This paper considers the economic and political drivers of sovereign default, focusing on countries rich enough to render sovereign default a ‘won’t pay’ rather than a ‘can’t pay’ phenomenon. Unlike many private contracts, sovereign debt contracts rely almost exclusively on...

L’année 2012 a vu se fêter les anniversaires des « quarante ans de la Zone franc », des cinquante ans de la Banque Centrale des Etats de l’Afrique de l’Ouest (BCEAO) et des quarante ans de la Banque des Etats de l’Afrique Centrale (BEAC), venant eux-mêmes après dix ans de la Banque...

L’année 2012 a vu se fêter les anniversaires des « quarante ans de la Zone franc », des cinquante ans de la Banque Centrale des Etats de l’Afrique de l’Ouest (BCEAO) et des quarante ans de la Banque des Etats de l’Afrique Centrale (BEAC), venant eux-mêmes après dix ans de la Banque...

This paper studies the determinants of capital flows defined as gross external bond and syndicated loan issuance to a group of emerging market economies (EMEs) since 1992. We follow the previous literature by estimating an explicit disequilibrium demand and supply model of capital flows using...

This paper discusses to what extent debt relief embedded in debt swaps linked to development can be helpful in reaching development goals such as the Millennium Development Goals. A range of historical and current international debt relief practices and proposals is assessed on the basis of...

Drawing on recent research, this study elaborates on the role of the IMF in support of its low-income members, pointing to the global character of the institution and to its superior ability - given its multilateral nature - to serve as a financial institution, an information provider, and a...

This paper is a comparative study of the independent inspection mechanisms in international financial institutions. These mechanisms, which are an important development in the accountability of international organizations, allow private complainants who believe that they have been harmed or...

As emerging market businesses increasingly seek credit through United States and other international financial markets, hedge funds and other market players more actively trade claims to their debt. Such creditors accordingly confront in greater measure the disconnect between the integrity,...

Not long ago, financial markets in most poor and middle-income countries were shallow to nonexistent, and closed to foreigners. Governments often had to rely on risky borrowing abroad; the private sector had even fewer options. But between 1995 and 2005, domestic debt in the emerging markets grew...

This paper presents an assessment of the external debt literature related to the IMF-World Bank HIPC Initiative and proposes to extend the present debt sustainability framework. We argue that a comprehensive debt sustainability analysis requires a fully-fledged government budget constraint,...