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Despite significant progress in economic reformthroughout the 1990s, and an exemplary development of the policymaking framework in the second part of the decade, Brazil suffered a major public debt and currency crisis in 2002. Though the political origin of the uncertainty cannot be ignored, the...
Persistent link: https://www.econbiz.de/10005079524
A group of heavily indebted low-income countries (HIPCs), most in Sub-Saharan Africa, has continued to experience external debt problems. Because the HIPCs'economic characteristics and external imbalances are very different from those of middle-income countries, the analysis of debt problems and...
Persistent link: https://www.econbiz.de/10005079936
This report shows empirically that international differences in withholding tax rates are indeed largely reflected in bank credit terms. Using a sample of 510 loans to 14 debtor nations originated between 1971 and 1981, the author finds that the developing countries have been able to reduce...
Persistent link: https://www.econbiz.de/10005079969
Interest rates fell sharply after Mexico's Brady deal, and private investment and growth recovered. The authors show that the main benefit of debt relief was not to lower expected payments but to reduce uncertainty. Reduced uncertainty was found to be the dominant factor in explaining the...
Persistent link: https://www.econbiz.de/10005128703
Greece and Italy initiated efforts to improve public debt management and develop their domestic debt markets respectively in the late 1970s and mid-1980s. At that time, both countries suffered from large and rapidly growing public debt, excessive reliance on short-term bills held by commercial...
Persistent link: https://www.econbiz.de/10005129300
The debt crisis of the 1930's illustrated the difficulty of global plans for resolving the debt crisis and underscored the importance of market-based debt-reduction schemes. The crisis of the 1980's differed in fundamental ways from that of the 1930's, but the earlier crisis illuminated the...
Persistent link: https://www.econbiz.de/10005133864
The causes and implications of the developing country debt crisis - as well as its solution - all have an important fiscal dimension. The crisis was triggered by the widespread perception that the public sectors in many heavily indebted countries were effectively insolvent in the international...
Persistent link: https://www.econbiz.de/10005133908
Uganda's commercial debt buy-back operation was financed by the International Development Association's Debt Reduction Facility (IDA Facility), with cofinancing from the governments of Germany, the Netherlands, and Switzerland and the European Union. Commercial debt service is a serious burden...
Persistent link: https://www.econbiz.de/10005134001
The debt burden facing a number of low-income countries has received considerable international attention. The international development community has begun to recognize that options aimed at providing debt relief to countries where debt is not sustainable needs to be seriously explored. In this...
Persistent link: https://www.econbiz.de/10005141423
Two debt crises affect developing countries. The more publicized crisis affects the middle income Baker Plan countries, including Nigeria and Cote d'Ivoire. The less well known crisis affects most of Africa's 34 low income countries. Poverty and economic rigidities in the African countries make...
Persistent link: https://www.econbiz.de/10005030564