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Too Little, Too LateThe Quest to Resolve Sovereign Debt Crises$
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Martin Guzman, José Antonio Ocampo, and Joseph E. Stiglitz

Print publication date: 2016

Print ISBN-13: 9780231179263

Published to Columbia Scholarship Online: January 2017

DOI: 10.7312/columbia/9780231179263.001.0001

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Sovereign Debt of Developing Countries

Sovereign Debt of Developing Countries

Overview of Trends and Policy Perspectives

Chapter:
(p.33) Chapter 2 Sovereign Debt of Developing Countries
Source:
Too Little, Too Late
Author(s):

Marilou Uy

Shichao Zhou

Publisher:
Columbia University Press
DOI:10.7312/columbia/9780231179263.003.0003

This paper focuses on the sovereign debt of developing countries, particularly over the last decade. It provides an overview of broadly favorable public debt trends in developing countries. It notes that the increased access of developing countries to international financial markets and a wider set range of creditors and investors brings with it opportunities for investments that stimulate growth but also new, additional sources of risk. The paper also describes the unique debt management challenges faced by specific groups of countries. While this paper acknowledges that countries have the responsibility to manage their debt, it also recognizes that the global community has a complementary role to enable fair and efficient sovereign debt resolution that minimizes the adverse impact on the prospects for economic recovery of debtor countries. Yet there is no clear global consensus on how to strengthen the system of sovereign debt resolutions. Countries hold widely divergent views on how these issues should be resolved but recent experience in debt restructuring in some countries point to the need for collective agreement on meaningful reforms. To this end, the paper concludes by tracing the evolution of discussions and policy perspectives within and between developing countries and intergovernmental forums and potential approaches that could foster consensus.

Keywords:   Public Debt, International Lending, Sovereign Debt Restructuring

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