In Good Times Prepare for Crisis : From the Great Depression to the Great Recession: Sovereign Debt Crises and Their Resolution / Ira W. Lieberman.

Format:

Book

Author/Creator:

Lieberman, Ira W., 1942- author.

Contributor:

Bloomsbury (Firm), publisher.

Language:

English

Subjects (All):

Financial crises.

Debts, Public.

Debts, External.

International economic relations.

Financial crises--History--20th century.

International economic relations--History--20th century.

Debts, External--History--20th century.

Debts, Public--History--20th century.

Genre:

History.

Physical Description:

1 online resource (554 pages)

Edition:

1st ed.

Distribution:

New York : Bloomsbury Publishing(US), 2018.

Place of Publication:

Washington, D.C. : Brookings Institution Press, [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.

Contents:

Historical context: the export of capital, 1815-1914

External financing during the interwar period and the Great Depression, 1919-39

Private market lending

Debt service disruptions

International relations and interwar external sovereign debts

External sovereign debt, syndicated bank loans, and sovereign debt and crises in developing countries, 1955-94

Flow of external capital to the developing world after World War II, 1955-73

From petrodollar recycling to debt recycling, syndicated bank loans, and sovereign crises, 1974-83

Debt service disruption and bank restructurings

Debt restructuring and international relations

Globalization, financial sector liberalization, and emerging market crises, 1990-2005

Globalization, financial sector liberalization, and the flow of capital to emerging markets [TK]

The emerging market crises and the mexican crisis, 1994-97

The East Asian crisis, 1997-2003

Korea and crisis resolution, 1997-2003

The Turkish crisis, 2001-05

The argentine crisis, 2001-04

The Great Recession and crises in the advanced economies

Crises in the advanced economies and the Japanese crisis as a precursor

U.S. crisis-causes of the crisis, 2007-12

Ad hoc interventions before the Lehman collapse

A systemic approach to crisis resolution after the Lehman collapse

The great recession-from financial to economic crisis

The eurozone crisis, 2008-15

The eurozone crisis-from banking crises, to sovereign crises, to bailouts

Conclusion-are we prepared for the next one?

Appendixes

A. A comparative overview of debt-crisis regimes : from the great depressions through the great

Recession

B. C ommercial bank debt restructurings with sovereign debtors, 1980-89

Notes.

Notes:

Includes bibliographical references and index.

Online resource; title from digital title page (viewed on September 13, 2018).

ISBN:

0-8157-5137-0

0-8157-3546-4

OCLC:

1033550447