Challenges Ahead

2019 ◽  
pp. 365-404
Author(s):  
Hugh Bredenkamp ◽  
Ricardo Hausmann ◽  
Alex Pienkowski ◽  
Carmen Reinhart
Keyword(s):  
Low Income ◽  
Sovereign Debt ◽  
Low Income Countries ◽  
Crisis Resolution ◽  
Prevention Policies ◽  
Crisis Prevention ◽  
Debt Crises

The final chapter will give a perspective on topical issues on sovereign debt over the next decade. It focuses on the re-indebtedness of advanced, emerging, and low-income countries, and the risks posed by a changing creditor landscape. Yet despite this, by historical standards there have been relatively few debt crises in recent years—have these been avoided or merely delayed? The second half of the chapter then explores how risks associated with these issues can be reduced, first by improving crisis prevention policies, and then by strengthening crisis resolution policies.

Report of the Managing Director to the International Monetary and Financial Committee on the IMF's Policy Agenda

Policy Papers ◽  
2007 ◽  
Vol 2007 (44) ◽  
Author(s):  
Keyword(s):  
Low Income ◽  
Global Economy ◽  
Emerging Market ◽  
Low Income Countries ◽  
Crisis Prevention ◽  
Recent Developments ◽  
Section Viii ◽  
Income Model ◽  
Key Aspects ◽  
Future Work

This report reviews the work of the Fund since the 2007 Spring Meetings and the priorities for the period ahead. Progress has been made in the past few months with respect to the framework for surveillance and its implementation, quota and voice, and the Fund’s income model. Other key aspects of the MTS have also advanced, including with regard to Bank-Fund collaboration and the Fund’s role in low-income countries. Future work will focus on completion of the quota and voice reform, reaching agreement on the Fund’s new income model, and delivering budgetary restraint, as well as addressing the evolving challenges facing the Fund and the world economy, notably the financial market turbulence and financial globalization. The paper reports on recent developments in the global economy (Section II) and progress in the following key areas: reshaping surveillance (Section III); emerging market economies and crisis prevention (Section IV); the role of the Fund in low-income countries (Section V); quota and voice issues (Section VI), building institutions and capacity (Section VII); and managing an effective institution (Section VIII).

Report of the Managing Director to the International Monetary and Financial Committee on the IMF's Policy Agenda

Policy Papers ◽  
2007 ◽  
Vol 2007 (45) ◽  
Author(s):  
Keyword(s):  
Emerging Markets ◽  
Capacity Building ◽  
Low Income ◽  
Low Income Countries ◽  
Policy Agenda ◽  
Medium Term ◽  
The Past ◽  
Crisis Prevention ◽  
The Republic

Over the past six months, work has concentrated on making surveillance more effective, reforming quotas and voice, and reviewing the finances of the institution to place them on a sustainable footing. Progress has also been made with other key elements of the medium-term strategy, including capacity building, crisis prevention, and support for emerging markets and low-income countries. In January, the Fund welcomed its 185th member, the Republic of Montenegro

Prevention and Resolution of Sovereign Debt Crises

2018 ◽  
Author(s):  
Julianne Ams ◽  
Tamon Asonuma ◽  
Wolfgang Bergthaler ◽  
Chanda DeLong ◽  
Nouria El Mehdi ◽  
...  
Keyword(s):  
Financial Crisis ◽  
Private Sector ◽  
Sovereign Debt ◽  
Global Financial Crisis ◽  
Debt Crisis ◽  
Eurozone Crisis ◽  
Crisis Resolution ◽  
Debt Crises ◽  
The Global Financial Crisis ◽  
Private Sector Involvement

“The IMF’s Role in the Prevention and Resolution of Sovereign Debt Crises” provides a guided narrative to the IMF’s policy papers on sovereign debt produced over the last 40 years. The papers are divided into chapters, tracking four historical phases: the 1980s debt crisis; the Mexican crisis and the design of policies to ensure adequate private sector involvement (“creditor bail-in”); the Argentine crisis and the search for a durable crisis resolution framework; and finally, the global financial crisis, the Eurozone crisis, and their aftermaths.

Sovereign Debt Restructurings: An Overview of the Empirical Literature

2018 ◽  
Keyword(s):  
Emerging Markets ◽  
Case Studies ◽  
Low Income ◽  
Sovereign Debt ◽  
External Debt ◽  
Leading Edge ◽  
Sovereign Default ◽  
Low Income Countries ◽  
Empirical Literature ◽  
Domestic Debt

Emerging markets (EMs) and low-income countries (LIC) have experienced sovereign debt restructurings over decades. Moreover, sovereign default and restructurings are not only prominent in EMs and LICs, but also in advanced markets (AMs). With this background, we provide a survey of recent growing empirical literature on sovereign debt restructurings. We review four major streams of literature: (i) country case studies, (ii) private external debt restructurings, (iii) official external debt restructurings, and (iv) domestic debt restructurings. These streams of literature are completely complementary, and together cover the leading-edge issues in the area of sovereign debt.

