Search

Begin New Search Topic Debt Publication Year within 25 Years

251. Fiscal Policy for Poverty Reduction, Reconstruction, and Growth

Author:
Matthew Smith, Alan Roe, and Tony Addison
Publication Date:
06-2006
Content Type:
Policy Brief
Institution:
United Nations University
Abstract:
An effective state is able to mobilize revenue and spend it on infrastructure, services, and public goods that both enhance human capital and the well-being of communities (especially the poor), as well as stimulating investment and employment creation by the private sector. An effective state also manages public finance to ensure that macroeconomic balance is maintained—with policy neither too restrictive to discourage private investment and growth, nor too accommodative to create high inflation and crowd out private investment. Fiscal issues are therefore at the heart of the state's role in the development process and failure in this policy area—whether it is in taxation, public expenditures, or in managing the fiscal deficit and public debt—can quickly undermine growth and poverty reduction. Fiscal weakness can also be fatal to social peace when one or more ethnic, religious, or regional groups are taxed unfairly—or receives too little in the allocation of public spending.
Topic:
Debt, Development, Economics, and Poverty
Political Geography:
Africa and Asia

252. The New Capital Requirements Directive: What pieces are still missing from the puzzle?

Author:
Rym Ayadi
Publication Date:
09-2005
Content Type:
Policy Brief
Institution:
Centre for European Policy Studies
Abstract:
After almost seven years of hard work to produce a new substantive piece of legislation updating the current banking regulation for European credit institutions and investment firms – the Capital Requirements Directive (CRD) – it looks like its timely adoption is still uncertain. The main problem is the dissatisfaction of Parliament with its limited role in comitology and in the Lamfalussy process, which has led it to suspend 'temporarily' the comitology provisions of the CRD, casting doubt over the future ability to amend the legislation. The European Constitution addresses Parliament's concern about ensuring democratic accountability in the comitology process in Art. 36. The pause for reflection on the Constitution prompted by the no-votes in the French and Dutch referenda has re-ignited the issue and is forcing EU institutions to seek a new inter-institutional agreement on this issue.
Topic:
Debt, Economics, and Government
Political Geography:
Europe

253. Moving Toward Smarter Aid

Author:
Lex Rieffel and James W. Fox
Publication Date:
08-2005
Content Type:
Working Paper
Institution:
The Brookings Institution
Abstract:
The Millennium Challenge Corporation (MCC) is seriously wounded. Unveiled by President Bush in March 2002 as a promising new bilateral aid instrument for tackling global poverty, the most prominent sign of the MCC's distress was the mid-summer resignation of Paul Applegarth, its first CEO. More disturbing are the cuts imposed by the Congressional committees marking up next year's budget.
Topic:
Debt, Development, International Cooperation, and Poverty

254. Resolving Nigeria's Paris Club Debt Problem: A Case of Non-Performing Creditors

Author:
Lex Rieffel
Publication Date:
08-2005
Content Type:
Working Paper
Institution:
The Brookings Institution
Abstract:
Intense domestic pressure has convinced Nigeria's President, Olusegun Obasanjo, to consider a deal that would eliminate the country's $31 billion of debt owed to the governments of the United Kingdom, France, and other aid-giving countries.
Topic:
International Relations, Debt, and Economics
Political Geography:
Africa, United Kingdom, Paris, France, and Nigeria

255. Nigeria's Paris Club Debt Problem

Publication Date:
08-2005
Content Type:
Policy Brief
Institution:
The Brookings Institution
Abstract:
Intense domestic pressure has convinced Nigerian President Olusegun Obasanjo to seek a deal that would eliminate the country's $31 billion of debt owed to the governments of the U.K., France, and other aid-giving countries that use the Paris Club process to restructure debt that countries cannot repay. The Paris Club creditors have proposed an unprecedented operation—its first-ever buyback at a discount—that would cancel all of Nigeria's debt to them in exchange for a cash payment of roughly $12 billion.
Topic:
Conflict Resolution, International Relations, and Debt
Political Geography:
Africa, United Kingdom, Paris, France, and Nigeria

