Sovereign Debt and the Financial Crisis : Will This Time Be Different?
The financial crisis of 2008 has rekindled interest in sovereign debt crises among policy makers and scholars. History shows that lending booms typically end in busts, with the beneficiaries of debt in the upswing often forced to default or resched...
| Main Authors: | , |
|---|---|
| Format: | Publication |
| Language: | English |
| Published: |
World Bank
2012
|
| Subjects: | |
| Online Access: | http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000333037_20101207001919 http://hdl.handle.net/10986/2534 |
| Summary: | The financial crisis of 2008 has
rekindled interest in sovereign debt crises among policy
makers and scholars. History shows that lending booms
typically end in busts, with the beneficiaries of debt in
the upswing often forced to default or reschedule their
debts in the downswing (Sturzenegger and Zettelmeyer 2006).
The impact of the first financial crisis of the 21st century
on capital flows to developing countries and the signs of
stress in debt markets of several European countries in the
first half of 2010 raise the inevitable question, Are author
about to witness a new generation of sovereign debt crises?
This book addresses this question. It adopts an integrated
approach by drawing on both theoretical research and
experience from professionals involved in technical
assistance in this area. It documents recent improvements in
macroeconomic policies and debt management practices, which
to a large extent explain the resilience of developing and
emerging economies, and identifies challenges ahead and
areas that require special attention from policy makers. |
|---|