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International Borrowing Strategy and Sovereign Creditworthiness

In: Macroeconomic Management

Author

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  • Ronald L. Solberg

Abstract

The severe costs incurred by developing countries as a result of the debt crisis in the 1980s attest to the need for a systematic sovereign financial management strategy. This chapter offers a general set of financial axioms based on the cash-flow characteristics of foreign borrowing and is highlighted by examples drawn from the experience of the Baker-15 countries from 1972 to 1986. These financial guidelines support the efficient application of external financial resources to further structural transformation and other development goals.

Suggested Citation

  • Ronald L. Solberg, 1995. "International Borrowing Strategy and Sovereign Creditworthiness," Palgrave Macmillan Books, in: Soumitra Sharma (ed.), Macroeconomic Management, chapter 8, pages 122-153, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-24280-1_8
    DOI: 10.1007/978-1-349-24280-1_8
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