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Rethinking debt sustainability in the context of the Millennium Development Goals

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Listed:
  • Jan Kregel

    (Levy Economics Institute of Bard College and Center for Full Employment and Price Stability, Kansas City (USA))

Abstract

The Secretary General's Report to the UN's 2005 World Summit called for a policy ofdebt sustainability that would support the development goals contained in the UN's 2000 Millennium Declaration. Debt sustainability analysis currently practiced by the multilateral financial institutions focuses on the ability of the debtor to transfer domestic resources to the creditor in the short term, without reference to the impact on overall activity, thus reducing the overall level of resources available to meetdevelopment goals. This paper builds on post-war approaches to suggest a more suitable alternative approach that places the implementation of the millenniumdevelopment goals at the centre of debt sustainability by taking a longer run approach based on developing domestic capacity to create resources to meet debtservice.

Suggested Citation

  • Jan Kregel, 2007. "Rethinking debt sustainability in the context of the Millennium Development Goals," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 60(242), pages 225-248.
    • Handle: RePEc:psl:bnlaqr:2007:31
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    File URL: http://ojs.uniroma1.it/index.php/PSLQuarterlyReview/article/view/9887/9769
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    References listed on IDEAS

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    1. Jan KREGEL, 2004. "External Financing For Development And International Financial Instability," G-24 Discussion Papers 32, United Nations Conference on Trade and Development.
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    Cited by:

    1. Zaman, Gheorghe & Georgescu, George, 2011. "Sovereign risk and debt sustainability: warning levels for Romania," MPRA Paper 32924, University Library of Munich, Germany.
    2. Liudmila Malyshava, 2018. "External Instability in Transition: Applying Minsky's Theory of Financial Fragility to International Markets," Economics Working Paper Archive wp_909, Levy Economics Institute.
    3. Egert Juuse & Rainer Kattel, 2015. "Implications of the Transformation of the State-Owned Banking System into System of Foreign-Owned Banks in New Member States for Macroeconomic and Financial Stability," Working papers wpaper103, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.

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    More about this item

    Keywords

    Debt; Development;

    JEL classification:

    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • O19 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - International Linkages to Development; Role of International Organizations

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