Academic literature on the topic 'Debt relief – Developing countries'

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Journal articles on the topic "Debt relief – Developing countries"

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Freytag, Andreas, and Gernot Pehnelt. "Debt Relief and Governance Quality in Developing Countries." World Development 37, no. 1 (January 2009): 62–80. http://dx.doi.org/10.1016/j.worlddev.2008.01.004.

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Arslanalp, Serkan, and Peter Blair Henry. "Policy Watch: Debt Relief." Journal of Economic Perspectives 20, no. 1 (February 1, 2006): 207–20. http://dx.doi.org/10.1257/089533006776526166.

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At the Gleneagles summit in July 2005, the heads of state from the G-8 countries—the United States, Canada, France, Germany, Italy, Japan, Russia and the United Kingdom—called on the International Monetary Fund (IMF), the World Bank and the African Development Bank to cancel 100 percent of their debt claims on the world's poorest countries. The world's richest countries have agreed in principle to forgive roughly $55 billion dollars owed by the world's poorest nations. This article considers the wisdom of the proposal for debt forgiveness, from the standpoint of stimulating economic growth in highly indebted countries. In the 1980s, debt relief under the “Brady Plan” helped to restore investment and growth in a number of middle-income developing countries. However, the debt relief plan for the Heavily Indebted Poor Countries (HIPC) launched by the World Bank and the International Monetary Fund in 1996 has had little impact on either investment or growth in the recipient countries. We will explore the key differences between the countries targeted by these two debt relief schemes and argue that the Gleneagles proposal for debt relief is, at best, likely to have little effect at all. Debt relief is unlikely to help the world's poorest countries because, unlike the middle-income Brady countries, their main economic difficulty is not debt overhang, but an absence of functional economic institutions that provide the foundation for profitable investment and growth. We will show that debt relief may be more valuable for Brady-like middle-income countries than for low-income ones because of how it leverages the private sector.
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Eaton, Jonathan. "Debt Relief and the International Enforcement of Loan Contracts." Journal of Economic Perspectives 4, no. 1 (February 1, 1990): 43–56. http://dx.doi.org/10.1257/jep.4.1.43.

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It is now apparent that the governments of many developing countries will not repay their debts as initially contracted. Creditors and creditor governments must now adjust to the realization that full repayment is either infeasible or that enforcing full payment is undesirable from the point of view of creditor countries as a whole. The question now is what to do with these debts. The Baker and Brady plans have increased U.S. government involvement in the debt crisis and have allocated public money toward its resolution. The Kenen plan, discussed in this issue, proposes still more public involvement and, in all likelihood, more public money. Each of these plans is an ad hoc response to the impasse that has arisen between some highly indebted countries and their private creditors, and aspects of each plan may help resolve this impasse. But none of these plans confronts the features of international capital markets that led to the crisis in the first place. My argument here is that the debt crisis that began in 1983 arose from defects in how international capital markets operated the previous decade. A goal of any redesign of the institutions involved in these markets should be not only to resolve the current crisis, but to keep it from happening again.
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Kocha, Chukwunenye N., Marshal Iwedi, and James Sarakiri. "The Dynamic Impact of Public External Debt on Capital Formation in Sub-Saharan Africa: The Pooled Mean Group Approach." Journal of Contemporary Research in Business, Economics and Finance 3, no. 4 (December 23, 2021): 144–57. http://dx.doi.org/10.33094/26410265.2021.34.144.157.

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The increasing reliance on public external debt stocks in Africa and other developing countries has raised the question of debt sustainability, especially in the face of Covid-19, which has forced many counties (both developed and developing) into an unforeseen and unplanned recession. This study contributes to the literature on debt sustainability by examining the effect of public debt on capital formation in Sub-Saharan Africa (SSA) from 2000 to 2008 using the pooled mean group estimation approach. The debt variables considered are external debt stock, debt service on external debt, and interest payment on external debt. Consistent with the overhang theory, our results show that increasing external debt stock and interest payment on external debts only have a marginal impact on capital formation in the short run and exerts a serious negative effect in the long run. Our results also show that debt service burden has a positive effect on gross fixed capital formation in the long run. Therefore, we argue that despite being faced with a huge debt service burden resulting from large external debt stock, SSA countries are not neglecting investments in critical infrastructures needed to drive economic growth. However, we recommend that increasing government revenue base, minimizing economic waste associated with public expenditure, and intensifying negotiations for debt relief may be a plausible way out.
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Gamel, Kelsey, and Pham Hoang Van. "The short and long run effects of debt reduction." Journal of Asian Business and Economic Studies 25, no. 1 (June 11, 2018): 144–62. http://dx.doi.org/10.1108/jabes-04-2018-0008.

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Purpose The purpose of this paper is to estimate benefits to debt reduction by using the natural experiment provided by the debt relief programs: the Heavily Indebted Poor Countries Initiative launched by the International Monetary Fund and World Bank in 1996 and the Multilateral Debt Relief Initiative extension in 2005. Design/methodology/approach The authors apply a time-shifted difference-in-differences strategy to evaluate the effects of this intervention. The date of each country’s decision to participate in the program is used as one treatment point while the date of the completion of the debt relief program is used as another treatment point. The exercise compares different economic outcomes such as domestic and foreign investment, schooling, and employment of the treated observations to the counterfactual of untreated country-years. The period between the decision and completion points is a short run while the period after the completion point is considered a long run. Findings The authors found that debt relief increased capital investment as much as 1.63 percent in the short run and 5.79 percent in the long run. However, there was no effect on foreign direct investment suggesting that debt overhang does not affect incentives of foreign investors. Output and schooling enrollment increased both in the short and long run. Originality/value This paper exploits a natural experiment of debt relief in a number of developing countries to shed light on the possible benefits to debt reduction. The authors are able to separate the short- and long-run effects of debt reduction. The finding that domestic but not foreign investment responds to debt reduction is suggestive of the differences in incentives across these two sources of investment.
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Bublyk, Yevhen, Svitlana Brus, and Oleksii Shpanel-Yukhta. "Prospects and obstacles to the restructuring of Ukraine’s external state obligations in the conditions of war." Ekonomìka ì prognozuvannâ 2022, no. 2 (June 30, 2022): 7–28. http://dx.doi.org/10.15407/eip2022.02.007.