State-Contingent Debt Instruments for Sovereigns

Policy Papers ◽  
2017 ◽  
Vol 17 (23) ◽  
Author(s):  
Keyword(s):  
Low Income ◽  
Sovereign Debt ◽  
Risk Sharing ◽  
Early Stage ◽  
Low Income Countries ◽  
Liquidity Premium ◽  
Sovereign State ◽  
Market Participants ◽  
Fiscal Space ◽  
Excessive Risk

Background. The case for sovereign state-contingent debt instruments (SCDIs) as a countercyclical and risk-sharing tool has been around for some time and remains appealing; but take-up has been limited. Earlier staff work had advocated the use of growth-indexed bonds in emerging markets and contingent financial instruments in low-income countries. In light of recent renewed interest among academics, policymakers, and market participants—staff has analyzed the conceptual and practical issues SCDIs raise with a view to accelerate the development of self-sustaining markets in these instruments. The analysis has benefited from broad consultations with both private market participants and policymakers. The economic case for SCDIs. By linking debt service to a measure of the sovereign’s capacity to pay, SCDIs can increase fiscal space, and thus allow greater policy flexibility in bad times. They can also broaden the sovereign’s investor base, open opportunities for risk diversification for investors, and enhance the resilience of the international financial system. Should SCDI issuance rise to account for a large share of public debt, it could also significantly reduce the incidence and cost of sovereign debt crises. Some potential complications require mitigation: a high novelty and liquidity premium demanded by investors in the early stage of market development; adverse selection and moral hazard risks; undesirable pricing effects on conventional debt; pro-cyclical investor demand; migration of excessive risk to the private sector; and adverse political economy incentives.

scholarly journals An Apocalypse Foretold

2020 ◽  
Vol 20 (231) ◽  
Author(s):  
Serhan Cevik ◽  
João Tovar Jalles
Keyword(s):  
Climate Change ◽  
Low Income ◽  
Default Risk ◽  
Sovereign Debt ◽  
Global Economy ◽  
Low Income Countries ◽  
Climate Change Research ◽  
Climate Change Vulnerability ◽  
Debt Default ◽  
The Impact

Climate change poses an existential threat to the global economy. While there is a growing body of literature on the economic consequences of climate change, research on the link between climate change and sovereign default risk is nonexistent. We aim to fill this gap in the literature by estimating the impact of climate change vulnerability and resilience on the probability of sovereign debt default. Using a sample of 116 countries over the period 1995–2017, we find that climate change vulnerability and resilience have significant effects on the probability of sovereign debt default, especially among low-income countries. That is, countries with greater vulnerability to climate change face a higher likelihood of debt default compared to more climate resilient countries. These findings remain robust to a battery of sensitivity checks, including alternative measures of sovereign debt default, model specifications, and estimation methodologies.

Three Cases of Joubert Syndrome in a Consanguineous Syrian Family and a Interesting Case of Multinational Collaboration

2021 ◽  
Author(s):  
Davor Petrović ◽  
Vida Čulić ◽  
Zofia Swinderek-Alsayed
Keyword(s):  
Low Income ◽  
Autosomal Recessive ◽  
Autosomal Recessive Disorder ◽  
Joubert Syndrome ◽  
Interesting Case ◽  
Low Income Countries ◽  
Ocular Motor ◽  
Quality Health Care ◽  
Quality Health ◽  
Motor Apraxia

AbstractJoubert syndrome (JS) is a rare congenital, autosomal recessive disorder characterized by a distinctive brain malformation, developmental delay, ocular motor apraxia, breathing abnormalities, and high clinical and genetic heterogeneity. We are reporting three siblings with JS from consanguineous parents in Syria. Two of them had the same homozygous c.2172delA (p.Trp725Glyfs*) AHI1 mutation and the third was diagnosed prenatally with magnetic resonance imaging. This pathogenic variant is very rare and described in only a few cases in the literature. Multinational collaboration could be of benefit for the patients from undeveloped, low-income countries that have a low-quality health care system, especially for the diagnosis of rare diseases.

Reviewing the Development of Rural Finance in Vietnam

2013 ◽  
pp. 121-136
Author(s):  
Duong Pham Bao
Keyword(s):  
Low Income ◽  
Financial System ◽  
Low Income Countries ◽  
Supply Side ◽  
New Paradigm ◽  
Rural Finance ◽  
Market Mechanisms ◽  
Rural Credit ◽  
Rural Organizations ◽  
Doi Moi

The objective of this article is to review the development of the rural financial system in Vietnam in recent years, especially, after Doi moi. There are two opposite schools of thought in the literature on rural credit policies in developing countries. One is the conventional supply-side (government-led) approach while the other is called “a new paradigm” that emphasizes the importance of the viability of financial providers and the well functioning of rural credit markets. Conventional theories of rural finance contend that rural finance in low-income countries is generally accompanied by many failures. Contrary to these theories, rural finance in Vietnam does not encounter the above-mentioned failures so far. Up to the present time, it is progressing well. Using a supply-side approach, methodologically, this study reviews the development of the rural financial system in Vietnam. The significance of this study is to challenge the extreme view of dichotomizing between the old and the new credit paradigms. Analysis in this study contends that a rural financial market that, (1) is initiated and spurred by government; (2) operates principally under market mechanisms; and (3) is strongly supported by rural organizations (semi-formal/informal institutions) can progress stably and well. Therefore, the extremely dichotomizing approach must be avoided.

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