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Sovereign Debt and the Financial Crisis : Will This Time Be Different?

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  • Carlos A. Primo Braga
  • Gallina A. Vincelette
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    Abstract

    The financial crisis of 2008 has rekindled interest in sovereign debt crises among policy makers and scholars. History shows that lending booms typically end in busts, with the beneficiaries of debt in the upswing often forced to default or reschedule their debts in the downswing (Sturzenegger and Zettelmeyer 2006). The impact of the first financial crisis of the 21st century on capital flows to developing countries and the signs of stress in debt markets of several European countries in the first half of 2010 raise the inevitable question, Are author about to witness a new generation of sovereign debt crises? This book addresses this question. It adopts an integrated approach by drawing on both theoretical research and experience from professionals involved in technical assistance in this area. It documents recent improvements in macroeconomic policies and debt management practices, which to a large extent explain the resilience of developing and emerging economies, and identifies challenges ahead and areas that require special attention from policy makers.

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    File URL: https://openknowledge.worldbank.org/bitstream/handle/10986/2534/582830PUB0ID231n0Debt09780821384831.pdf?sequence=1
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    Bibliographic Info

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    This book is provided by The World Bank in its series World Bank Publications with number 2534 and published in 2011.

    ISBN: 978-0-8213-8483-1
    Handle: RePEc:wbk:wbpubs:2534

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    Postal: 1818 H Street, N.W., Washington, DC 20433
    Phone: (202) 477-1234
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    Web page: https://openknowledge.worldbank.org
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    References

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    1. Reinhart, Carmen & Rogoff, Kenneth, 2010. "Growth in a Time of Debt," CEPR Discussion Papers 7661, C.E.P.R. Discussion Papers.
    2. Chinn, Menzie & Frankel, Jeffrey A., 2003. "The Euro Area and World Interest Rates," Santa Cruz Center for International Economics, Working Paper Series qt9823140f, Center for International Economics, UC Santa Cruz.
    3. Carmen M. Reinhart & Kenneth S. Rogoff, 2008. "The Forgotten History of Domestic Debt," NBER Working Papers 13946, National Bureau of Economic Research, Inc.
    4. Carmen M. Reinhart & Kenneth S. Rogoff, 2010. "From Financial Crash to Debt Crisis," NBER Working Papers 15795, National Bureau of Economic Research, Inc.
    5. Bertrand Candelon & Franz Palm, 2010. "Banking and Debt Crisis in Europe: The Dangerous Liaisons?," CESifo Working Paper Series 3001, CESifo Group Munich.
    6. Reinhart, Carmen & Rogoff, Kenneth & Savastano, Miguel, 2003. "Debt intolerance," MPRA Paper 13932, University Library of Munich, Germany.
    7. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "This Time Is Different: Eight Centuries of Financial Folly," Economics Books, Princeton University Press, edition 1, volume 1, number 8973.
    8. Hans J. Blommestein & Vincenzo Guzzo & Allison Holland & Yibin Mu, 2010. "Debt Markets: Policy Challenges in the Post-Crisis Landscape," OECD Journal: Financial Market Trends, OECD Publishing, vol. 2010(1), pages 143-169.
    9. Bertrand Candelon & Franz Palm, 2010. "Erratum to: Banking and Debt Crises in Europe: The Dangerous Liaisons?," De Economist, Springer, vol. 158(3), pages 337-340, September.
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