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In Good Times Prepare for Crisis
From the Great Depression to the Great Recession: Sovereign Debt Crises and Their Resolution
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2018
Summary
Sovereign debt crises are a little like the weather: One can get ready to endure them and maybe take some steps to lessen their impact, but so far it hasn't been possible to prevent them. Like the weather, they just keep happening. That's the overriding thesis of this book tracing the major debt crises of the past century, starting with the Great Depression and running through the recent Great Recession.
Written by a former World Bank expert on debt crises, this book discusses best practices for how such crises can be resolved. As the painful experience of the past decade reminded everyone, frequent debt crises and defaults do great damage to economies and cause vast personal hardship. But resolving them has proven difficult—both economically and politically—and has taken time, almost always requiring a lender of last resort such as a country's central bank or the International Monetary Fund.
Too often, efforts to end debt crises have been little more than a palliative, and the debt overhang from one crisis contributes to the next, as illustrated by the ongoing saga in Greece. Both private and sovereign debts have increased substantially since the 2008 crisis, with inadequate deleveraging. This debt overhang leaves countries vulnerable and with limited maneuverability to address the next crisis.
This book does not pretend to describe how debt crises can be prevented. But it does draw useful lessons from recent crises that can help economists, bankers, policymakers, and others resolve the inevitable future crises with the least possible damage.
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Bibliographic data
Copyright year
2018
ISBN-Print
978-0-8157-3534-2
ISBN-Online
978-0-8157-3546-5
Publisher
Rowman & Littlefield, Lanham
Language
English
Pages
backcover1
Product type
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Table of contents
ChapterPages
Table of Contents No access
Acknowledgments No access
Introduction No access Pages 1 - 10
Historical Context: The Export of Capital and Sovereign Debt Crises, 1815-1914 No access Pages 11 - 28
Private Market Lending No access
Debt Service Disruptions No access
International Relations and Interwar External Sovereign Debts No access
Flow of External Capital to the Developing World after World War II, 1955-73 No access
From Petrodollar Recycling to Debt Recycling, Syndicated Bank Loans and Sovereign Debt Crises, 1974-83 No access
Debt Service Disruption and Bank Debt Restructurings, 1955-94 No access
Debt Restructuring and International Relations, 1955-94 No access
The Flow of Capital to Emerging Markets, 1990-2005 No access
Emerging Market Crises and the Mexican Crisis, 1994-97 No access
The East Asian Crisis, 1997-2003 No access
Crisis Resolution in Korea, 1997-2003 No access
The Turkish Crisis, 2001-05 No access
The Argentine Crisis, 2001-04 No access
The Japanese Crisis as a Precursor to Crises in the Advanced Economies No access
Causes of the U.S. Crisis, 2007-10 No access
Ad Hoc Interventions before the Lehman Brothers Collapse No access
A Systemic Approach to Crisis Resolution after the Lehman Brothers Collapse No access
The Great Recession: From Financial Crisis to Economic Crisis No access
The Eurozone Crisis, 2008-15 No access
The Eurozone Crisis: From Banking Crises to Sovereign Debt Crises to Bailouts No access
Conclusion: Are We Prepared for the Next One? No access
Appendix Table A: A Comparative Overview of Debt-Crisis Regimes: From the Great Depression through the Great Recession No access Pages 441 - 444
Appendix Talbe B: Commercial Bank Debt Restructuring with Sovereign Debtors, 1980-89 No access Pages 445 - 454
