Sovereign Debt at the Crossroads: Challenges and Proposals for Resolving the Third World Debt Crisis
Sovereign Debt at the Crossroads: Challenges and Proposals for Resolving the Third World Debt Crisis
Adjunct Professor at School of International and Public Affairs
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Abstract
Recent world events have created a compelling need for new perspectives and realistic solutions to the problem of sovereign debt. The success of the Jubilee 2000 movement in raising public awareness of the devastating effects of debt, coupled with the highly publicized Bono/O'Neill tour of Africa, and the spectacular default and economic implosion of Argentina, have helped spur a global debate over debt. A growing chorus of globalization critics, galvanized by the Catholic Church's demand for forgiveness and bolstered by recent defaults, has put debt near the top of the international agenda. Creditor governments and international financial institutions have belatedly recognized the need for more sustainable progress on debt as an inescapable step towards economic recovery in many parts of the world. This book advances the dialogue around these issues by providing an overview of the problems raised by debt and describing new and practical approaches to overcoming them. It brings together the voices of prominent members of the international debt community. It includes pieces from the most relevant constituencies: from creditors (the IMF/World Bank, government lenders, private investors) to critics (debtor representatives, activists, and academics) and analysis from economists, bankers, lawyers, social scientists, and politicians.
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Front Matter
- Introduction
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Part I Sovereign Debt: History and Impacts
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Part II Sovereign Debt: Law and Ethics
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4
Ecological Debt—The Economic Possibilities for Our Grandchildren
Andrew Simms
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5
Defining “Illegitimate Debt”: When Creditors Should Be Liable for Improper Loans
Joseph Hanlon
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6
The Legal Case for Debt Repudiation
Chris Jochnick
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7
Ethics, Market and Government Failure, and Globalization: Perspectives on Debt and Finance
J. E. Stiglitz
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8
Helping the Poor to Help Themselves: Debt Relief or Aid?
Serkan Arslanalp andPeter Blair Henry
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4
Ecological Debt—The Economic Possibilities for Our Grandchildren
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Part III Sovereign Debt: Prospects and Proposals
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9
Using International Finance to Further Conservation: The First 15 Years of Debt-for-Nature Swaps
William K. Reilly
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10
Odious Debt
Seema Jayachandran andMichael Kremer
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11
Dealing Comprehensively, and Justly, with Sovereign Debt
Jack Boorman
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12
The IMF's SDRM—Simply Disastrous Rescheduling Management?
Kunibert Raffer
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13
Dealing with Sovereign Debt: Trends and Implications
Arturo C. Porzecanski
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14
The Jubilee 2000 Campaign: A Brief Overview
Ann Pettifor
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9
Using International Finance to Further Conservation: The First 15 Years of Debt-for-Nature Swaps
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End Matter
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