Overcoming Developing Country Debt Crises

by Herman, Barry; Ocampo, Jose Antonio; Spiegel, Shari

• ISBN13: 9780199578795
• ISBN10: 0199578796
• Format: Paperback
• Copyright: 2010-05-26
• Publisher: Oxford University Press

Summary

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 ne

Author Biography

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

Abbreviations	p. xi
List of Figures	p. xiv
List of Tables	p. xv
Contributors	p. xvi
Introduction: The case for a New International Reform Effort	p. 1
The Analytical Framework for Debt Policy
Sovereign Debt: Notes on Theoretical Frameworks and policy Analyses	p. 35
Reasons for Limited Sovereign Risk Management and How to Improve it	p. 70
Is Domestic Debt the Answer to Debt Crises?	p. 91
Crisis Experiences When Most Credits Were Private
The 1980s Crisis in Syndicated Bank Lending to Sovereigns and the Sequence of Mechanisms to Fix it	p. 111
Excess Returns on Emerging Market Bonds and the Framework for sovereign Debt Restructuring	p. 140
The Russian Federation: From Financial Pariah to Star Reformer	p. 161
The Argentinean Debt: History, Default, and Restructuring	p. 179
Crisis Experiences When Most Credits Were Official
Paris Club: Intergovernmental Relations in Debt Restructuring	p. 231
Ethiopian Debt Policy: The Long Road from Paris Club to the MDGs	p. 277
Human Development advocacy for Debt Relief, Aid, and Governance	p. 298
Political Economy and Institutional Reform
The Political Economy of the SDRM	p. 317
How CACs Became Boilerplate: Governments in 'Market-Based' Change	p. 347
Why the Code of Conduct for Resolving sovereign Debt Crises Falls Short	p. 389
Taking Stock of Proposals for More Ordered Workouts	p. 428
How to Rethink Sovereign Bankruptcy: A New Role for the IMF?	p. 449
Conclusion
Conclusion: Towards a Comprehensive Sovereign Bankruptcy Regime	p. 489
Index	p. 497
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