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The article analyzes the structure of Ukraine’s external debt liabilities for the period from 2011 to 2021 and in the period since the beginning of the full-scale invasion. It is determined that the amount of state external liabilities, taking into account projected data, may exceed 70% of this country’s GDP, which will become the dominant form of both attracting financial resources to the state budget and threatening the state security. The authors provide an assessment of the difficulties of restructuring the external debt in terms of the specific weight of the creditor and the weight of short-term payments for the period 2022-2023. It is concluded that at the beginning of 2022, the largest specific weight in the structure of external liabilities was the debt for issued securities for foreign markets and liabilities to international financial organizations and the EU. The main payments for them fall on the third quarters of 2022 and 2023 (3.0 and 3.6 billion USD, respectively), and the payment of interest accounts for 30% of total. The article considers possible mechanisms of write-off and restructuring of the state's external debts, taking into account international experience and with regard to the crises and military conflicts. The following mechanisms for write-off and restructuring of foreign debt are analyzed: Brady Plan for debt restructuring of developing countries; and debt relief programs for the poorest countries - HIPC (heavily indebted poor countries) and MDRI (The Multilateral Debt Relief Initiative). The authors identify the guidelines of work on minimizing Ukraine's external liabilities in 2022-2023. A conclusion is made regarding the initiation of negotiations on the restructuring and write-off of the external debt burden to ease the payments on external debts, including GDP warrants. Such a task should be carried out as soon as possible before the period of the largest payments and taking into account the existing support of the governments of leading foreign countries.
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Bublyk, Yevhen, Svitlana Brus, and Oleksii Shpanel-Yukhta. "Prospects and obstacles to the restructuring of Ukraine’s external state obligations in the conditions of war." Economy and forecasting 2022, no. 2 (October 10, 2022): 5–24. http://dx.doi.org/10.15407/econforecast2022.02.005.

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The article analyzes the structure of Ukraine’s external debt liabilities for the period from 2011 to 2021 and in the period since the beginning of the full-scale invasion. It is determined that the amount of state external liabilities, taking into account projected data, may exceed 70% of this country’s GDP, which will become the dominant form of both attracting financial resources to the state budget and threatening the state security. The authors provide an assessment of the difficulties of restructuring the external debt in terms of the specific weight of the creditor and the weight of short-term payments for the period 2022-2023. It is concluded that at the beginning of 2022, the largest specific weight in the structure of external liabilities was the debt for issued securities for foreign markets and liabilities to international financial organizations and the EU. The main payments for them fall on the third quarters of 2022 and 2023 (3.0 and 3.6 billion USD, respectively), and the payment of interest accounts for 30% of total. The article considers possible mechanisms of write-off and restructuring of the state's external debts, taking into account international experience and with regard to the crises and military conflicts. The following mechanisms for write-off and restructuring of foreign debt are analyzed: Brady Plan for debt restructuring of developing countries; and debt relief programs for the poorest countries - HIPC (heavily indebted poor countries) and MDRI (The Multilateral Debt Relief Initiative). The authors identify the guidelines of work on minimizing Ukraine's external liabilities in 2022-2023. A conclusion is made regarding the initiation of negotiations on the restructuring and write-off of the external debt burden to ease the payments on external debts, including GDP warrants. Such a task should be carried out as soon as possible before the period of the largest payments and taking into account the existing support of the governments of leading foreign countries.
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Tsvirko, Svetlana Eduardovna. "The state of global public debt and new approaches towards debt management." Теоретическая и прикладная экономика, no. 3 (March 2021): 46–57. http://dx.doi.org/10.25136/2409-8647.2021.3.36610.

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This article is devoted to the state of public global public debt and new approaches towards its regulation in both developed and developing countries. The subject of this research is public debt in different groups of countries. Analysis of the situation with global public debt and the peculiarities of its regulation is necessary to learn positive foreign experience for its possible application in Russia. The following factors of significant increase of public debt are outlined: severe reduction of economic activity and decline in government revenue; increase of public spending, including related to anti-crisis measures; growing primary deficit, and this, the need to increase borrowings. The countries with low and middle income additionally face significant capital outflows from their financial markets, devaluation of national currencies, and difficulties with debt refinancing. Analysis is conducted on the structure and dynamics of public debt that developed due to the COVID-19 pandemic. The author describes the risks associated with public debt. It is noted that many developed countries were able to adjust their financial operations in response to the growing need for borrowed funds: change the existing mechanisms for entering the debt market; amend the practice of conducting auctions government securities auctions. Developing countries need debt restructuring. The conclusion is made that the debt relief process requires new approaches towards debt management, including new methods of risk mitigation, enhanced control aimed at countering “credit bubbles”; clear regulation of debt restructuring observed by all creditors.
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Husain, Aasim Mairaj. "Forgiveness, Buybacks, and Exit Bonds: An Analysis of Alternate Debt Relief Strategies." Pakistan Development Review 27, no. 4II (December 1, 1988): 819–28. http://dx.doi.org/10.30541/v27i4iipp.819-828.

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The 1980s have seen the issue of Third World debt rise to prominence as one of the foremost concerns for economic policy-makers. The foreign indebtedness of many developing countries has risen to such high levels that the casual observer is forced to wonder if the debt will ever be paid back. Many scholars are now arguing that the debt obligations of some of the most heavily indebted countries (HICs)are so large that they act as a severe disincentive to investment. These disincentives, in turn, reduce growth rates in the HICs, thereby making future repayments even less likely. Many explanations for the onslaught of the debt crisis have been offered. The late Seventies and early Eighties saw a rapid rise in interest rates as well as an equally rapid deterioration of the terms of trade of many HICs. Many sovereign debtors, which had been excellent investment opportunities for creditor banks, were suddenly insolvent. Low output shocks further exacerbated repayment possibilities. Faced with the possibility of non-payment, creditors entered into rescheduling negotiations with sovereign borrowers. These rescheduling have involved bargaining over the amount of repayment that will be made.
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Horn, Sebastian, Carmen M. Reinhart, and Christoph Trebesch. "Hidden Defaults." AEA Papers and Proceedings 112 (May 1, 2022): 531–35. http://dx.doi.org/10.1257/pandp.20221002.

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China's lending boom to developing countries is morphing into defaults and debt distress. Given the secrecy surrounding China's loans, the associated defaults remain “hidden,” as missed payments and restructuring details are not disclosed. We construct an encompassing dataset of sovereign debt restructurings with Chinese lenders and find that these credit events are surprisingly frequent, exceeding the number of sovereign bond or Paris Club restructurings. Chinese lenders follow a resolution approach reminiscent of 1980s Western lenders; they seldom provide deep debt relief with face value reduction. If history is any guide, multiyear debt workouts with serial restructurings lie in store.
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Dissertations / Theses on the topic "Debt relief – Developing countries"

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Abendanon, Lucille. "Debt relief for economics or debt relief for the people? : a critical analysis of the heavily indebted poor countries initiative." Thesis, Stellenbosch : Stellenbosch University, 2003. http://hdl.handle.net/10019.1/53347.

