Overcoming Developing Country Debt Crises

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

• ISBN13: 9780199578788
• ISBN10: 0199578788
• Format: Hardcover
• 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.
Jose Antonio Ocampo is Professor at the School of International and Public Affairs and Fellow of the Committee on Global Thought at Columbia University.
Shari Spiegel is a Principal at New Holland Capital, PLC.

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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