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401. Africa's Debt: Fueling the fire of AIDS

Publication Date:
05-2003
Content Type:
Working Paper
Institution:
Africa Policy Information Center
Abstract:
Africa is the world's poorest region, and most of its people live on less than $1 a day... but African countries owe $300 billion in foreign debt. This is a huge financial burden on the people of Africa. While African countries struggle to cope with the HIV/AIDS crisis and with extreme poverty, they must spend millions more on debt repayments than on their own urgent priorities.
Topic:
Debt, Economics, Human Rights, and Human Welfare
Political Geography:
Africa

402. Bankruptcy Proceedings for Sovereign State Insolvency and their Effect on Capital Flows

Author:
Jonathan Thomas
Publication Date:
10-2003
Content Type:
Working Paper
Institution:
United Nations University
Abstract:
The paper examines the main issues involved in translating domestic bankruptcy procedures to the sovereign context. It considers some of the principles by which domestic bankruptcy procedures operate, and the extent to which they apply to international lending. Two recent proposals are considered in more detail, that of Krueger ('A New Approach to Sovereign Debt Restructuring') and that of Pettifor ('Resolving International Debt Crises - The Jubilee Framework for International Insolvency). The paper also considers the question of the ex ante effects of a procedure which makes default less costly, and concludes that despite a negative impact on the ability to borrow, the overall welfare effect need not be negative.
Topic:
Debt, International Political Economy, and Sovereignty

403. Aid, Debt Burden and Government Fiscal Behaviour: A New Model Applied to Côte d'Ivoire

Author:
Mark McGillivray and Bazoumana Ouattara
Publication Date:
04-2003
Content Type:
Working Paper
Institution:
United Nations University
Abstract:
This paper examines the impact of foreign aid on public sector fiscal behaviour in Côte d'Ivoire. A special interest is the relationship between aid, debt servicing and debt, given that Côte d'Ivoire is a highly indebted country. The theoretical model employed differs from those of previous studies by highlighting the interaction between debt servicing and the other fiscal variables. This model is estimated using 1975–99 time series data. Key findings are that the bulk of aid is allocated to debt servicing and that aid is associated with increases in the level of public debt.
Topic:
Debt, Development, Economics, and International Trade and Finance
Political Geography:
Africa

404. Economic and Theological Approaches to Debt Cancellation

Author:
Robbie Mochrie
Publication Date:
02-2003
Content Type:
Working Paper
Institution:
United Nations University
Abstract:
Differences in economic and theological approaches to debt cancellation result from differences in disciplinary assumptions in respect of purpose, method, and argument. We argue that they provide alternative commentaries upon the need for debt cancellation, but that it is not possible to demonstrate the superiority of one over the other, so practitioners in one are likely to continue to find it difficult to respond meaningfully to arguments from the other.
Topic:
Debt, Economics, Non-Governmental Organization, and Religion

405. A Fair Exchange: Aid to Yugoslavia for Regional Stability

Publication Date:
06-2001
Content Type:
Working Paper
Institution:
International Crisis Group
Abstract:
The donors' conference for the Federal Republic of Yugoslavia (FRY), planned for 29 June 2001 in Brussels, will set the pattern of international economic assistance to Belgrade for the next year or more. In return for substantial donor support, the international community should require the FRY to undertake a number of specific steps that are essential for increasing regional stability.
Topic:
Debt, Politics, and Treaties and Agreements
Political Geography:
Eastern Europe, Yugoslavia, and Brussels

406. Africa Policy Outlook 2001

Publication Date:
01-2001
Content Type:
Working Paper
Institution:
Africa Policy Information Center
Abstract:
By the end of the year 2000, a peace treaty between Ethiopia and Eritrea, peaceful transfers of power after elections in Senegal and Ghana, and continued growth of public debate about the future in almost every African country were among signs of advance in a year that was more than usually short of good news. Economic growth in sub-Saharan Africa was estimated to climb to 2.7 percent for the year, up from 2.1 percent in 1999. Per capita income in the region south of the Sahara rose by an estimated two tenths of one percent. The World Bank and the International Monetary Fund (IMF) announced debt reduction packages of $34 billion for 22 countries, including 18 in Africa.
Topic:
Foreign Policy, Debt, Development, Diplomacy, and Human Welfare
Political Geography:
Africa, Ethiopia, Senegal, Eritrea, and Ghana

407. Where Did India Miss a Turn in Banking Reform? Is there a comeback?

Author:
Pradeep Raje
Publication Date:
12-2000
Content Type:
Working Paper
Institution:
Center for the Advanced Study of India
Abstract:
A decade into financial sector liberalization, there has been little concerted effort at restructuring the Indian public sector banks (PSBs). Though there has been significant progress in banking regulatory reform in the decade, the lack of restructuring has slowed down the assimilation of the incentive structures inherent in the new regulations.
Topic:
International Relations, Debt, and Economics
Political Geography:
India and Asia

408. Replacing Potemkin Capitalism: Russia's Need for a Free-Market Financial System

Author:
Kurt Schuler and George A. Selgin
Publication Date:
06-1999
Content Type:
Working Paper
Institution:
The Cato Institute
Abstract:
On August 17, 1998, Russia devalued the ruble and stopped payment on its government debt, creating a financial crisis that continues today. Some observers have blamed the financial crisis, and the poor performance of the Russian economy generally, on government policies that they claim are rigidly laissez faire. However, a closer look at the Russian financial system reveals that it remains fundamentally socialist, though it has superficial capitalist features.
Topic:
Debt, Economics, Government, and Financial Crisis
Political Geography:
Russia, Europe, and Asia

409. Russia—Debt Rollover

Author:
Oxford Analytica
Publication Date:
08-1999
Content Type:
Policy Brief
Institution:
Oxford Analytica
Abstract:
On July 28, the IMF's Board of Directors announced their approval of a 4.5 billion dollar loan to Russia. Rather than representing a breakthrough deal, the agreement is merely the latest chapter in the cycle of non–compliance and renegotiation that has characterised the Fund's relationship with Moscow. With presidential and parliamentary polls scheduled during the next twelve months, electoral pressures will almost certainly prevent the latest macroeconomic programme being implemented. Moreover, unless the root cause of Russia's economic problems—its dire GDP growth rate—is rectified, a further round of comprehensive renegotiations will be required.
Topic:
Debt, Economics, Government, International Trade and Finance, Political Economy, and Politics
Political Geography:
Russia and Moscow