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Thesis (MA)--Stellenbosch University, 2003.
ENGLISH ABSTRACT: The HIPC Initiative offers qualifying heavily indebted poor countries the opportunity to renege on their debt obligations in return for an emphatic commitment to poverty reduction and reform. This dissertation assesses the effectiveness of the HIPC Initiative in light of the fact that one third of the world's population continues to live on an average of US$1 per day. In evaluating the HIPC Initiative one simple question is posed: taking into consideration the abject poverty experienced by over a billion people in the developing world, and the urgency with which it must be addressed, is the HIPC Initiative extensive enough, deep enough or broad enough to effectively challenge worldwide poverty? Using quantitative and qualitative research methods, the dissertation investigates this question by examining the divergent points of view offered by the World Bank and IMF on the one hand, and NGOs on the other as they comment on the most hotly debated issues surrounding the effectiveness of the HIPC Initiative. The analysis leads us to an evaluation of the following issues: establishing debt sustainability to qualify for HIPC relief; the issue of conditionality and the use of poverty reduction strategy papers; funding the HIPC Initiative; the likelihood of HIPCs escaping the debt trap after HIPC relief; and finally, how the HIPC Initiative is contributing to attaining the Millennium Development Goals is evaluated. After probing the stances of the World Bank and IMF, and the contrasting views of NGOs the conclusions indicate that the HIPC Initiative is neither extensive, deep nor broad enough to effectively challenge poverty, or to provide indebted poor countries with a lasting escape from the burden of unsustainable debt.
AFRIKAANSE OPSOMMING: Die Heavily Indebted Poor Countries (HIPC) Inisiatief bied aan arm lande met 'n groot skuldlas, wat kwalifiseer vir hulp, die geleentheid om hul skuldverpligtings af te las in ruil vir 'n definitiewe verbintenis tot armoede-vermindering en -hervorming. Hierdie verhandeling evalueer die doeltreffendheid van die HIPC Inisiatief teen die agtergrond van die feit dat een derde van die wêreld se bevolking op 'n gemiddelde van een Amerikaanse Dollar per dag oorleef. Hierdie evaluering van die HIPC Inisiatief stel 'n eenvoudige vraag: Is die HIPC Inisiatief voldoende en uitgebreid genoeg om die uitdaging van wêreldwye armoede aan te spreek indien 'n mens die uiterste armoede van meer as 'n biljoen mense in ontwikkelende gebiede in ag neem, sowel as die dringendheid waarmee dit aangespreek moet word? Deur van kwantitatiewe en kwalitatiewe navorsingsmetodes gebruik te maak, ondersoek die verhandeling hierdie vraag deur uiteenlopende gesigspunte van die Wêreldbank en die Internasionale Monitêre Fonds (IMF) aan die een kant, en Nie- Regerings Orginisasies (NRO's) s'n aan die ander kant, te ondersoek aan die hand van hul kommentaar op die belangrikste kwessies oor die doeltreffendheid van die HIPC Inisiatief. Hierdie ontleding lei tot 'n evaluering van die volgende kwessies: bepaling van lande se potensiaal om met terugbetalings vol te hou ten einde vir hulp deur die HIPC te kwalifiseer; die kwessie van voorwaardelikheid en die gebruik van armoedeverligtingstrategieë; befondsing van die HIPC Inisiatief; die moontlikheid dat die HIPC's die skuldstrikke na toepassing van HIPC-bystand sal ontsnap; en laastens, hoe die HIPC Inisiatief se bydrae tot die bereiking van die Millenium Ontwikkelingsdoelwitte geëvalueer word. Die standpunte van die Wêreld Bank en die IMF sowel as die teengestelde sienings van die NRO's word ondersoek. Die gevolgtrekking toon dat dat die HIPC Insiatief nie uitgebreid, diep of breed genoeg is om armoede doeltreffend hok te slaan nie, of om skuldlastige arm lande te help om finaal van hul skuldlas te ontsnap nie.
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Elnasri, Amani Economics Australian School of Business UNSW. "The impact of debt relief in low-income countries." Awarded by:University of New South Wales. School of Economics, 2006. http://handle.unsw.edu.au/1959.4/26779.

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The perceived lack of conclusive quantitative evidence on the macroeconomic effects of debt relief in low-income countries has generally blurred the image of debt relief efforts and left the issues of its effectiveness and efficiency open to debate and dispute. This thesis seeks to shed more light on the subject by providing some further empirical evidence. This objective is achieved by performing an empirical investigation of two effects of debt relief. First, the study examines the debt relief-new borrowing relationship in a multivariable regression framework. The results that emerge suggest that, on average, debt relief can be beneficial in reducing the future new borrowing of Highly Indebted Poor Countries (HIPCs). This conclusion, to some extent, is in line with the goals of HIPCs debt relief initiatives in reducing external debt burdens of those countries to sustainable levels. However, it presents a challenge to the views of William Easterly on the ???perverse incentive effects??? of ???continuing waves??? of debt relief that are said to lead to further debt accumulation of a similar magnitude to replace old cancelled debt. Second, the analysis explores the influence of debt relief on domestic investment behaviour in developing countries. Debt relief is found to have a positive effect on domestic investment in countries with good policy environments. This result suggests that debt relief would be more effective in promoting domestic investment if it were more cautiously conditioned on sound policy frameworks.
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Mobie, Titus Risimati. "The impact of privatization of water system towards the poor a challenge to pastoral care : with special reference to the rural communities of Bushbuckridge /." Thesis, Pretoria : [S.n.], 2008. http://upetd.up.ac.za/thesis/available/etd-11062008-170236/.

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Bruce, Colin (Colin Ashley). "Contractual unenforceability, external debt renegociation and the effective incidence of the burden of debt service." Thesis, McGill University, 1986. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=72816.

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Udagawa, Mitsuhiro. "Debt relief in international society : international responses to the debt problem of the heavily indebted poor countries (HIPC)." Thesis, University of Newcastle Upon Tyne, 2007. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.435633.

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Bourget, Bernard. "Country risk analysis : a survey of external debt service capacity indicators." Thesis, McGill University, 1986. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=65534.

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Bas, Tugba. "Capital structure and debt maturity choices of firms in developing countries." Thesis, City University London, 2012. http://openaccess.city.ac.uk/1073/.

