Debt Sustainability

Research Paper 83, November 2017

China’s Debt Problem and Rising Systemic Risks: Impact of the global financial crisis and structural problems

The fast expansion of China’s debt, in particular corporate and local government debt, has attracted international attention and has also become a major concern of China’s policy makers. Even though China can tolerate a higher debt level than many other emerging and developing economies owing to the sheer size and other special features of the Chinese economy, systemic risks for financial stability have been rising since the global financial crisis and the cushions built in the past decades to withstand a higher debt level have also been weakened. (more…)

Statement, November 2017

South Centre Statement for the UNCTAD Intergovernmental Group of Experts on Financing for Development

Below is the statement by the South Centre during the first session of the UNCTAD Intergovernmental Group of Experts on Financing for Development (IGE Ffd) held in Geneva on 8-10 November 2017.

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Policy Brief 44, August 2017

Industrialization, inequality and sustainability: What kind of industry policy do we need?

The 2030 Agenda includes as Sustainable Development Goal 9 (SDG 9) the commitment to “build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation”. The entry of this goal into the 2030 Agenda is an achievement for developing countries who have a very diverse situation in terms of population sizes, per capita incomes, economic sizes and structures, political systems, cultures but share the common feature of an underdeveloped industrial sector.Therefore, in order to implement SDG 9 pro-active industry policies are needed that take into account aspects of inequality and sustainability.

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Policy Brief 43, August 2017

The Financial Crisis and the Global South: Impact and Prospects

The world economy has not still recovered from the effects of the financial crisis that began almost a decade ago first in the US and then in Europe.  Policy response to the crisis, the combination of fiscal restraint and ultra-easy monetary policy, has not only failed to bring about a robust recovery but has also aggravated systemic problems in the global economy, notably inequality and chronic demand gap, on the one hand, and financial fragility, on the other. It has generated strong destabilizing spillovers to the Global South.  (more…)

Research Paper 76, May 2017

The Financial Crisis and the Global South: Impact and Prospects

The world economy has not still recovered from the effects of the financial crisis that began almost a decade ago first in the US and then in Europe.  Policy response to the crisis, the combination of fiscal restraint and ultra-easy monetary policy, has not only failed to bring about a robust recovery but has also aggravated systemic problems in the global economy, notably inequality and chronic demand gap, on the one hand, and financial fragility, on the other. (more…)

Research Paper 73, February 2017

Inequality, Financialization and Stagnation

The failure of exceptional monetary measures pursued in response to the financial crisis in advanced economies to achieve a strong recovery has created a widespread concern that these economies suffer from a chronic demand gap and face the prospect of stagnation.  This paper reviews and discusses the alternative views on the causes of the slowdown in accumulation and growth and the policies implemented and proposed to deal with it. (more…)

Policy Brief 35, January 2017

On the Existence of Systemic Issues and their Policy Implications

Systemic issues are issues that arise from the built-in features of the global system and the impact of the interaction of its parts; as implied in the chapter title in the Monterrey Consensus, it pertains to the coherence and consistency of the monetary, finance and trade systems.  Systemic issues point at the weak points in the whole global financial “architecture,” the international structures and mechanisms that are beyond the control of individual countries.  Systemic issues are a particular concern to developing countries, which have experienced their greatest development reversals during international payments crises. (more…)

Presentation, October 2016

South Centre Presentation to the Special Event of the Second Committee of the UN General Assembly

UNCTAD organized a special event of the Second Committee of the United Nations General Assembly on 26 October 2016 in New York on “SOVEREIGN DEBT RESTRUCTURINGS: Lessons learned from legislative steps taken by certain countries and other appropriate action to reduce the vulnerability of sovereigns to holdout creditors”. Ms. Yuefen Li, Special Advisor on Economics and Development Finance of the South Centre, spoke as a panelist and alerted the UN Member States of the current legislative challenges facing the sovereigns when it comes to the need for sovereign debt restructuring including the impact of the plurilateral and bilateral trade and investment agreements.

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Policy Brief 26, June 2016

Debt Dynamics in China – Serious problems but an imminent crisis is unlikely

Recently, there have been many articles in the international media predicting that China is facing an imminent financial/debt crisis worse than the 2008 US sub-prime crash. However, a closer look at the debt dynamics in China highlights some fundamental differences be-tween the debt situation of the source country of the 2008 global financial crisis and that of China. (more…)

Investment Policy Brief 2, July 2015

Crisis, Emergency Measures and the Failure of the ISDS System: The Case of Argentina

This brief gives an account of Argentina’s experience with investor-state dispute settlement in 2001-2014. Between 2002 and 2007, Argentina was the subject of a quarter of all the cases initiated within the framework of the International Centre for Settlement of Investment Disputes (ICSID) Convention. These cases were triggered by changes within the regulatory framework for international investments –particularly in sectors related to the provision of public services– as a result of the implementation of a package of measures aimed at tackling one of the worst economic crises in Argentina’s history. (more…)

Policy Brief 19, July 2015

Financing for Development Conference 2015: A View from the South

On 19 July 2014 the Open Working Group on Sustainable Development Goals (SDGs) of the United Nations agreed on a draft of a set of 17 Sustainable Development Goals, taking the first steps toward a renewed development agenda for after 2015. The effort to agree on the SDGs was the follow up to the Millennium Development Goals (MDGs), whose end-date is 2015. Aside from the 17 specific goals, the draft SDGs included 169 associated targets. (more…)

Statements, 3-5 February 2015

South Centre Statements on Sovereign Debt Restructuring Processes

The following are two Statements presented by the South Centre on Options for moving forward and Crisis Resolution & International Debt Workout Mechanisms for a multilateral legal framework for sovereign debt restructuring processes. (more…)


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