Public Debt

Research Paper 60, January 2015

Internationalization of Finance and Changing Vulnerabilities in Emerging and Developing Economies

After a series of crises with severe economic and social consequences in the 1990s and early 2000s, emerging and developing economies (EDEs) have become even more closely integrated into what is widely recognized as an inherently unstable international financial system. Both policies in these countries and a highly accommodating global financial environment have played a role. Not only have their traditional cross-border linkages been deepened and external balance sheets expanded rapidly, but also foreign presence in their domestic credit, bond, equity and property markets has reached unprecedented levels. (more…)

Policy Brief 16, September 2014

Resolving Debt Crises: How a Debt Resolution Mechanism Would Work

The issue of foreign debt has made a major comeback. This is due to the crisis in Europe, in which many countries had to seek big bailouts to keep them from defaulting on their loan payments.

Before this, debt crises have been associated with African and Latin American countries. In 1997-99, three East Asian countries also joined the indebted countries’ club. (more…)

South Centre Paper, March 2013

The Age of Austerity: A Review of Public Expenditures and Adjustment Measures in 181 Countries.

This paper: (i) examines the latest IMF government spending projections for 181 countries by comparing the four distinct periods of 2005-07 (pre-crisis), 2008-09 (crisis phase I: fiscal expansion), 2010-12 (crisis phase II: onset of fiscal contraction) and 2013-15 (crisis phase III: intensification of fiscal contraction); (ii) reviews 314 IMF country reports in 174 countries to identify the main adjustment measures considered in high-income and developing countries; (iv) discusses the threats of austerity to development goals and social progress; and (v) calls for urgent action by governments to adopt alternative and equitable policies for socio-economic recovery. (more…)

Policy Brief 14, December 2012

National Financial Policy in Developing Countries.

A fundamental question raised by recurrent financial crises in mature and emerging economies is how to ensure that the financial markets and institutions serve growth and development rather than being a constant source of instability and disruption in pursuit of self-interest. (more…)

Policy Brief 13, October 2012

Statutory Sovereign Debt Workout Mechanisms: Why and How?.

Because of the absence of a multilaterally agreed legal system for debt workouts, the practice tends to be ad hoc and disorderly, generally favouring creditors. Often the IMF is involved in coordinating and resolving debt servicing difficulties, be it due to solvency or liquidity problems, based on an adjustment programme agreed with the debtor country. (more…)

Statement, 18 May 2012

Statement to the UN High Level Thematic Debate on the State Of the World Economy, New York

1. Global economic conditions continue to have a strong bearing on production, trade and investment in developing economies (DEs). In this respect the current landscape is not very encouraging. After three years of recovery the world economy still remains highly fragile. (more…)

Research Paper 44, March 2012

The Staggering Rise of the South?

This paper argues that the unprecedented acceleration of growth in the developing world in the new millennium in comparison with advanced economies is due not so much to improvements in underlying fundamentals as to exceptionally favourable global economic conditions, shaped mainly by unsustainable policies in advanced economies. The only developing economy which has had a major impact on global conditions, notably on commodity prices, is China. (more…)

Analytical Note, July 2008

Capital flows from South to North: a new dynamic in global economic relations.

This Analytical Note looks at the new dynamic of capital flows from the South to the North arising from unprecedented levels of capital reserve accumulation by the South. (more…)

Analytical Note, September 2002

The relationship between Trade and Debt.

The existence of a relationship between trade and debt is a contentious issue. In fact, a clear divide exists between developed and developing countries regarding the subject, a division which has necessitated the formation of the Working Group on Trade, Debt, and Finance (WGTDF) within the World Trade Organization (WTO). (more…)


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