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The aim of the thesis is to examine the leverage and debt maturity levels and the determinants of capital structure and debt maturity of firms in developing countries. We use World Bank Enterprise Survey data covering 10,839 firms in 24 countries located in five regions. The survey provides information about balance sheet and income statements items allowing us to examine whether capital structure theory is portable to small firms in developing countries. We find that the leverage and debt maturity levels of small and large firms are different. Leverage and debt maturities are lower for small firms despite their high asset tangibility and profitability ratios. We attribute this to the economic and financial environment of the country. Small firms do not consider profitability when making external financing decisions. Firm level determinants are important for large firms regarding capital structure and debt maturity decisions. However, most of the economic and financial environment variables become insignificant. Therefore, the main difference between small and large firms is derived from the impact of the economic and financial environment of a country. Most of the economic and financial environment variables do not have statistically significant effects on the leverage and debt maturity decisions of large firms. We attribute this to large firms’ easy access to both domestic and international financial markets. Hence, if local governments provide better fiscal and monetary policies and a friendly business environment, small firms can amplify their leverage and debt maturity.
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Karacimen, Elif. "Political economy of consumer debt in developing countries : evidence from Turkey." Thesis, SOAS, University of London, 2013. http://eprints.soas.ac.uk/15947/.

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This dissertation analyses the rise in consumer debt in developing countries over the last decade by drawing on the case of Turkey. It adopts a theoretical framework based on a political economy approach and examines the macroeconomic, institutional, political, and historical environment in which the rise in consumer debt has taken place. By locating the factors of indebtedness within an historically determined socioeconomic context the dissertation demonstrates the specific character of the rise in consumer credit in the age of financialisation. It is shown that consumer credit has grown markedly and its rise has been associated with related changes in the socioeconomic conditions within which the credit system operates as well as in the character of borrower-lender relations and in the perceptions and attitudes towards credit use within society. Analysis of the Turkish economy in the post-2001 crisis further shows that the interplay between the real and financial sectors has boosted consumer debt in the country. There is much publicly available evidence indicating the rapid expansion of consumer credit to low-income wage earners in Turkey. The empirical section of the dissertation focuses on how and why workers have become increasingly involved with the financial system. The research is based on empirical material collected through questionnaires and interviews with workers in the metal sector of industry. The results show that consumer debt in Turkey has become a part of the daily life of workers as a consequence of, first, growing dependence on debt to support basic reproduction of labour power and, second, of the aggressive marketing strategies of banks towards consumers. Further, the results provide evidence of a link between workers' debt and the type of wage employment by demonstrating that insecurity of employment and income have increased the tendency to borrow, and thus the vulnerability of workers to debt. Finally, there is an unequal power relationship between banks and workers which has allowed banks to extract profits out of wages and salaries.
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Bua, G. "THE EFFECT OF INTERNATIONAL POLICIES ON BORROWING AND DEBT OF DEVELOPING COUNTRIES." Doctoral thesis, Università degli Studi di Milano, 2015. http://hdl.handle.net/2434/259794.

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The first paper introduces a new dataset on the stock and structure of domestic debt in 36 Low-Income Countries over the period 1971-2011. We characterize the recent trends regarding LICs domestic public debt and explore the relevance of different arguments put forward on the benefits and costs of government borrowing in local public debt markets. The main stylized fact emerging from the data is the increase in domestic government debt since 1996. We also observe that poor countries have been able to increase the share of long-term instruments over time and that the maturity lengthening went together with a decrease in borrowing costs. However, the concentration of the investor base, mainly dominated by commercial banks and the Central Bank, may crowd out lending to the private sector.
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van, Vliet Lisette. "Debt-for-Nature Swaps : transnational environmental politics in a changing global political economy or NGOs, LDCs and IOUs." Thesis, Canberra, ACT : The Australian National University, 1991. http://hdl.handle.net/1885/128737.

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Debt-for-nature swaps are a new phenomenon in world politics. Initiated as a response to third world debt problems and the urgent need for environmental protection, debt-for-nature swaps represent a very interesting development in the areas of international finance, international negotiation and international roles for non-state actors. To date, at least nineteen swaps have taken place, and according to some observers, they fit a niche that will exist for some time to come.
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Books on the topic "Debt relief – Developing countries"

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Debs, Richard A. Finance for developing countries. New York: Group of Thirty, 1987.

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Tony, Addison, Hansen Henrik 1962-, Tarp Finn 1951-, and World Institute for Development Economics Research, eds. Debt relief for poor countries. New York: Palgrave Macmillan, 2004.

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C, Ross Doris, Harmsen Richard T, and International Monetary Fund. Policy Development and Review Dept., eds. Official financing for developing countries. Washington, DC: International Monetary Fund, 2001.

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Debs, Richard A. Finance for developing countries: Alternative sources of finance, debt swaps. New York: Group of Thirty, 1987.

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Debs, Richard A. Finance for developing countries: Alternative sources of finance : debt swaps. New York (277 Park Ave., New York 10172): Group of Thirty, 1987.

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Cable, Vincent. Debt distress: A problem for low income developing countries. London: Economic Affairs Division, Commonwealth Secretariat, 1988.

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Rudiger, Dornbusch, Makin John H, and Zlowe David, eds. Alternative solutions to developing-country debt problems. Washington, D.C: American Enterprise for Public Policy Research, 1989.

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Stijn, Claessens, ed. Market-based debt reduction for developing countries: Principles and prospects. Washington, D.C: World Bank, 1990.

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Roe, Alan. International finance strategies for developing countries. Washington, D.C: World Bank, 1992.

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Braga, Carlos Alberto Primo, 1954-, Dömeland Dörte 1971-, and World Bank, eds. Debt relief and beyond: Lessons learned and challenges ahead. Washington, D.C: World Bank, 2009.

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Book chapters on the topic "Debt relief – Developing countries"

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Bird, Graham, and Alistair Milne. "Debt Relief for Low-Income Countries: Is it Effective and Efficient?" In International Finance and the Developing Economies, 273–88. London: Palgrave Macmillan UK, 2004. http://dx.doi.org/10.1057/9780230599840_15.

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Addison, Tony, Henrik Hansen, and Finn Tarp. "Introduction." In Debt Relief for Poor Countries, 3–23. London: Palgrave Macmillan UK, 2004. http://dx.doi.org/10.1057/9780230522329_1.

