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Efforts to improve the framework for the resolution of international financial crises have been on the policy agenda for several years. The recent turmoil in Argentina has underscored the urgency of the issue. Most key players now agree on the importance of a new mechanism to resolve financial crises. However, there is less agreement on how best to achieve this goal. Sovereign Debt Task Force Chairs: Shari Spiegel Director, Initiative for Policy Dialogue Jose Antonio Ocampo United Nations Under-Secretary-General for Economic and Social Affairs Barry Herman - Coordinator, Financing for Development Multi-Stakeholder Dialogue on Debt, United Nations
Read more about the IPD Sovereign Debt Task Force  |
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| IPD Book Series: Overcoming Developing Country Debt Crises |
| Publication: Edited by Barry Herman, Jose Antonio Ocampo and Shari Spiegel |
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 new millennium. Despite the fact that several developing countries now have stronger economic fundamentals than they did in the 1990s, sovereign debt crises will reoccur again. The reasons for this are several, but the central one is that economic fluctuations are inherent features of financial markets, the boom and bust nature of which intensify under liberalized financial environments that developing countries have increasingly adopted since the 1970s. Indeed, today we are in the midst of an almost unprecedented global "bust."
The call in this book for international reform of sovereign debt workouts derives from both economic theory and real-world experiences of different processes used for debt workouts. Country case studies underline the point that we need to do better. We recognize that the politics of the international treatment of sovereign debt has not supported systemic reform efforts thus far; however, failure in the past does not preclude success in the future in an evolving international political environment, and the book thus puts forth alternative reform ideas for consideration. |
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| Thanks to the Deficit, the Buck Stops Here |
| Opinion: Washington Post Op-Ed piece by Joseph E Stiglitz, August 30, 2009 |
Last week we learned that the national debt is likely to grow by more than $9 trillion. What really matters is not the size of the deficit but how we're spending our money.
Click here to learn more. |
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| Working Papers: Paris Club: intergovernmental relations in debt restructuring |
| Publication: Enrique Cosio-Pascal |
| This collection of essays is a joint venture between the Initiative for Policy Dialogue and the Department of Economic and Social Affairs of the United Nations, headed by Jose Antonio Ocampo. The book is being put together as an input to the UN's multistakeholder process on sovereign debt. |
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| Bringing Latin American and Caribbean Perspectives to IMF Reform Debates |
| Event: Apr 10, 2008 - Apr 10, 2008 |
| This meeting brought together senior officials and scholars from Latin American and Caribbean countries to discuss IMF reform and ways to best achieve monetary cooperation. This was an opportunity for the "customers" of the Fund to articulate their needs and perspectives on national, regional and global monetary policy, and the global institution mandated to promote these ends. |
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| Sovereign Debt Authors Workshop 2004 |
| Event: Oct 15, 2004 - Oct 16, 2004 |
| The United Nations Department of Economic and Social Affairs, in cooperation with the International Monetary Fund, the World Bank and the United Nations Conference on Trade and Development, is holding a series of multi-stakeholder meetings on the issue of sovereign debt. IPD is contributing to this effort by providing the "intellectual capital" needed for a productive policy debate. IPD put together an outline of issues that should be addressed by the multi-stakeholder process. A series of papers on these issues will serve as input to an IPD book, to be published by Oxford University Press. |
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| Sovereign Debt Roundtable 2002 |
| Event: May 01, 2002 - May 01, 2002 |
| On May 1st 2002, a group of prominent economists, lawyers, financial market players, and members of the international community met for a roundtable discussion to analyze alternative approaches to sovereign debt restructuring. The meeting was hosted by the Initiative for Policy Dialogue (IPD) at Columbia University, and chaired by The Honorable Paul Martin, Canadian Minister of Finance and Chair of the G7. |
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| Browse Debt Restructuring and Sovereign Bankruptcy
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