Sovereign Debt at the Crossroads: Challenges and Proposals for Resolving the Third World Debt Crisis

by Chris Jochnick, Fraser A. Preston

Overview

Recent world events have created a compelling need for new perspectives and realistic solutions to the problem of sovereign debt. The success of the Jubilee 2000 movement in raising public awareness of the devastating effects of debt, coupled with the highly publicized Bono/O'Neill tour of Africa, and the spectacular default and economic implosion of Argentina have helped spur a global debate over debt. A growing chorus of globalization critics, galvanized by the Catholic Church's demand for forgiveness and bolstered by recent defaults, has put debt near the top of the international agenda. Creditor governments and international financial institutions have belatedly recognized the need for more sustainable progress on debt as an inescapable step towards economic recovery in many parts of the world. This book is intended to advance the dialogue around these issues by providing a comprehensive overview of the problems raised by debt and describing new and practical approaches to overcoming them. It will be the first in more than a decade to bring together under one cover the voices of prominent members of the international debt community. It will include pieces from the most relevant constituencies: from creditors (the IMF/World Bank, government lenders, private investors) to critics (debtor representatives, activists, and academics) and analysis from economists, bankers, lawyers, social scientists, and politicians. As contributions come from such leading thinkers across a range of disciplines, this book will offer a timely guide for understanding and influencing the debt debate.

Product Details

ISBN-13:	9780195168006
Publisher:	Oxford University Press
Publication date:	04/13/2006
Pages:	352
Product dimensions:	9.30(w) x 6.40(h) x 1.10(d)

About the Author

Chris Jochnick is an International lawyer with firm Paul, Weiss, Rifkind, Wharton & Garrison, adjunct professor at School of International and Public Affairs, Columbia University, and Editor of Otras Caras de la Deuda: Propuestas para la acción. Fraser Preston is a Senior Associate at Nautic Partners, an international private equity investment firm.

Table of Contents

Foreward, Jeffrey D. SachsIntroductionPart I Sovereign Debt: History and Impacts1. Creditor Initiatives in 1980s and 1990s David Roodman. 2. Playing Games with African Lives: The G7 Debt Relief Strategy and the Politics of Indifference Fantu Cheru. 3. Sovereign Debt and the Debt Crisis in Emerging Countries: The Experience of the 1990s Daniel Marx, Jose Echague, and Guido Sandleris. Part II Sovereign Debt: Law and Ethics4. Ecological Debt—The Economic Possibilities for Our Grandchildren Andrew Simms. 5. Defining "Illegitimate Debt": When Creditors Should Be Liable for Improper Loans Joseph Hanlon. 6. The Legal Case for Debt Repudiation Chris Jochnick. 7. Ethics, Market and Government Failure, and Globalization: Perspectives on Debt and Finance J.E. Stiglitz. 8. Helping the Poor to Help Themselves: Debt Relief or Aid? Serkan Arslanalp and Peter Blair Henry. Part III: Sovereign Debt: Prospects and Proposals9. Using International Finance to Further Conservation: The First 15 Years of Debt-for-Nature Swaps William K. Reilly. 10. Odious Debt Seema Jayachandran and Michael Kremer. 11. Dealing Comprehensively, and Justly, with Sovereign Debt Jack Boorman. 12. The IMF's SDRM—Simply Disastrous Rescheduling Management? Kunibert Raffer. 13. Dealing with Sovereign Debt: Trends and Implications Arturo C. Porzecanski. 14. The Jubilee 2000 Campaign: A Brief Overview Ann Pettifor. Index

Editorial Reviews

"Sovereign Debt at the Crossroads brings into sharp relief the multiple burdens that indebtedness imposes on the developing world. It explores the range of debt-related issues that must be addressed to lift poor countries and poor people out of poverty. The authors go beyond mere debt relief to examine a variety of ways forward including carefully designed economic reforms, expanded debt-for-nature swaps, better targeted aid, and freer trade. If you read one book on the debt crisis, this should be it."—Daniel C. Esty, Director, Yale Center for Environmental Law and Policy

"Some of the leading thinkers unravel the complex challenges of debt management. This volume provides a wake-up call by offering comprehensive and innovative approaches...invaluable to policy makers and a great resource for students and scholars."—Richard Morgenstern, Senior Fellow, Resources for the Future

From the Publisher