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Heltberg, Rasmus, Kenneth Simler, and Finn Tarp. "Public Spending and Poverty in Mozambique." In Debt Relief for Poor Countries, 209–40. London: Palgrave Macmillan UK, 2004. http://dx.doi.org/10.1057/9780230522329_10.

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Dabla-Norris, Era, John M. Matovu, and Paul R. Wade. "Debt Relief, Demand for Education and Poverty." In Debt Relief for Poor Countries, 241–66. London: Palgrave Macmillan UK, 2004. http://dx.doi.org/10.1057/9780230522329_11.

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Morrissey, Oliver. "Making Debt Relief Conditionality Pro-Poor." In Debt Relief for Poor Countries, 267–88. London: Palgrave Macmillan UK, 2004. http://dx.doi.org/10.1057/9780230522329_12.

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Nissanke, Machiko, and Benno Ferrarini. "Debt Dynamics and Contingency Financing: Theoretical Reappraisal of the HIPC Initiative." In Debt Relief for Poor Countries, 24–58. London: Palgrave Macmillan UK, 2004. http://dx.doi.org/10.1057/9780230522329_2.

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Birdsall, Nancy, Stijn Claessens, and Ishac Diwan. "Policy Selectivity Forgone: Debt and Donor Behaviour in Africa." In Debt Relief for Poor Countries, 59–89. London: Palgrave Macmillan UK, 2004. http://dx.doi.org/10.1057/9780230522329_3.

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Berthélemy, Jean-Claude. "HIPC Debt Relief and Policy Reform Incentives." In Debt Relief for Poor Countries, 90–104. London: Palgrave Macmillan UK, 2004. http://dx.doi.org/10.1057/9780230522329_4.

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Addison, Tony, and Aminur Rahman. "Resolving the HIPC Problem: Is Good Policy Enough?" In Debt Relief for Poor Countries, 105–20. London: Palgrave Macmillan UK, 2004. http://dx.doi.org/10.1057/9780230522329_5.

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Pattillo, Catherine, Hélène Poirson, and Luca Ricci. "External Debt and Growth: Implications for HIPCs." In Debt Relief for Poor Countries, 123–33. London: Palgrave Macmillan UK, 2004. http://dx.doi.org/10.1057/9780230522329_6.

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Conference papers on the topic "Debt relief – Developing countries"

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Thania Atmoko Putri, Zahra. "Examining the Debt Servicing Capacity of Belt and Road Initiative’s Developing Countries." In 3rd International Conference on Management, Economics and Finance. ACAVENT, 2021. http://dx.doi.org/10.33422/3rd.icmef.2021.02.131.

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Bal, Oğuz. "The Developing Countries External Debt and Growth Issues and Example of Turkey." In International Conference on Eurasian Economies. Eurasian Economists Association, 2016. http://dx.doi.org/10.36880/c07.01645.

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Today; country economies are dealt with from a global perspective. International capital, and technological developing, had accelerated the flow of factors also. This case demonstrates the international economic interdependence. In industrialized countries after the Second World War, while exports of industrial products increased by busy; In 1970's years, the oil crisis shocks had been lived. In the 1980s, in the world debt problems emerged. In the 1990s, world economy, has become multi-polar world with together globalization, and in order to the crisis by IMF and World Bank were began effective interventions, in the 2000s there has been a global crisis together with debt crises. The economic problem is a basic reason of the main of all crises. These crises are occurring frequently in emerging markets such as Turkey. For Turkey the real economy to financial fragility adversely affects and therefore the Current Account Balance / GNP status is important. This problem cited above, were discussed in five parts in the article. In the first part; In the case of Turkey was discussed; in general, the increase causes in imports were discussed. In the second chapter; increase in exports and imports coverage rate was examined. In the third chapter, the growth phenomena of dependent to import was discussed. In the fourth chapter; borrowing requirements, growth and debt relations were discussed. In the fifth chapter, conclusions and recommendations took place. The method used; the deductive method. CBT, Treasury data, World Bank data, Turkey Statistical Institute data were used.
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Özer, Ali, Aslı Cansın Doker, and Adem Türkmen. "Analysis of Capital Flight in Developing Countries: A Study on Turkey between 1980 and 2010." In International Conference on Eurasian Economies. Eurasian Economists Association, 2013. http://dx.doi.org/10.36880/c04.00702.

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The aim of this study is to determine whether there is a relationship between Capital flight and some macroeconomic variables by using anual data between 1980 and 2010 in Turkey. Capital flight measured by World Bank (1985) method, was used as dependent variable and external debt, foreign direct investment, uncertainty, real GDP growth, exchange rates, trade balance and consumer price index were used as independent variables. Ordinary Least squares estimation method, Johansen-Jeselius cointegration test, Granger causality test and variance decomposition results produced by VEC model were used in the study. After those econometrics and economics analysis, this paper put forward that there is a long run relationship between some macroeconomic variables and capital flight.The results show external debt, foreign direct investment inflows, and foreign reserves to be the major effector of capital flight.
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Ganiev, Junus, Tezcan Abasız, and Damira Baigonushova. "Foreign Capital Inflows and Economic Growth in the Eurasian Economic Union Countries." In International Conference on Eurasian Economies. Eurasian Economists Association, 2022. http://dx.doi.org/10.36880/c14.02615.

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The theoretical foundation for foreign capital-led growth hypothesis could be traced back to the neoclassical and endogenous growth theories, which see capital as the main source of growth. Foreign capital inflows are important because they close the savings-investment gap in developing countries. After independence, the Eurasian Economic Union countries, which were faced with the problem of inadequacy of domestic resources for economic development, became highly dependent on foreign sources and gave great importance to foreign aid and foreign debt, as well as to foreign investments. When viewed proportionally, the share of foreign aid is naturally low, and infrastructure investments constantly increase the external debt burden of future generations. On the other hand, although foreign direct investments contribute to the country’s economy, they do not directly increase the country’s debt burden. Therefore, it is considered as a more preferred foreign source. In this study, the effects of foreign investments and total external debt on economic growth in the EAEU countries were investigated. The quarterly data of five countries for the period of 2010-2021 were analyzed by panel data analysis. According to the panel ARDL cointegration approach, it has been revealed that there is a cointegration relationship between external resources and GDP in the EAEU countries. It has been determined that only foreign direct investments and total foreign debt have a statistically significant effect on GDP in the long run. In accordance with the general literature and theory, both coefficients were positive.
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Bal, Harun, Ayat Abdelrahim Suliman Esaa, and Esma Erdoğan. "The Foreign Debt and Economic Growth in Sub-Saharan Africa." In International Conference on Eurasian Economies. Eurasian Economists Association, 2022. http://dx.doi.org/10.36880/c14.02622.