256. Moving Toward Smarter Aid

Publication Date:
08-2005
Content Type:
Policy Brief
Institution:
The Brookings Institution
Abstract:
The Millennium Challenge Corporation (MCC) is seriously wounded. Unveiled by President Bush in March 2002 as a promising new bilateral aid instrument for tackling global poverty, the most prominent sign of the MCC's distress was the mid-summer resignation of Paul Applegarth, its first CEO. More disturbing are the cuts imposed by the Congressional committees marking up next year's budget. The MCC's original concept was to award $5 billion annually to low-income countries based on objective criteria measuring their performance in ruling justly, investing in people, and promoting economic freedom. Appropriations for the MCC in its third year of funding, however, appear to be stuck below $2 billion. Criticism of the MCC for getting off to a slow start misses the point. Creating a new agency takes time and the original concept remains valid. To enable the MCC to live up to its potential, its newly nominated CEO will have to sell the MCC vision to a skeptical Congress and gain the flexibility required to avoid drifting toward "more of the same."
Topic:
International Relations, Debt, Economics, and Poverty

257. The G-8 Debt Deal: First Step On A Long Journey

Author:
Debayani Kar and Neil Watkins
Publication Date:
06-2005
Content Type:
Policy Brief
Institution:
Foreign Policy In Focus
Abstract:
Jubilee campaigns and debt cancellation advocates can be proud of their efforts. The Finance Ministers of the eight rich country governments as represented at the Group of 8 (G-8) have announced a deal on 100% debt cancellation of International Monetary Fund (IMF), World Bank, and African Development Fund debt for some impoverished nations.
Topic:
Foreign Policy, Debt, Development, and Economics
Political Geography:
Africa

258. Fiscal Perspectives in Europe: Convergence and Debt's Burden

Author:
Thierry Warin
Publication Date:
06-2005
Content Type:
Working Paper
Institution:
Minda de Gunzburg Center for European Studies, Harvard University
Abstract:
The paper addresses the question of the fiscal perspectives within the Economic and Monetary Union (EMU). By using a panel data analysis associated with an interpretation in terms of differences instead of levels, the results show a steady convergence of public deficits across the EMU, and that the EMU needs either to comply with the Lisbon agenda, or some kind of a growth strategy, or reduce the interest of the debt in order to regain some fiscal flexibility while abiding by the Stability and Growth Pact (SGP).
Topic:
International Relations, Debt, and Economics
Political Geography:
Europe

259. After Argentina

Author:
Anna Gelpern
Publication Date:
09-2005
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
Argentina has finally restructured its foreign debt. Its credit rating is up, and its debt is back in the index. The new bonds are trading roughly in line with Brazil and Uruguay's, just above 400 basis points over treasuries for instruments of comparable duration. Argentina is raising new money from foreign investors. Earlier in the summer of 2005, it reopened a domestic dollar issue to accommodate excess foreign demand. Argentina and the International Monetary Fund (IMF) are on again. They might even sign a new disbursing program after the fall 2005 congressional elections. Like a bad dream, the 2001 default is fading into the night after three years of brisk growth and impressive fiscal management—even as the usual nabobs natter on about structural reform and unhappy bondholders.
Topic:
International Relations, Debt, and Economics
Political Geography:
South America

260. Postponing Global Adjustment: An Analysis of the Pending Adjustment of Global Imbalances

Author:
Edwin M. Truman
Publication Date:
07-2005
Content Type:
Working Paper
Institution:
Peterson Institute for International Economics
Abstract:
Halving the US current account deficit as a share of GDP is likely to impose a burden of $2,350 per capita on the United States, which explains why US policymakers want to postpone adjustment. The rest of the world relies on the economic stimulus of a widening US external deficit, which explains why they are not eager to see global adjustment. The paper examines three scenarios of exchange rate adjustments, calls on the Federal Reserve to take more account of the external deficit in its words and policy actions, and familiarly notes the need for US fiscal adjustment as part of an efficient adjustment process. Complementary policies are required in the rest of the world. The paper discusses the pattern of recent international capital flows and proposes an international reserve diversification standard to remove some of the uncertainty about the management of foreign exchange reserves.
Topic:
Debt, Development, and Globalization
Political Geography:
United States