The Coming Debt Crisis
https://www.project-syndicate.org/commentary/avoiding-a-debt-crisis-in-low-income-countries-and-emerging-markets-by-anne-o-krueger-2023-12
https://www.project-syndicate.org/commentary/avoiding-a-debt-crisis-in-low-income-countries-and-emerging-markets-by-anne-o-krueger-2023-12
The Debt Problem Is Enormous. Experts Say the
System for Fixing It Is Broken
https://www.nytimes.com/2023/12/16/business/economy/imf-world-bank-sovereign-debt.html
Patricia Cohen:
This 21st-century clash of ideas about how to fix a system created for a 20th-century world is one of the most consequential facing the global economy.
The I.M.F. was set up in 1944 at a conference in Bretton Woods, N.H., to help rescue countries in financial distress, while the World Bank’s focus was reducing poverty and investing in social development. The United States was the pre-eminent economic superpower, and scores of developing nations in Africa and Asia had not yet gained independence. The foundational ideology — later known as the “Washington Consensus” — held that prosperity depended on unhindered trade, deregulation and the primacy of private investment…
The world today is geopolitically fragmented. More than three-quarters of the current I.M.F. and World Bank countries were not at Bretton Woods. China’s economy, in ruins at the end of World War II, is now the world’s second-largest, an engine of global growth and a crucial hub in the world’s industrial machine and supply chain. India, then still a British colony, is one of the top five economies in the world.
https://www.nytimes.com/2023/12/16/business/economy/imf-world-bank-sovereign-debt.html
Patricia Cohen:
This 21st-century clash of ideas about how to fix a system created for a 20th-century world is one of the most consequential facing the global economy.
The I.M.F. was set up in 1944 at a conference in Bretton Woods, N.H., to help rescue countries in financial distress, while the World Bank’s focus was reducing poverty and investing in social development. The United States was the pre-eminent economic superpower, and scores of developing nations in Africa and Asia had not yet gained independence. The foundational ideology — later known as the “Washington Consensus” — held that prosperity depended on unhindered trade, deregulation and the primacy of private investment…
The world today is geopolitically fragmented. More than three-quarters of the current I.M.F. and World Bank countries were not at Bretton Woods. China’s economy, in ruins at the end of World War II, is now the world’s second-largest, an engine of global growth and a crucial hub in the world’s industrial machine and supply chain. India, then still a British colony, is one of the top five economies in the world.
How a Plan to End Poor Countries’ Debt Crises Created a New One
https://www.wsj.com/economy/global/how-a-plan-to-end-poor-countries-debt-crises-created-a-new-one-102ca56e
Economists urged developing nations to borrow in their own currencies to erase the “original sin” of dollar debt. Now the blowback is beginning to mount.
https://www.wsj.com/economy/global/how-a-plan-to-end-poor-countries-debt-crises-created-a-new-one-102ca56e
Economists urged developing nations to borrow in their own currencies to erase the “original sin” of dollar debt. Now the blowback is beginning to mount.
China Turns the Tables on Wall Street
https://www.wsj.com/finance/china-turns-the-tables-on-wall-street-ed126a47
Beijing is ripping up the playbook for handling international debt defaults
https://www.wsj.com/finance/china-turns-the-tables-on-wall-street-ed126a47
Beijing is ripping up the playbook for handling international debt defaults
World Bank Warns Record Debt Burdens Haunt Developing Economies
https://www.nytimes.com/2023/12/13/us/politics/world-bank-debt-developing-nations.html
Surging interest rates and waning financing options threaten a “lost decade” for poor countries.
How to Revitalize the World Bank, the IMF, and the Development Finance System
https://www.foreignaffairs.com/barbados/revitalize-world-bank-imf-development-finance-system-mia-mottley-raj-shah
https://openknowledge.worldbank.org/bitstreams/83f7aadd-dc5a-406b-98d4-9624e93993e5/download