Suchergebnisse

This paper studies the effect of sovereign debt restructurings with external private creditors on growth during the period 1970-2010. We find that there are bad and good (or not so bad) debt restructurings for growth. While growth generally declines in the aftermath of a sovereign debt restructuring, agreements that allow countries to exit a default spell (final restructurings) are associated with improving growth. The impact can be significant. In general, three years after restructuring, growth is about 5 percent lower compared to countries that did not face restructuring over the same period. The exception is for final restructurings, which result in positive growth in the years immediately after the restructuring. Final restructurings tend to be better for growth because they reduce countries' debt, with the strongest effect for countries that exit restructurings with relatively low debt levels

A dive into the origins, management, and uses and misuses of sovereign debt through the ages. Public debts have exploded to levels unprecedented in modern history as governments responded to the Covid-19 pandemic and ensuing economic crisis. Their dramatic rise has prompted apocalyptic warnings about the dangers of heavy debts—about the drag they will place on economic growth and the burden they represent for future generations. In Defense of Public Debt offers a sharp rejoinder to this view, marshaling the entire history of state-issued public debt to demonstrate its usefulness. Authors Barry Eichengreen, Asmaa El-Ganainy, Rui Esteves, and Kris James Mitchener argue that the ability of governments to issue debt has played a critical role in addressing emergencies—from wars and pandemics to economic and financial crises, as well as in funding essential public goods and services such as transportation, education, and healthcare. In these ways, the capacity to issue debt has been integral to state building and state survival. Transactions in public debt securities have also contributed to the development of private financial markets and, through this channel, to modern economic growth. None of this is to deny that debt problems, debt crises, and debt defaults occur. But these dramatic events, which attract much attention, are not the entire story. In Defense of Public Debt redresses the balance. The authors develop their arguments historically, recounting two millennia of public debt experience. They deploy a comprehensive database to identify the factors behind rising public debts and the circumstances under which high debts are successfully stabilized and brought down. Finally, they bring the story up to date, describing the role of public debt in managing the Covid-19 pandemic and recession, suggesting a way forward once governments—now more heavily indebted than before—finally emerge from the crisis. ; https://scholarcommons.scu.edu/faculty_books/1537/thumbnail.jpg

The World Bank and the Eastern Caribbean Central Bank (ECCB) undertook a comprehensive assessment of the debt management (DeM) functions of the Government of Dominica (GoD) from June 18 to 22, 2018.The main outcomes of the debt management performance assessment are as follows: The assessment indicates that legal framework includes clear authorization for the Minister of Finance to borrow and issue loan guarantees on behalf of the Government. However, authorization to issue bonds in the regional market is not clearly defined.legal framework is fragmented and does not include borrowing purposes. The Debt Management Unit (DMU) is the principal guarantee entity but the borrowing operations involve more entities and are not well coordinated.Reasonably reliable debt service forecasts are produced by the DMU, but in-house debt sustainability analysis (DSA) is not undertaken. A staff in Macroeconomic Unit within the MoF has received training in the use of DSA framework and plans to undertake the exercise in-house in the coming fiscal year.Cash flows are forecasted on a monthly basis, but not submitted to the ECCB for liquidity management purposes. The Government has access to a well-developed Regional Government Securities Market (RGSM), but the potential has not been fully reaped, since Treasury bills (T-bills) are also issued locally with less advanced techniques, implying significant exposure to operational risks.Monthly detailed cash flow forecasts are prepared by the Accountant General´s Office (AGO) which could be used to guide upcoming budget allocation and short-term T-bill issuance for cash management purposes.The DMU is maintaining complete government debt and guarantees' records which are updated quickly due to well-developed contacts with creditors and projects.The DMU has developed a draft procedures manual but it does not cover all DeM procedures and it has not been finalized. The DMU staff capacity is not sufficient and the work is not organized with adequate segregation of duties.

A joint World Bank-Macroeconomic and Financial Management Institute of Eastern and Southern Africa (MEFMI)-United Nations Conference for Trade and Development (UNCTAD) mission undertook an assessment of the government's debt management capacity and institutions in Uganda during March 2018. The objective of the mission was to assess the debt management strengths and areas in need of reform through the application of the debt management performance assessment (DeMPA) methodology. The results of the DeMPA evaluation help the authorities to take stock of the current debt management situation and design medium term priority reforms. This report records the DeMPA in Uganda as of March 2018.

The presentcase study analyses the Portuguese publicdebt management during theEuropeanSovereign debtcrisis, namely the decisions undertook by the Government and by the Portuguese Debt Management Agency.On April 6th,2011, Portugal requestedofficial financial assistance, beginning a three-year period in which market access was severely constrained.This case studyfocus onthe behaviourof relevant parameters,such as the evolution of yieldsand spreads for Government bonds, the shareof public debt held by domestic and non-domestic investors through time, the progressionof Portuguese debt ratings and thecomposition of the stock of public debt.

Abstract
The documentary film Habilito: Debt for Life
provides a case study of the conflicts and tensions that arise at the point
of contact between highland migrants and Mosetenes, members of an indigenous
community in the Bolivian Amazon.