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.

Abdominal Textiloma Mimicking as Left Colic Tumour: A Postoperative Complication Still Common in Low-Income Countries

EMJ Radiology ◽  
2020 ◽  
Keyword(s):  
Low Income ◽  
Early Stage ◽  
Low Income Countries ◽  
Fistula Formation ◽  
Emergency Laparotomy ◽  
Intermittent Fever ◽  
Gastrointestinal Complications ◽  
Surgical Safety ◽  
Surgical Teams ◽  
Safety Rules

Retained foreign bodies have become very rare in countries where the safety rules in the operating theatre are very rigorous and follow precise guidelines. There are low-income countries where hospital structures are precarious, in which the implementation of surgical safety rules has only been effective recently. Surgical teams in these countries are not yet well trained in the observance of the guidelines concerning swab count, meaning that textilomas are not uncommon. Abdominal textiloma may be asymptomatic, or present serious gastrointestinal complications such as bowel obstruction, perforation, or fistula formation because of misdiagnosis. It may mimic abscess formation in the early stage or soft tissue masses in the chronic stage. This case report presents a 27-year-old female who underwent an emergency laparotomy in a rural surgical centre for an ectopic pregnancy. Two months later, a swelling had appeared on the left side of her abdomen, gradually increasing in size, which was not very painful but caused digestive discomfort and asthenia. Intermittent fever was described and treated with antibiotics. The patient was referred to a better equipped centre to benefit from a CT scan. A textiloma was strongly suspected on the CT but a left colic mass was not excluded. Laparotomy confirmed the diagnosis of textiloma and the postoperative course was uneventful. Prevention rules must be strengthened in these countries where patients can hardly bear the costs of iterative surgeries for complications that are avoidable.

scholarly journals Symposium on Consumption Smoothing in Developing Countries

1995 ◽  
Vol 9 (3) ◽  
pp. 81-82 ◽  
Author(s):  
Anne Case
Keyword(s):  
Low Income ◽  
Risk Sharing ◽  
Information Economics ◽  
Theoretical Work ◽  
Consumption Smoothing ◽  
Low Income Countries ◽  
Data Sets ◽  
Household Level ◽  
Level Data ◽  
The Face

This symposium explores how households in low-income countries, even without access to formal credit and insurance markets, find ways to smooth consumption in the face of large shocks to their income. This general area of risk sharing and consumption smoothing has received a great deal of attention from development economists in the last five years. The papers highlight the extent to which theoretical work in mechanism design, contract theory, and information economics has informed recent work in development economics. These papers also underscore the ways large, detailed household level data sets have recently been applied in developing country research.

Can They Do it All? Fiscal Space in Low-Income Countries

2017 ◽  
Author(s):  
Anja Baum ◽  
Andrew Hodge ◽  
Aiko Mineshima ◽  
Marialuz Moreno-Badia ◽  
Rene Tapsoba
Keyword(s):  
Low Income ◽  
Low Income Countries ◽  
Fiscal Space

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.

scholarly journals Nonmarket Institutions for Credit and Risk Sharing in Low-Income Countries

1995 ◽  
Vol 9 (3) ◽  
pp. 115-127 ◽  
Author(s):  
Timothy Besley
Keyword(s):  
Low Income ◽  
Risk Sharing ◽  
Design Theory ◽  
Imperfect Information ◽  
Information Economics ◽  
Low Income Countries ◽  
Special Focus ◽  
Poor Countries ◽  
Limited Enforcement ◽  
Nonmarket Institutions

The design credit and risk institutions in low-income countries provides one of the most exciting testing grounds for theories of contracting with imperfect information and limited enforcement. This paper reviews some of the recent literature, with a special focus on nonmarket institutions that cope with risk and provide credit. This literature attempts to bring together insights from economic theory, especially information economics, contract theory, and mechanism design theory. However, it is also applied, being motivated by the circumstance of the poor countries that their authors have visited and studied.

Women's Perception of Cervical Cancer and Its Prevention in Rural Laos

2010 ◽  
Vol 20 (5) ◽  
pp. 821-826 ◽  
Author(s):  
Keokedthong Phongsavan ◽  
Alongkone Phengsavanh ◽  
Rolf Wahlström ◽  
Lena Marions
Keyword(s):  
Risk Factors ◽  
Cervical Cancer ◽  
Low Income ◽  
Rural Women ◽  
Screening Program ◽  
Early Stage ◽  
Sociodemographic Factors ◽  
Cross Sectional Study ◽  
Low Income Countries ◽  
Cross Sectional

Background:Cervical cancer is the second most common cancer of women in the world, and it becomes a major cause of cancer mortality in low-income countries. Currently, little is known regarding cervical cancer incidence in Laos, although it is anticipated to be high like in neighboring countries. To be able to develop a screening program in the country, it is essential to explore women's perception of the disease. The purpose of this study was therefore to describe knowledge, awareness, and attitudes regarding cervical cancer among rural women of Laos.Methods:In a descriptive cross-sectional study, women were interviewed using a structured questionnaire covering sociodemographic factors, knowledge of the disease and its risk factors, awareness, and attitudes toward cervical cancer and its prevention.Results:Eight hundred women were included in the study, and 58% claimed to know about cervical cancer. Approximately one third (38%) considered themselves to be at risk, but less than 5% had ever had a Papanicolau test. Sixty-two percent believed it was possible to prevent cervical cancer and that vaccination may be a suitable method, but only 14% know about risk factors. Another method for prevention was frequent vaginal douching, which was suggested by 70% of the women. Symptoms like bleeding and discharge were correctly identified as possible indicators of cervical cancer, but only 57 women (7%) knew that an early stage of the disease could be symptom-free. Lack of subjective symptoms was the main reason for women to refrain from gynecological examinations.Conclusions:This study indicates that rural women in Laos have limited knowledge about cervical cancer and even less about screening and prevention. There is a need to educate the general community about the disease and its prevention.

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.

scholarly journals Can They Do It All? Fiscal Space in Low-Income Countries

2017 ◽  
Vol 17 (110) ◽  
pp. 1
Author(s):  
Anja Baum ◽  
Andrew Hodge ◽  
Aiko Mineshima ◽  
Marialuz Moreno Badia ◽  
Rene Tapsoba ◽  
...  
Keyword(s):  
Low Income ◽  
Low Income Countries ◽  
Fiscal Space

Mental health of refugees in primary care

2021 ◽  
pp. 431-438
Author(s):  
Edvard Hauff ◽  
Reidun Brunvatne
Keyword(s):  
Mental Health ◽  
Health Care ◽  
Low Income ◽  
Mental Health Problems ◽  
Early Stage ◽  
Healthcare Services ◽  
Low Income Countries ◽  
Torture Survivors ◽  
Early Screening ◽  
Vulnerable Patients

Primary health care is usually the first level of formal health services that refugees meet in the country of resettlement. Providing culture-sensitive, accessible, and equitable services is a major challenge in high-income countries but even more so in middle- and low-income countries, where there are fewer resources. Presenting complaints are often multiple and complex. Early screening for mental health problems is controversial, and the priority is to establish a good working alliance and trust at an early stage. Vulnerable patients who may have limited or no social support or social capital due to split families; women and children exposed to sexual violence or trafficking; and torture survivors need special care and attention. Healthcare services are often fragmented making it difficult for people to traverse these services. Furthermore, there is a general need for competency building. The organization of primary mental health care for refugees in Norway is described as an example and a lesson for other countries who are facing similar problems.

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