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12. An Analysis of the Legal Framework for Public Debt Management in Zambia
- Author:
- Florence Banda-Muleya, Mbewe Kalikeka, Zambwe Shingwele, Philip Ngongo, and Shebo Nalishebo
- Publication Date:
- 04-2020
- Content Type:
- Working Paper
- Institution:
- Zambia Institute for Policy Analysis and Research (ZIPAR)
- Abstract:
- Zambia’s current legal framework for public debt management is inadequate. The high level of external debt standing at US$11.2 billion and domestic debt at K80.2 billion due to fast pace of debt contraction; the resulting heightened risk of debt distress; and the weak implementation of the 2017-2019 Medium Term Debt Strategy (MTDS), raise questions on the adequacy of the laws that govern public debt management. Now more than ever, with Zambia quickly headed to its first bullet repayment on its Eurobond debt, the country needs to enhance its legal framework on Public Debt Management (PDM).
- Topic:
- Debt, Government, Economy, and Public Debt
- Political Geography:
- Africa and Zambia
13. Comparing the Perceptions of Indonesians and Malaysians toward the China’s Belt and Road Initiative: Facts and Trends
- Author:
- Yasmi Adriansyah and Yin Shi Wu
- Publication Date:
- 05-2020
- Content Type:
- Journal Article
- Journal:
- Revista UNISCI/UNISCI Journal
- Institution:
- Unidad de investigación sobre seguridad y cooperación (UNISCI)
- Abstract:
- This article examines public perceptions in Indonesia and Malaysia regarding the China’s Belt and Road Initiative (BRI). In order to get a comprehensive picture of the subject matter, the article applies three perspectives, namely International Politics, Economy and Debt Trap, and Public Acceptance. The attachments of Indonesia (under Joko Widodo administration) and Malaysia (under Najib Razak administration) are analyzed, mainly by observing the perceptions of the political elites and opinion polls in these most populous Muslim countries. The findings show that both governments in the two countries had exhibited high inclination toward the BRI. Interestingly, their public show different attitudes and many people are against or at least critical of these policies. It therefore suggests that the pro-BRI policies of the governemnts must be managed with high care in order to balance the different interrests with the popular interests.
- Topic:
- Foreign Policy, Debt, and Belt and Road Initiative (BRI)
- Political Geography:
- China, Indonesia, and Malaysia
14. Making the Case: Solving the Student Debt Crisis
- Author:
- Tim Shaw and Kiese Hansen
- Publication Date:
- 03-2020
- Content Type:
- Working Paper
- Institution:
- Aspen Institute
- Abstract:
- For people across the United States, student loan debt is a growing portion of the household balance sheet. More than 40 million Americans have outstanding student loan balances. In 2019, the total amount of student debt owed surpassed $1.5 trillion, now the largest source of non-mortgage debt.
- Topic:
- Debt, Education, Students, and Student Loans
- Political Geography:
- North America and United States of America
15. Ocean of Debt? Belt and Road and Debt Diplomacy in the Pacific
- Author:
- Roland Rajah, Alexandre Dayant, and Jonathan Pryke
- Publication Date:
- 10-2019
- Content Type:
- Commentary and Analysis
- Institution:
- Lowy Institute for International Policy
- Abstract:
- China has not been engaged in debt trap diplomacy — at least not yet. China has not been the primary driver behind rising debt risks in the Pacific, although a continuation of business as usual would risk future debt problems in several countries. There is scope for a new Australian infrastructure financing facility to provide loans to the Pacific without causing debt problems, particularly as it has adopted key sustainable lending rules. Pacific nations have an opportunity to obtain more favourable financing from official development partners but care must be taken to avoid overly geopolitical aid.
- Topic:
- Debt, Development, Infrastructure, Geopolitics, Soft Power, and Belt and Road Initiative (BRI)
- Political Geography:
- China, Australia, and Asia-Pacific
16. How to Restructure Sovereign Debt: Lessons from Four Decades
- Author:
- Lee Buchheit, Guillaume Chabert, Chanda DeLong, and Jeromin Zettelmeyer
- Publication Date:
- 05-2019
- Content Type:
- Working Paper
- Institution:
- Peterson Institute for International Economics
- Abstract:
- This paper attempts to provide a playbook for the sovereign debt restructuring process, drawing on the experience with sovereign debt restructuring since the 1980s. It begins with a discussion of the participating actors and their interests. It then describes the considerations that must be weighed in designing, negotiating, and concluding a debt restructuring, in light of two problems: asymmetric information between the debtor and the creditors, and creditor coordination problems, which can lead to free riding (the “holdout” problem). The paper focuses on how these problems, which can lead to inefficiently negotiated outcomes, can be managed and minimized in practice.
