, he taught international economics and development at the City University of New York and Dickinson College (Carlisle, Pa). He holds a PhD in economics from the University of Michigan and an MBA from the University of Chicago.

Jose Antonio Ocampo is Professor in the School of International and Public Affairs and Fellow of the Committee on Global Thought at Columbia University. Prioir to this, Professor Ocampo served as the United Nations Under-Secretary-General for Economic and Social Affairs, and head of UN Department of Economic and Social Affairs (DESA), as Executive Secretary of the UN Economic Commission for Latin America and the Caribbean (ECLAC), and has held a number of high-level posts in the Government of Colombia, including Minister of Finance and Public Credit and Director of the National Planning Department. He has also served as Executive Director of FEDESARROLLO, the main think tank on economic issues in Colombia, Director of the Centro de Estudios sobre Desarrollo Economico of Universidad de los Andes, Professor of Economics at Universidad de los Andes, and Professor of Economic History at Universidad Nacional de Colombia. He has also been Visiting Professor at Cambridge, Oxford and Yale Universities.
Shari Spiegel is a Principal at New Holland Capital, PLC (an advisor to APG, the Dutch Civil Servant's Pension Fund). From 2002 to 2007 she was the Executive Director at IPD and an adjunct professor and Lecturer at the School of International Affairs, Columbia University. Ms. Spiegel joined IPD from Lazard Asset Management where she was a Director of Lazard LLC and the Senior Fixed Income Portfolio Manager in charge of emerging markets. Prior to this, she spent several years working in Budapest where she was an advisor to the Hungarian Central Bank and an instructor at the International Training Centre for Bankers. Later, she served as CEO of Budapest Investment Management Company. She has also held positions at Drexel Burnham Lambert and Citibank NA in New York. She has an MA in economics from Princeton Univesity and a BA in applied mathematics and economics from Northwestern University. She is a member of the Board of Directors of New Rules for Global Finance, an NGO based in Washington.

Table of Contents

Introduction1. The case for a new international reform effort, Barry Herman, Jose Antonio Ocampo and Shari SpiegelPart I: The analytical framework for debt policy2. Sovereign debt: notes on theoretical frameworks and policy analyses, Joseph E. Stiglitz3. Reasons for limited sovereign risk management and how to improve it, Stijn Claessens4. Is domestic debt the answer to debt crises?, Ugo PanizzaPart II: Crisis Experiences When Most Credits Were Private5. The 1980s crisis in syndicated bank lending to sovereigns and the sequence of mechanisms to fix it, Luis Jorge Garay Salamanca6. Excess Returns on Emerging Market Bonds and the Framework for Sovereign Debt Restructuring, Shari Spiegel7. The Russian Federation: From Financial Pariah to Star Reformer, Sergei Gorbuno8. The Argentine debt: history, default and restructuring, Mario Damill, Roberto Frenkel and Martin RapettiPart III: Crisis Experiences When Most Credits Were Official9. Paris Club: intergovernmental relations in debt restructuring, Enrique Cosio-Pascal10. Ethiopian debt policy: the long road from Paris Club to the MDGs, Matthew Martin11. Human development advocacy for debt relief, aid and governance, Henry NorthoverPart IV: Political Economy and Institutional Reform12. The political economy of the SDRM, Brad Setser13. How CACs became boilerplate: governments in "market-based" change, Anna Gelpern and Mitu Gulati14. Why the code of conduct for resolving sovereign debt crises falls short, Barry Herman15. Taking stock of proposals for more ordered workouts, Jurgen Kaiser16 How to rethink sovereign bankruptcy: a new role for IMF?, Patrick Bolton and David A. Skeel, Jr.Conclusion17. Towards a Comprehensive Sovereign Debt Bankruptcy Regime, Barry Herman, Jose Antonio Ocampo and Shari Spiegel