Protecting the poor : global financial institutions and the vulnerability of low-income countries (original) (raw)
Related papers
2015
Forum on Debt and Development (FONDAD) FONDAD is an independent policy research centre established in the Netherlands to provide policy-oriented research on North-South problems, primarily international financial issues. Through its international network of experts and its contacts in the worlds of finance, policy research, politics, and the media, FONDAD aims to provide factual background information and practical strategies to policymakers, and other interested groups in industrial as well as developing countries.
The policy challenges of global financial integration
1998
Forum on Debt and Development (FONDAD) FONDAD is an independent policy research centre and forum for international discussion established in the Netherlands. Supported by a worldwide network of experts, it provides policy-oriented research on a range of North-South problems, with particular emphasis on .international financial issues. Through research, seminars and publications, FONDAD' aims to provide factual background information and practical strategies for policymakers and other interested groups in industrial, developing and transition countries.
Financial Sector Policy for Developing Countries
2002
The findings, interpretations, and conclusions expressed here are those of the author(s) and do not necessarily reflect the views of the Board of Executive Directors of the World Bank or the governments they represent. The World Bank cannot guarantee the accuracy of the data inicluded in this work. The boundaries, colors, denominations, and other information shown on any map in this work do not imply on the part of the World Bank any judgment of the legal status of any territory or the endorsement or acceptance of such boundaries. xvi CESARE CALARI As a personal note, I would like to add that I have had the privilege of working with Millard on various occasions, particularly during the early years of my career with the World Bank Group. The lessons I learned from him have stayed with me, and none is greater than the power of ideas, when supported by sound research and intellectual integrity. It gives me, then, particular pleasure to sign this foreword. Note 1. By the mid-1990s, the International Monetary Fund was also stepping up its involvement in the field of financial sector policy, which has now been fully recognized in the work of the Monetary and Exchange Affairs Department and the newly created Capital Markets Department. Since 1999, the Fund has joined the Bank in launching a comprehensive country-by-country financial sector assessment program (FSAP), which places diagnostic work on a more systematic basis than had been possible in the past. References The word processed describes informally produced works that may not be commonly available through libraries.
Financial Sector Policy and the Poor: Selected Findings and Issues
SSRN Electronic Journal, 2000
World Bank Working Papers are published to communicate the results of the Bank's work to the development community with the least possible delay. The manuscript of this paper therefore has not been prepared in accordance with the procedures appropriate to formallyedited texts. Some sources cited in this paper may be informal documents that are not readily available. The findings, interpretations, and conclusions expressed in this paper are entirely those of the author(s) and do not necessarily reflect the views of the Board of Executive Directors of the World Bank or the governments they represent. The World Bank does not guarantee the accuracy of the data included in this work. The boundaries, colors, denominations, and other information shown on any map in this work do not imply on the part of the World Bank any judgment of the legal status of any territory or the endorsement or acceptance of such boundaries.