- Topic:
- Debt, Economics, Sovereignty, and Finance
- Political Geography:
- Global
17. Should We Worry About Corporate Leverage?
- Author:
- Şebnem Kalemli-Özcan
- Publication Date:
- 10-2019
- Content Type:
- Policy Brief
- Institution:
- Economics for Inclusive Prosperity (EfIP)
- Abstract:
- There has been a large increase in corporate leverage in many countries since the early 2000s. Figure 1 plots corporate debt to GDP since 2002 for different groups of countries. With the exception of the U.S., both advanced economies and emerging markets have corporate debt exceeding GDP since 2005. U.S. corporate debt is also on an increasing trend. The fastest growth in corporate debt has been observed in emerging markets. A closer look will reveal that China and other fast growing emerging countries in Asia drive most of the increase in corporate debt for the emerging markets.
- Topic:
- Debt, Economics, Markets, Regulation, Multinational Corporations, and Economic Policy
- Political Geography:
- United States and Global Focus
18. Modern Monetary Theory: Cautionary Tales from Latin America
- Author:
- Sebastian Edwards
- Publication Date:
- 10-2019
- Content Type:
- Journal Article
- Journal:
- The Cato Journal
- Institution:
- The Cato Institute
- Abstract:
- dea has emerged in economic policy circles in the United States: “Modern Monetary Theory” (MMT). The central tenet of this view is that it is possible to use expansive monetary policy—money creation by the central bank (i.e., the Federal Reserve)—to finance large fiscal deficits, and create a “jobs guarantee” program that will ensure full employment and good jobs for everyone. This view is related to Abba Lerner’s (1943) “functional finance” idea, and has become very popular in progressive spheres. According to MMT supporters, this policy would not result in crowding out of private investment, nor would it generate a public debt crisis or inflation outbursts.
- Topic:
- Debt, Monetary Policy, Populism, Banks, Economic Policy, and Inflation
- Political Geography:
- Latin America
19. Responding to Economic and Ecological Deficits
- Author:
- Jonathan M. Harris
- Publication Date:
- 04-2019
- Content Type:
- Working Paper
- Institution:
- Global Development and Environment Institute at Tufts University
- Abstract:
- Macroeconomic theory was shaken up in the wake of the financial crisis, with neoclassical approaches proving inadequate to analyze or respond to the need for policy action. Despite efforts to return to more conventional macro perspectives, a continuing re-evaluation of economic theory has important implications both for traditional economic concerns such as employment and inflation, and for ecological issues and the climate crisis. An emerging “green Keynesian” approach combines a radical Keynesian analysis with ecological priorities such as drastic carbon emissions reduction. One important aspect of this reorientation of theory is the analysis of economic and ecological deficits. In the years since the financial crisis, both economic and ecological deficits have increased. This poses a challenge for “green Keynesian” policy. It is therefore necessary to have effective analyses to measure and respond to ecological deficits, as well as policy measures to deal with economic deficits. This paper proposes a new approach to measuring ecological deficits, and a new perspective on economic deficits and debt. Since there is no single unitary measure for depletion or degradation of different kinds of resources, it is necessary to measure different kinds of deficit for different resources, with a goal of reducing all of these to zero or replacing them with surpluses. The analysis involves exploring the specific economic implications of reducing both ecological and economic deficits, which involves re-conceptualizing economic growth and "degrowth", and provides an alternative to current U.S. policies under the Trump administration, which are contributing to widening both deficits.
- Topic:
- Climate Change, Debt, Financial Crisis, and Macroeconomics
- Political Geography:
- Global Focus
20. Quarterly Review of the Georgian Economy ( III Quarter, 2018)
- Author:
- Merab Kakulia, Nodar Kapanadze, and Lela Bakhtadze
- Publication Date:
- 01-2019
- Content Type:
- Special Report
- Institution:
- Georgian Foundation for Strategic International Studies -GFSIS
- Abstract:
- The Quarterly Review of the Georgian Economy is an electronic publication of the Georgian Foundation for Strategic and International Studies (Rondeli Foundation), which aims at informing readers about the ongoing processes within the country’s economy. The review is based on data of official statistics and on expert estimates.
- Topic:
- Debt, International Trade and Finance, Foreign Direct Investment, Budget, Employment, Economic growth, Banks, and Inflation
- Political Geography:
- Eurasia, Caucasus, and Georgia