Reinhart, Carmen (2004): Debt intolerance: Executive summary.
Download (325Kb) | Preview
Speaking before the IDB Board of Directors, Carmen Reinhart discussed the syndrome of “debt intolerance,” whereby countries with weak institutional structures and problematic political systems borrow in order to avoid difficult fiscal decisions but subsequently find themselves unwilling or unable to repay. Debt intolerance, it should be noted, is by no means a recent phenomenon: the historical record shows repeated defaults by several European countries before 1900 and, in some instances, well into the twentieth century.
|Item Type:||MPRA Paper|
|Original Title:||Debt intolerance: Executive summary|
|Keywords:||debt default ratings credit crises|
|Subjects:||F - International Economics > F3 - International Finance > F34 - International Lending and Debt Problems
F - International Economics > F2 - International Factor Movements and International Business > F21 - International Investment; Long-Term Capital Movements
F - International Economics > F3 - International Finance > F33 - International Monetary Arrangements and Institutions
|Depositing User:||Carmen Reinhart|
|Date Deposited:||15. Feb 2009 08:44|
|Last Modified:||14. Feb 2013 00:40|
Agenor, Pierre Richard, and Peter Montiel. 1996. Development Macroeconomics. New Jersey: Princeton University Press.
Beers, David T., and Ashok Bhatia. 1999. “Sovereign Defaults: History.” Standard and Poor’s Credit Week, December 22.
Beim, David O., and Charles W. Calomiris. 2001. Emerging Financial Markets. New York: McGraw-Hill/Irwin. Bulow, Jeremy, and Kenneth Rogoff, "Sovereign Debt: Is to Forgive to Forget?" American Economic Review 79 (March 1989), 43-50.
Bulow, Jeremy, and Kenneth Rogoff. 1990. “Cleaning Up Third-World Debt Without Getting Taken To the Cleaners.” Journal of Economic Perspectives vol. 4 (Winter): 31-42. Cline, William. 1995. International Debt Reexamined. Washington: Institute for International Economics. Edwards, Sebastian. 1986. “The Pricing of Bonds and Bank Loans in International Markets” European Economic Review, vol. 30: 565-589.
Easterly, William R. 1989. “Fiscal Adjustment and Deficit Financing During the Debt Crisis.” In Husain and Diwan, eds., Dealing with the Debt Crisis. Washington DC: The World Bank: 91-113.
Easterly, William and Klaus Schmidt-Hebbel. 1994. "Fiscal Adjustment and Macroeconomic Performance." In W. Easterly et al. (eds.) Public Sector Deficits and Macroeconomic Performance. Oxford University Press for the World Bank.
Easterly, William R. 2001. The Elusive Quest for Growth. MIT Press: Cambridge, MA.
Eichengreen, Barry, Ricardo Hausmann, and Ugo Panizza. 2002. “Original Sin: The Pain, the Mystery, and the Road to Redemption.” Mimeograph. University of California, Berkeley.
Giovannini, Alberto and Martha de Melo. 1993. "Government Revenue from Financial Repression." American Economic Review, vol. 83 (no. 4): 953-963.
Goldstein, Morris. 2003. “Debt Sustainability, Brazil, and the IMF.” Working Paper WP03-1. Institute for international Economics.
Gourinchas, Pierre-Olivier and Olivier Jeanne. 2003. “The Elusive Gains From International Financial Integration.” Mimeo. Dept. of Economics, Princeton University.
Hausmann, Ricardo. 2002. “Unrewarded Good Fiscal Behavior: The Role of Debt Structure.” Mimeograph. Kennedy School of Government, Harvard University. February.
International Monetary Fund. 1995. Private Market Financing for Developing Countries. Washington, DC: International Monetary Fund
International Monetary Fund. 2002. “Assessing Sustainability,” available at: http://www.imf.org/external/np/pdr/sus/2002/eng/052802.htm
Kaminsky, Graciela L., Carmen M. Reinhart, and Carlos A. Végh. 2003. “When It Rains, I Pours: Procyclical Capital Flows and Policies.” Mimeograph.
McKinnon, Ronald.1991. The Order of Economic Liberalization Baltimore: Johns Hopkins University Press.
Morris, Stephen, and Hyun Song Shin. 2001. “Coordination Risk and the Price of Debt.” Forthcoming, European Economic Review.
Obstfeld, Maurice. 1994. “The Logic of Currency Crises.” Cahiers Economiques et Monetaires, 43.
Obstfeld, Maurice, and Kenneth S. Rogoff. (1996). Foundations of International Macroeconomics. Cambridge: MIT Press.
Prasad, Eswar, Kenneth Rogoff, Shang-Jin Wei and Ayhan Kose. 2003. “Effects of Financial Globalization on Developing Countries: Some Empirical Evidence,” Forthcoming IMF Occasional Paper.
Reinhart, Carmen M. 2002. “Credit Ratings, Default, and Financial Crises? Evidence from Emerging Markets.” World Bank Economic Review, vol. 16 (no. 2): 151-170.
Reinhart, Carmen M. and Kenneth S. Rogoff. 2002. “The Modern History of Exchange Rate Arrangements a Reinterpretation.” NBER Working Paper 8963. May.
Reinhart, Carmen M., Kenneth S. Rogoff, and Miguel A. Savastano. 2003. “Addicted to Dollars.” Mimeograph.
Reissen, Helmut. 1989. “Public Debt: North and South.” In Husain and Diwan, eds., Dealing with the Debt Crisis. Washington DC: The World Bank: 116-126.
Rogoff, Kenneth S. 1999. “International Institutions for Reducing Global Financial Stability.” Journal of Economic Perspectives, vol. 13 (No. 4): 21-42.
Sims, Christopher, 2000, “Fiscal Consequences for Mexico of Adopting the US Dollar,” draft, Princeton University, (available at http://www.princeton.edu/~sims/ )
Velasco, Andres. 1996. “Fixed Exchange Rates: Credibility, Flexibility and Multiplicity.” European Economic Review 40: 1023-1035.
Williamson, John, 1988, Voluntary Approaches to Debt Relief, Policy Analysis in International Economics 25, Washington: Institute for International Economics
Williamson, John, 2002, “Is Brazil Next?,” International Economics Policy Briefs PB 02-7, Washington: Institute for International Economic.
Available Versions of this Item
- Debt intolerance: Executive summary. (deposited 15. Feb 2009 08:44) [Currently Displayed]