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The growing levels of external debt in developing countries are increasingly a worldwide problem, particularly in Sub-Saharan African countries, where the expanding portfolio of foreign debts, debt servicing rates, and debt overhang cause alarm and global concern. The likelihood of relatively good outcomes of the interaction between external debt and economic growth is based on the government's attempts to maintain a sustainable debt-to-GDP ratio, a low budget deficit, and that the external debt is utilized primarily for capital investments. Under other conditions, the government would confront a circumstance in which accumulated foreign debt levels stifle economic progress, particularly when debt levels rise over time and are poorly managed. In this context, this study aims to examine the association between foreign debt and economic growth in Sub Sahara African countries during the period from 1980 to 2019. The study employed the Dynamic Panel Threshold Regression analysis to investigate the differential impact of foreign debt on economic growth below and above a threshold. The empirical results highlight the existence of a nonlinear relationship between foreign debt on economic growth above the debt threshold during the examined period. Empirical evidence suggests significant policy prescriptions; Sub Sahara African governments should use solid methods of generating domestic income to supplement outside sources of funding, such as the inclusion of domestic informal businesses on a shared cutting-edge platform to ensure successful domestic revenue collection.
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Zhumakunova, Tolkun, and Zhainagul Kydyralieva. "The Effects of External Debts on Economic Growth of Kyrgyzstan." In International Conference on Eurasian Economies. Eurasian Economists Association, 2017. http://dx.doi.org/10.36880/c09.02019.

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In developing countries, insufficient internal sources cause the increase of need on external sources. These countries in order to maintain their economic growth apply for external debt to cover the gap of foreign currency and savings. After the collapse of Soviet Union, Kyrgyzstan began to use external funds. It is very important to use these sources in accurate areas and efficiently. Most empirical studies indicate a negative correlation between foreign debt and economic growth, especially in those countries whose foreign debts are relatively high. This work examines the correlation between foreign debt and economic growth in Kyrgyz economy. Toward this objective, it uses the economic indicators of Kyrgyzstan between 1993 and 2015. The stationarity of time series data used in this study was tested by the ADF test. Than a least-squares regression analysis is performed. According to the findings of study, foreign debt in Kyrgyzstan have a negative impact on economic growth. According to results foreign debt should be reduced in order to increase the level of economic growth in Kyrgyzstan.
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Erkan, Çisil, Erdinç Tutar, Filiz Tutar, and Mehmet Vahit Eren. "An Analysis of External Debts of Turkey (1980–2012)." In International Conference on Eurasian Economies. Eurasian Economists Association, 2012. http://dx.doi.org/10.36880/c03.00483.

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One of the most important goals of developing countries is to materialize sustainable economic growth and development. Foreign external debts play a key role in accelerating economic growth, investment and exports. Insufficient level of domestic capital accumulation generally forces developing countries to source finances by means of debts from foreign countries, banks and international organizations. External debt is also important resource for Turkey. In Turkish economy, external debt is taken generally in order to counter the saving deficit and foreign Exchange deficit and reach the high growth rate. External debts, which are initially taken as additional resources, can accelerate the investments, economic growth and development when they are used efficiently. But if the external debts aren’t used efficiently and the principal and interest payments of the external debts become higher than national income increase, it is required to get debts again to pay debts and thereby it causes to increase external debt burden and decrease the country welfare. In this study, development of external debts has been analyzed, starting from Ottoman Period until today. it is concluded that, external debts have created a negative impact on total investments between 1980 and 2010 in Turkey, and this negative impact on total investments has prevented economic growth. This conclusion suggests that the amount of foreign debt should be reduced so as to increase the level of economic growth in Turkey.
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Akyol, Servet. "Financial Crisis and Fiscal Policy: An Assessment of the EU-Member Balkan States." In International Conference on Eurasian Economies. Eurasian Economists Association, 2014. http://dx.doi.org/10.36880/c05.00951.

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The objective of this paper is to study the economic and social results of the post-crisis fiscal policies concerning the Balkan States that are members of the EU. The global crisis, which broke out in the US in 2008, had a deep effect on both developed and developing countries. Until today different policies have been put on the agenda in order to eliminate or alleviate the impacts of the crisis. In this context, bailout and stimulus packages were firstly implemented. Stimulus packages were replaced by austerity policies because of the increasing public debt and budget deficit after 2010. Fiscal policy focused on reducing the debts instead of supporting the economic activities. This study is based on historical and descriptive method. It examines the development of post-crisis fiscal policies in the Balkan States that are members of the EU. In this study, public expenditure, public debt, public deficit and unemployment rate are used as the main indicators. The effects of fiscal policy will be compared between countries. This study also suggests that although the crisis resulted from financial sector, burden of crisis was transferred to public sector. Moreover, in many countries, because of its increasing deficit and debt burden, public sector became depended on financial sector that was rescued before. After the crisis, fiscal policies has led to significant economic and social costs in the Balkan States that are members of the EU.
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N Schrage, Burkhard. "Natural Catastrophes and Sovereign Bond Prices." In InSITE 2017: Informing Science + IT Education Conferences: Vietnam. Informing Science Institute, 2017. http://dx.doi.org/10.28945/3784.

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Aim/Purpose: This study investigates effects of natural catastrophes on the cost of sovereign debt in developing countries and discusses MNC financing strategies. Background: Over the last decades, natural disasters have increased in both number and severity. The combination of higher event frequency and intensity, coupled with fragile economic conditions in emerging market countries, may affect sovereign bond prices—particularly in developing countries—and consequently may have effects on the financing strategy of MNCs Methodology: Parametric and non-parametric analyses and event study method. Contribution: The current literature in International Business research has overlooked natural catastrophes as a source of heterogeneity across countries for investment decisions. We develop the theory and demonstrate empirically that both researchers and practitioners should take into account natural disasters when making internationalization decisions. Findings: We find that natural disasters have a material impact on the bond returns issued by developing country governments and consequently on MNCs’ host-country financing costs. Recommendations for Practitioners: Practitioners may consider the likelihood of natural disasters when making investment decisions in foreign countries. Recommendation for Researchers: Researchers may consider including natural disasters when in internationalization research; our research adds in particular a new dimension to the location choice literature. Impact on Society: Governments—in particular those in emerging markets—may rethink their strategies of how to “insure” themselves against natural disasters. Not being insured against these disasters result in negative secondary effects on economic development through higher cost of capital, and possible through lower FDI activities. Future Research: Future research can be done. There are several avenues: using our insights and applying them to governmental reinsurance strategies would be a worthwhile topic. On a different level, one could also investigate further the contingencies of our findings and extend the theoretical framework towards developed markets.
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Diril, Funda. "Comparison of Fiscal Reforms in Some South and East European Transition Economies." In International Conference on Eurasian Economies. Eurasian Economists Association, 2014. http://dx.doi.org/10.36880/c05.01014.

