Sovereign Debt: Origins, Crises and Restructuring

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This timely and innovative book examines the ongoing debate on resolving sovereign debt defaults and alleviating the debt burden of highly indebted poor countries (HIPC). Concentrating primarily on the past twenty years and focusing on money owed to both the public and the private sector, the volume examines the origins of debt crises, rescheduling tactics, and efforts to create a more enduring solution to the problem of coping with debt. Contributors address related aspects of the international financial system,...

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Overview

This timely and innovative book examines the ongoing debate on resolving sovereign debt defaults and alleviating the debt burden of highly indebted poor countries (HIPC). Concentrating primarily on the past twenty years and focusing on money owed to both the public and the private sector, the volume examines the origins of debt crises, rescheduling tactics, and efforts to create a more enduring solution to the problem of coping with debt. Contributors address related aspects of the international financial system, and examine negotiations involved in rescheduling debt, as well as its efficacy. Policy recommendations are put forward for dealing with the onerous problem of debt default and rescheduling.

The authors provide historical and conceptual analyses and consider cutting-edge ideas on the emerging modes of governance of international debt issues. Their contributions are essential reading for scholars in the fields of international economics and political economy, practitioners, and other individuals interested in the evolving complexities of international debt governance.

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Editorial Reviews

From the Publisher

"These essays provide a valuable insight into the historical context of this debate about sovereign debt management policies, as well as thoughtful assessments by recognized experts on the likely future course of these policies." —Lee C. Buchheit, Senior International Partner, Cleary Gottlieb, Steen & Hamilton

"Dr. Granville and Professor Aggarwal have performed a valuable service by organizing a series of converences on the subject and publishing this wide-ranging and challenging collection of papers." —William A. Allen, Director for Europe and Deputy Director, Financial Stability, Bank of England

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Product Details

  • ISBN-13: 9781862031463
  • Publisher: Royal Institute for International Affairs/Chatham House
  • Publication date: 12/30/2003
  • Pages: 300
  • Product dimensions: 6.20 (w) x 9.30 (h) x 1.00 (d)

Meet the Author

Vinod K. Aggarwal is director of the Berkeley APEC Study Center (BASC); a professor in the Department of Political Science and an affiliated professor of the Haas School of Business, University of California, Berkeley. Brigitte Granville is a professor of international economics and economic policy at the Centre for Business Management, Queen Mary, University of London and former head of the International Economics Programme at RIIA.

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Table of Contents

Preface and acknowledgments
Contributors
Glossary and abbreviations
1 Introduction 3
2 The Evolution of Debt Crises: Origins, Management and Policy Lessons 11
3 Strengthening the Link Between Debt Relief and Poverty Reduction: the HIPC Initiative 36
4 The Structure of International Capital Markets 61
5 Different Market Windows on Sovereign Debt: Private-sector Credit from the 1980s to the Present 69
6 Measuring, Monitoring and Managing National Balance Sheets 92
7 Developing Countries and the New Financial Architecture 125
8 Bailouts, Moral Hazard and Burden-sharing 142
9 Sovereign Liquidity Crises: the Strategic Case for a Payments Standstil 152
Postscript: Sovereign Debt Restructuring: New Articles, New Contracts - or No Change? 183
10 The Paris Club and International Economic Governance: Double Crisis and Debt 201
11 Moving Mountains (of Debt): NGOs, the HIPC Initiatives and the Decentralization of Multilateral Debt Governance 229
12 Lessons from Environmental Governance for Debt Forgiveness 255
13 Sovereign Debt Management: Lessons and Policy Implications 281
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