Sovereign Debt Crises: What Have We Learned?

Author:   Juan Pablo Bohoslavsky ,  Kunibert Raffer
Publisher:   Cambridge University Press
ISBN:  

9781316510445


Pages:   304
Publication Date:   02 November 2017
Format:   Hardback
Availability:   Manufactured on demand   Availability explained
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Sovereign Debt Crises: What Have We Learned?


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Author:   Juan Pablo Bohoslavsky ,  Kunibert Raffer
Publisher:   Cambridge University Press
Imprint:   Cambridge University Press
Dimensions:   Width: 15.80cm , Height: 2.00cm , Length: 23.50cm
Weight:   0.560kg
ISBN:  

9781316510445


ISBN 10:   1316510441
Pages:   304
Publication Date:   02 November 2017
Audience:   Professional and scholarly ,  Professional & Vocational
Format:   Hardback
Publisher's Status:   Active
Availability:   Manufactured on demand   Availability explained
We will order this item for you from a manufactured on demand supplier.

Table of Contents

1. Introduction: we need to learn from our experience Juan Pablo Bohoslavsky and Kunibert Raffer; 2. Managing public debt crisis in Argentina: between sovereignty and subordination Alfredo Calcagno; 3. Why developing countries should not incur foreign debt: the Brazilian experience Luiz Carlos Bresser-Pereira and Thiago de Moraes Moreira; 4. Ecuador's 2008–9 debt restructuring: a special case? Adam Feibelman; 5. Greece: an EU-inflicted catastrophe Kunibert Raffer; 6. Grenada: a small island developing state needs new ways out of its debt Juergen Kaiser; 7. Iceland: a human rights sensitive approach to deal with financial crises Juan Pablo Bohoslavsky; 8. Indonesia's 1997–8 economic crisis: a teachable case wasted Manuel F. Montes; 9. The Irish sovereign debt crisis post–2009: a lesson on why countries should never enter into unsustainable currency unions Philip Pilkington; 10. Short-term capital controls and Malaysia's fast recovery after the East-Asian crisis Marion Pircher; 11. Sovereign debt: lessons from the Mexican experience Oscar Ugarteche Galarza and Rodrigo Delgado Méndez; 12. Portugal's austerity bailout: lessons of a dangerous experiment José Castro Caldas; 13. Don't waste a serious crisis: lessons from South Africa's debt crisis Daniel D. Bradlow; 14. Lessons from South Korea: a developmental mindset makes a difference when governing the financial economy Elizabeth Thurbon; 15. The Spanish crisis: the trouble of managing debt overhang in an imperfect monetary union José Antonio Alonso; 16. Conclusions: what has been learned? Juan Pablo Bohoslavsky and Kunibert Raffer.

Reviews

'Countries respond to sovereign debt crises in remarkably different ways and with remarkably different results. Some are handled well and produce only limited social, financial and political disruption. Others are mangled, with terrible consequences both for the citizens of the debtor country and the country's creditors. The essays compiled by Messrs, Bohoslavsky and Raffer in this timely book survey these precedents and astutely distil the relevant lessons.' Lee C. Buchheit, Cleary, Gottlieb Steen and Hamilton LLP 'Sovereign debt crises have always been with us, and they always will be, like it or not. The contributors to this book provide a detailed look back at some of the most important episodes. In addition, and more importantly, they offer a way forward. Their ideas for how to handle such crises are much needed; one can only hope that the international policy community will listen.' Barry Eichengreen, George C. Pardee and Helen N. Pardee Professor of Economics and Political Science, University of California, Berkeley 'The indispensable guide to the modern history of debt crises.' James K. Galbraith, author of Welcome to the Poisoned Chalice: The Destruction of Greece and the Future of Europe 'This volume confronts a vital question - why do sovereign debt crises persist, despite the vast intellectual and policy effort invested in fighting them? The book's core contribution is to cast a wide net geographically, with broad country coverage, temporally, by examining developments before and after the acknowledged crisis period, and analytically, by embracing legal, historical, philosophical, and economic perspectives on the debt problem. That the authors are able to distill all this knowledge into pragmatic prescriptions for incorporating human rights and human welfare into debt thinking is an achievement to celebrate.' Anna Gelpern, Georgetown University, Washington, DC


Advance praise: 'Countries respond to sovereign debt crises in remarkably different ways and with remarkably different results. Some are handled well and produce only limited social, financial and political disruption. Others are mangled, with terrible consequences both for the citizens of the debtor country and the country's creditors. The essays compiled by Messrs, Bohoslavsky and Raffer in this timely book survey these precedents and astutely distil the relevant lessons.' Lee C. Buchheit, Cleary, Gottlieb Steen and Hamilton LLP Advance praise: 'Sovereign debt crises have always been with us, and they always will be, like it or not. The contributors to this book provide a detailed look back at some of the most important episodes. In addition, and more importantly, they offer a way forward. Their ideas for how to handle such crises are much needed; one can only hope that the international policy community will listen.' Barry Eichengreen, George C. Pardee and Helen N. Pardee Professor of Economics and Political Science, University of California, Berkeley Advance praise: 'The indispensable guide to the modern history of debt crises.' James K. Galbraith, author of Welcome to the Poisoned Chalice: The Destruction of Greece and the Future of Europe Advance praise: 'This volume confronts a vital question - why do sovereign debt crises persist, despite the vast intellectual and policy effort invested in fighting them? The book's core contribution is to cast a wide net geographically, with broad country coverage, temporally, by examining developments before and after the acknowledged crisis period, and analytically, by embracing legal, historical, philosophical, and economic perspectives on the debt problem. That the authors are able to distill all this knowledge into pragmatic prescriptions for incorporating human rights and human welfare into debt thinking is an achievement to celebrate.' Anna Gelpern, Georgetown University, Washington, DC


Author Information

Juan Pablo Bohoslavsky is a United Nations Independent Expert on Foreign Debt and Human Rights. He previously worked at the United Nations Conference on Trade and Development (UNCTAD) and as a consultant for the United Nations Economic Commission for Latin America and the Caribbean (ECLAC). A doctor of law with wide experience in international relations and litigation, he is the author of numerous books and articles on sovereign financing, economic complicity, and human rights. Kunibert Raffer was an associate professor (retired September 2016) at the Department of Economics, Universität Wien, Austria; Honorary Professor of the Universidad Nacional de Río Negro, Argentina; member of the Sovereign Bankruptcy Group of the International Law Association; 1989 Visiting Fellow at the Institute of Development Studies (Sussex) invited by Sir Hans (HW) Singer with whom he co-authored two books; and 1990–93 Honorary Research Fellow, Department of Commerce, University of Birmingham. In 1998 he participated in the United Nations Development Programme's research project 'International Development Cooperation and Global Public Goods.' He is a former lecturer at the United Nations Institute for Training and Research (UNITAR) (on debt and the Millennium Development Goals), and he proposed a model of sovereign insolvency (Raffer Proposal).

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