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The aim of this paper is to compare fiscal reforms of some of the transition economies in Balkans including The Republic of Macedonia. Since 1990’s former planned economies, which are in the process of economic transformation into market economy have carried out several reforms. During this economic transformation process both the effects and the results of these reforms vary according to the difference between the needs of structural change in each country. In this study, some of the selected transition economies in Balkans are analyzed: Some of the recent members of European Community in Balkans and The Republic of Macedonia are examined in comparison. Analysis of fiscal reforms of these transition economies are evaluated in several headings in reference to the macroeconomic statistics created by international organizations such as OECD, EC and IMF and policy suggestions are proposed accordingly. The government deficit, government debts and tax policy are the significant part of these reforms. Several strategies are implemented in developing support systems for competitive environment and private ownership. Economic shrinkage, current account deficit, low foreign capital and government deficit indicate economic weakness in these countries. The Czech Republic, Bulgaria, The Republic of Macedonia, Romania and Hungary face fiscal problems such as economic shrinkage, debt service and government deficit during the transition process. As being the candidate country for European Union accession; The Republic of Macedonia is approaching to the Maastricht Criteria and has better outcomes in public debt compared to the other countries given above.
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Reports on the topic "Debt relief – Developing countries"

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Sachs, Jeffrey. Conditionality, Debt Relief, and the Developing Country Debt Crisis. Cambridge, MA: National Bureau of Economic Research, July 1988. http://dx.doi.org/10.3386/w2644.

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Dooley, Michael, Eduardo Fernandez-Arias, and Kenneth Kletzer. Recent Private Capital Inflows to Developing Countries: Is the Debt Crisis History? Cambridge, MA: National Bureau of Economic Research, July 1994. http://dx.doi.org/10.3386/w4792.

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Edwards, Sebastian. Capital Flows, Foreign Direct Investment, and Debt-Equity Swaps in Developing Countries. Cambridge, MA: National Bureau of Economic Research, October 1990. http://dx.doi.org/10.3386/w3497.

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Blomstrom, Magnus, and Robert Lipsey. Foreign Firms and Export Performance in Developing Countries: Lessons from the Debt Crisis. Cambridge, MA: National Bureau of Economic Research, August 1990. http://dx.doi.org/10.3386/w3412.

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Dagli, Suzette, Paul Mariano, and Arjan Paulo Salvanera. Quantile Debt Fan Charts. Asian Development Bank, June 2022. http://dx.doi.org/10.22617/wps220242-2.

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This paper presents debt fan charts constructed using the quantile regression approach for nine developing member countries of ADB. Macroeconomic and fiscal determinants of debt are forecasted using quantile regression and the resulting projections are shown in the fan charts for India, Indonesia, Kazakhstan, Malaysia, the People’s Republic of China, the Philippines, the Republic of Korea, Sri Lanka, and Thailand. Furthermore, the fan charts present the uncertainty in the path of debt, especially in the aftermath of the COVID-19 pandemic.
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Prats Cabrera, Joan Oriol, and Jimena Chiara. Debt Management Institutions in Latin America and the Caribbean: A Comparative Analysis. Inter-American Development Bank, February 2022. http://dx.doi.org/10.18235/0003953.

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Public debt management is one of the most crucial functions of any government, but we know little about how debt management offices operate. Based on a survey of 24 Latin American and Caribbean countries, this document presents the first systematic effort to analyze how these offices are organized and how they perform crucial debt management functions: developing and executing the strategy for managing the States' portfolio of liabilities and new borrowing. The evidence indicates that, although institutional capacity to manage public debt has improved in the region, the experience is uneven among countries. We conclude by highlighting potential areas for improvement.
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Martin, Matthew, Max Lawson, Nabil Abdo, David Waddock, and Jo Walker. Fighting Inequality in the time of COVID-19: The Commitment to Reducing Inequality Index 2020. Development Finance International, Oxfam, October 2020. http://dx.doi.org/10.21201/2020.6515.

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The coronavirus pandemic has swept across a world unprepared to fight it, because countries had failed to choose policies to fight inequality. Only one in six countries assessed for the CRI Index 2020 were spending enough on health, only a third of the global workforce had adequate social protection, and in more than 100 countries at least one in three workers had no labour protection such as sick pay. As a result, many have faced death and destitution, and inequality is increasing dramatically. This third edition of the CRI Index report recommends that all governments adopt strong anti-inequality policies on public services, tax and labour rights, to radically reduce the gap between rich and poor. The international community must support them with Special Drawing Rights, debt relief and global solidarity taxes. See also the CRI Index website at www.inequalityindex.org
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McKenna, Patrick, and Mark Evans. Emergency Relief and complex service delivery: Towards better outcomes. Queensland University of Technology, June 2021. http://dx.doi.org/10.5204/rep.eprints.211133.

