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Resolving International Debt Crises Fairly

Published online by Cambridge University Press:  25 March 2011

Ann Pettifor
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Abstract

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Type
Part IV: International Policy Reforms
Information
Ethics & International Affairs , Volume 21 , Issue S1: Dealing Fairly with Developing Country Debt , November 2007 , pp. 321 - 329
Copyright
Copyright © Carnegie Council for Ethics in International Affairs 2007

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References

Notes

1 Kunibert Raffer, “Applying Chapter 9 Insolvency to International Debts: An Economically Efficient Solution with a Human Face, ” World Development 18, no. 2 (1990), pp. 301–13. See also Professor Raffer's Web site, mailbox.univie.ac.at/~rafferk5/art.html.

2 Erlassjahr, “A Fair and Transparent Arbitration Process for Indebted Southern Countries, ” available at http:\\www.erlassjahr.de/15_publikationen/15_dokumente/englisch/ftap_englisch_rz.pdf.

3 AFRODAD, “AFRODAD's Call for a Fair and Transparent Arbitration Court for Debt, ” available at http:\\www.afrodad.org/HTML/Examination%20of%20FTA.htm.

4 Bank for International Settlements, “71st Annual Report: 1 April 2000–31 March 2001, ” p. 123, available at http:\\www.bis.org/publ/ar2001e.pdf.

5 International Monetary Fund, “The Design of the Sovereign Debt Restructuring Mechanism—Further Considerations, ” November 2002, available at http:\\www.imf.org/external/np/pdr/sdrm/2002/112702.pdf.

6 Ibid., paras. 84, 85, p. 25.

7 Ibid., paras. 14, 273, and 291, pp. 6–8, 70, and 74.

8 Ibid., paras. 28, 230–63, pp. 11–12, 57–67.

9 For evidence of the impact of these policies on economic growth in emerging markets, see Ann Pettifor, ed., Real World Economic Outlook, vol. 1 (London: Palgrave, 2003).

10 See Mark Weisbrot, Robert Naiman, and Joyce Kim, “The Emperor Has No Growth: Declining Economic Growth Rates in the Era of Globalization” (Center for Economic and Policy Research Briefing Paper, May 2001), available at http:\\www.cepr.net/globalization/The_Emperor_Has_No_Growth.htm.

11 International Monetary Fund, “The Design of the Sovereign Debt Restructuring Mechanism, ” n. 17, pp. 35–36.

12 See Bruce H. Mann, Republic of Debtors: Bankruptcy in the Age of American Independence (Cambridge, MA: Harvard University Press, 2003).