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Challenges and Proposals for Resolving the Third World Debt Crisis
Recent world events have created a compelling need for new perspectives and realistic solutions to the problem of sovereign debt. The success of the Jubilee 2000 movement in raising public awareness of the devastating effects of debt, coupled with the highly publicized Bono/O'Neill tour of Africa, and the spectacular default and economic implosion of Argentina have helped spur a global debate over debt. A growing chorus of globalization critics, galvanized by the Catholic Church's demand for forgiveness and bolstered by recent defaults, has put debt near the top of the international agenda. Creditor governments and international financial institutions have belatedly recognized the need for more sustainable progress on debt as an inescapable step towards economic recovery in many parts of the world. This book is intended to advance the dialogue around these issues by providing a comprehensive overview of the problems raised by debt and describing new and practical approaches to overcoming them. It will be the first in more than a decade to bring together under one cover the voices of prominent members of the international debt community.; It will include pieces from the most relevant constituencies: from creditors (the IMF/World Bank, government lenders, private investors) to critics (debtor representatives, activists, and academics) and analysis from economists, bankers, lawyers, social scientists, and politicians. As contributions come from such leading thinkers across a range of disciplines, this book will offer a timely guide for understanding and influencing the debt debate.
Foreword: Jeffrey D. Sachs -- Contributors -- Introduction -- Creditor initiatives in the 1980s and 1990s / David Roodman -- Playing games with African lives: the G-7 debt relief strategy and the politics of indifference / Fantu Cheru -- Sovereign debt and debt crisis in emerging countries: the experience of the 1990s / Daniel Marx, Jose Echague, and Guido Sandleris -- Ecological debt -- the economic possibilities for our grandchildren / Andrew Simms -- Defining "illegitimate debt": when creditors should be liable for improper loans / Joseph Hanlon -- The legal case for debt repudiation / Chris Jochnick -- Ethics, market and government failure, and globalization: perspectives on debt and finance / J.E. Stiglitz -- Helping the poor to help themselves: debt relief or aid? / Serkan Arslanalp and Peter Blair Henry -- Using international finance to further conservation: the first 15 years of debt-for-nature swaps / William K. Reilly -- Odious debt / Seema Jayachandran and Michael Kremer -- Dealing comprehensively, and justly, with sovereign debt / Jack Boorman -- The IMF's SDRM -- simply disastrous rescheduling management? / Kunibert Raffer -- Dealing with sovereign debt: trends and implications / Arturo C. Porzecanski -- The jubilee 2000 campaign: a brief overview / Ann Pettifor.
Includes bibliographical references and index.