Whose Debt is it Anyway? A Sustainable Route Out of the Crisis for Low-income Countries
2021
The public debt of low-income countries is increasing significantly, with the ratio of public debt service costs to government tax revenue likely to exceed 30% in a third of low-income countries. This could reduce their ability to respond to the COVID-19 pandemic, and to lead an economic recovery that responds to climate change and supports the Sustainable Development Goals. Rapid and sufficient international debt relief for countries that need it is therefore an urgent priority. This needs to take into account the changed structure of debt and the diversity of lenders. An important change in the structure of this debt is that both Chinese and private creditors, especially bondholders, have rapidly increased their share of credit to emerging economies. This paper analyses the extent of the growing debt crisis in low-income economies-particularly in Africa, its complex and diverse nature, and the implications for international debt relief efforts. www.iied.org IIED ISSuE pApER Contents Summary 4 1 The current context of public external debt in the developing world 5 1.1 African debt 6 1.2 Overall debt situation of low-income countries in sub-Saharan Africa 8 2 Detailed analysis of scale and complexity of LICs' external public debt 9 2.1 public debt by income category 12 2.2 Evolution of LICs' external debt 12 2.3 The time horizon of external debt 14 2.4 Countries and international institutions that are major creditors of LICs 16 2.5 The role of international bondholders in recent years 2.6 The role of rating agencies 3 Looking forward References Appendix Endnotes Abbreviations and acronyms Whose debt is it anyWay? | A sustAinAble route out of the crisis for low-income countries 4 www.iied.org
The Road to International Financial Stability
2003
2.2 Countries' participation in standard-setting bodies 2.3 Membership in FSF working groups 2.4 A summary of Reports on the Observance of Standards and Codes for selected countries 3.1 FSAP/ROSC indicators for member countries (as at 31 December 2002) 3.2 Distribution of published ROSCs by region and category (as at 31 December 2002) 6.1 Political-institutional characteristics, selected East Asian countries 6.2 Thailand: increase in NPLs by financial institution, 2002 (baht m)-classified by the Financial Institution Group 6.3 Adjusted equity-to-asset ratios for Indonesian, Korean and Thai banks 9.1 Data Dissemination Standards (as at June 2002) 9.2 Latest data available in IFS, February 2002 9.3 Numbers of Reports published on the Observance of Standards and Codes, classified by rating change 10.3 ROSC and the daily volatility of cross-border equity flows in 2001 Boxes 2.1 Incentives to implement standards and codes 2.2 Why identified incentive structures may not work in the case of industrialised countries viii List of Tables, Figures and Boxes I take this opportunity to express my gratitude and thanks to the UK Department for International Development (DFID) for its financial support for the conference on 'International Standards and Codes: The Developing Country Perspective' and the publication of this volume. DFID supports policies, programmes and projects to promote international development, and provided funds for this study as part of that objective; however, the views and opinions expressed are those of the authors alone. A special thanks to Winston Cox, Deputy Secretary-General, Commonwealth Secretariat and his team for facilitating and providing additional financial support for the meeting on which this volume is based. My gratitude and thanks also go to Yilmaz Akyuz, Chief, Globalisation and Development Strategies Division, and Kamran Kousari, Officer-in-Charge, Debt and Development Finance Branch, United Nations Conference on Trade and Development (UNCTAD) for giving me time to organise the conference and work on this volume, a project that was started prior to my move to UNCTAD. The opinions expressed are those of the authors and do not necessarily reflect the views of UNCTAD. Thanks also to Giorgio Gualberti and Grace Juhn, who assisted with Chapter 2, and to Margaret Cornell who read painstakingly through the manuscript, made editorial changes and compiled the index, Angela O'Callaghan and Tony Traub for providing excellent assistance for the meeting, and Roo Griffiths for coordinating the book's publication. Last, but not least, I wish to thank Simon Maxwell, Director, Overseas Development Institute for his continuing support for the project, and the contributors to this volume for their cooperation and ideas, without which the volume would not have been possible.
Resolving the Debt Crisis of Low-Income Countries
Brookings Papers on Economic Activity, 2002
THE IDEA OF BANKRUPTCY FOR insolvent sovereign borrowers has been around a long time, at least since Adam Smith's favorable mention of it in the Wealth of Nations. 1 Kenneth Rogoff and Jeromin Zettelmeyer have recently reviewed the history of the idea, as has Ann Pettifor. 2 The current international framework for workouts of distressed sovereign borrowers is woefully inadequate, lacking both the efficiency and the equity protections that characterize well-designed bankruptcy systems. This paper focuses on one part of the problem, namely, the plight of the world's most highly indebted poor countries, and illustrates the serious problems that have arisen because of the weakness of international institutional arrangements. I conclude with several recommendations for reform. Motivations for Bankruptcy Laws Bankruptcy laws have two somewhat distinct motivations. The first is to overcome the collective action problems that arise when multiple cred-257