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Emergency Relief (ER) is a Department of Social Services (DSS) funded program, delivered by 197 community organisations (ER Providers) across Australia, to assist people facing a financial crisis with financial/material aid and referrals to other support programs. ER has been playing this important role in Australian communities since 1979. Without ER, more people living in Australia who experience a financial crisis might face further harm such as crippling debt or homelessness. The Emergency Relief National Coordination Group (NCG) was established in April 2020 at the start of the COVID-19 pandemic to advise the Minister for Families and Social Services on the implementation of ER. To inform its advice to the Minister, the NCG partnered with the Institute for Governance at the University of Canberra to conduct research to understand the issues and challenges faced by ER Providers and Service Users in local contexts across Australia. The research involved a desktop review of the existing literature on ER service provision, a large survey which all Commonwealth ER Providers were invited to participate in (and 122 responses were received), interviews with a purposive sample of 18 ER Providers, and the development of a program logic and theory of change for the Commonwealth ER program to assess progress. The surveys and interviews focussed on ER Provider perceptions of the strengths, weaknesses, future challenges, and areas of improvement for current ER provision. The trend of increasing case complexity, the effectiveness of ER service delivery models in achieving outcomes for Service Users, and the significance of volunteering in the sector were investigated. Separately, an evaluation of the performance of the NCG was conducted and a summary of the evaluation is provided as an appendix to this report. Several themes emerged from the review of the existing literature such as service delivery shortcomings in dealing with case complexity, the effectiveness of case management, and repeat requests for service. Interviews with ER workers and Service Users found that an uplift in workforce capability was required to deal with increasing case complexity, leading to recommendations for more training and service standards. Several service evaluations found that ER delivered with case management led to high Service User satisfaction, played an integral role in transforming the lives of people with complex needs, and lowered repeat requests for service. A large longitudinal quantitative study revealed that more time spent with participants substantially decreased the number of repeat requests for service; and, given that repeat requests for service can be an indicator of entrenched poverty, not accessing further services is likely to suggest improvement. The interviews identified the main strengths of ER to be the rapid response and flexible use of funds to stabilise crisis situations and connect people to other supports through strong local networks. Service Users trusted the system because of these strengths, and ER was often an access point to holistic support. There were three main weaknesses identified. First, funding contracts were too short and did not cover the full costs of the program—in particular, case management for complex cases. Second, many Service Users were dependent on ER which was inconsistent with the definition and intent of the program. Third, there was inconsistency in the level of service received by Service Users in different geographic locations. These weaknesses can be improved upon with a joined-up approach featuring co-design and collaborative governance, leading to the successful commissioning of social services. The survey confirmed that volunteers were significant for ER, making up 92% of all workers and 51% of all hours worked in respondent ER programs. Of the 122 respondents, volunteers amounted to 554 full-time equivalents, a contribution valued at $39.4 million. In total there were 8,316 volunteers working in the 122 respondent ER programs. The sector can support and upskill these volunteers (and employees in addition) by developing scalable training solutions such as online training modules, updating ER service standards, and engaging in collaborative learning arrangements where large and small ER Providers share resources. More engagement with peak bodies such as Volunteering Australia might also assist the sector to improve the focus on volunteer engagement. Integrated services achieve better outcomes for complex ER cases—97% of survey respondents either agreed or strongly agreed this was the case. The research identified the dimensions of service integration most relevant to ER Providers to be case management, referrals, the breadth of services offered internally, co-location with interrelated service providers, an established network of support, workforce capability, and Service User engagement. Providers can individually focus on increasing the level of service integration for their ER program to improve their ability to deal with complex cases, which are clearly on the rise. At the system level, a more joined-up approach can also improve service integration across Australia. The key dimensions of this finding are discussed next in more detail. Case management is key for achieving Service User outcomes for complex cases—89% of survey respondents either agreed or strongly agreed this was the case. Interviewees most frequently said they would provide more case management if they could change their service model. Case management allows for more time spent with the Service User, follow up with referral partners, and a higher level of expertise in service delivery to support complex cases. Of course, it is a costly model and not currently funded for all Service Users through ER. Where case management is not available as part of ER, it might be available through a related service that is part of a network of support. Where possible, ER Providers should facilitate access to case management for Service Users who would benefit. At a system level, ER models with a greater component of case management could be implemented as test cases. Referral systems are also key for achieving Service User outcomes, which is reflected in the ER Program Logic presented on page 31. The survey and interview data show that referrals within an integrated service (internal) or in a service hub (co-located) are most effective. Where this is not possible, warm referrals within a trusted network of support are more effective than cold referrals leading to higher take-up and beneficial Service User outcomes. However, cold referrals are most common, pointing to a weakness in ER referral systems. This is because ER Providers do not operate or co-locate with interrelated services in many cases, nor do they have the case management capacity to provide warm referrals in many other cases. For mental illness support, which interviewees identified as one of the most difficult issues to deal with, ER Providers offer an integrated service only 23% of the time, warm referrals 34% of the time, and cold referrals 43% of the time. A focus on referral systems at the individual ER Provider level, and system level through a joined-up approach, might lead to better outcomes for Service Users. The program logic and theory of change for ER have been documented with input from the research findings and included in Section 4.3 on page 31. These show that ER helps people facing a financial crisis to meet their immediate needs, avoid further harm, and access a path to recovery. The research demonstrates that ER is fundamental to supporting vulnerable people in Australia and should therefore continue to be funded by government.
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Martin, Matthew. The Crisis of Extreme Inequality in SADC: Fighting austerity and the pandemic. Oxfam, Development Finance International, Norwegian Church Aid, May 2022. http://dx.doi.org/10.21201/2022.8793.

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The COVID-19 pandemic has worsened the extreme inequality in Southern African Development Community (SADC) countries, and pushed millions into poverty. The economic crisis continues due to the obscene global vaccine inequality. As of end March 2022, a dismal 14% of SADC citizens had been fully vaccinated against COVID-19, compared with 65.5% in the United States and 73% in the European Union. In 2021, with infections rising in SADC, the critical health, social protection and economic programmes put in place by most governments in 2020 were rolled back and replaced with austerity, in the context of growing debt burdens and lack of external support for country budgets. Such austerity has been built into IMF programmes in the region. Recovering from the pandemic, however, offers SADC governments a once-in-a-generation opportunity to do what their citizens want: increase taxes on the wealthy and large corporations, boost public spending (especially on healthcare, education and social protection), and increase workers’ rights as well as tackling joblessness and precarious work. With external support, including through debt relief and aid, they could reduce inequality drastically and eliminate extreme poverty by 2030.
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Martin, Matthew. The Crisis of Extreme Inequality in SADC: Fighting austerity and the pandemic. Oxfam, Development Finance International, Norwegian Church Aid, May 2022. http://dx.doi.org/10.21201/2022.8793.

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The COVID-19 pandemic has worsened the extreme inequality in Southern African Development Community (SADC) countries, and pushed millions into poverty. The economic crisis continues due to the obscene global vaccine inequality. As of end March 2022, a dismal 14% of SADC citizens had been fully vaccinated against COVID-19, compared with 65.5% in the United States and 73% in the European Union. In 2021, with infections rising in SADC, the critical health, social protection and economic programmes put in place by most governments in 2020 were rolled back and replaced with austerity, in the context of growing debt burdens and lack of external support for country budgets. Such austerity has been built into IMF programmes in the region. Recovering from the pandemic, however, offers SADC governments a once-in-a-generation opportunity to do what their citizens want: increase taxes on the wealthy and large corporations, boost public spending (especially on healthcare, education and social protection), and increase workers’ rights as well as tackling joblessness and precarious work. With external support, including through debt relief and aid, they could reduce inequality drastically and eliminate extreme poverty by 2030.
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