Download or read book Romania s Foreign Debt Crisis in the 1980s written by George Georgescu and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Based on more recent research and evidence, including declassified information regarding the communist period in Romania, the study focuses on examining the 1980s foreign debt crisis context, its determinants and consequences, the impact of internal and external factors, intending to provide an image closer to reality of this dramatic episode. The global economy faced a severe economic and financial crisis at the beginning of the 1980s, when more than 30 developing countries entered default or restructuring on the sovereign debt. In the case of Romania, the impact of the foreign debt crisis triggered in 1981-1982 proved to be extremely hard, worsened by the overlap between the internal vulnerabilities accumulated in previous decades and the external shock coming from the major changes in the global economic, financial and geopolitical context at the end of 1979. The FED monetary policy at that time has led to the explosive rise in interest rates of the outstanding loans contracted from international commercial banks, to which Romania was highly indebted. The decision of simple-minded Ceausescu to liquidate the foreign debt and other serious errors concerning the crisis management had a destructive impact on the Romanian economy, which degenerated in a system crisis ended with its implosion in December 1989. Some consequences of the foreign debt crisis were felt also afterwards, slowing down significantly the pace of Romania’s transition to the market economy.
Download or read book External Debt Management in Romania written by Ramona Dumitriu and published by . This book was released on 2013 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper approaches the evolution of Romania's foreign debt in three periods of time: during Nicolae Ceausescu regime, in the transition period and the one which followed the adhesion to European Union. For all three periods the external debt management had to deal with different circumstances: the sharp increase of real interest rates from the 1980s, the lack of credibility on international financial markets from the 1990s or the recent global crisis. We conclude that political regime, the efficiency of the allocation of the borrowed funds or the international context played major roles in the external debt management.
Download or read book The Repayment of the Romanian Foreign Debt in the 1980 s written by Horia V. Mocanu De Gavrilitza and published by . This book was released on 1990 with total page 172 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Romanian Economic Reform Program written by Mr.Dimitri G. Demekas and published by International Monetary Fund. This book was released on 1991-06-15 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper outlines the main characteristics and the development of the centrally planned economic sysetm in Romania before the beginnings of the transition to a market eonomy it then presents the design, objectives, and implementation of the reform program.
Download or read book Sovereign Debt Restructurings 1950 2010 written by Mr.Udaibir S. Das and published by International Monetary Fund. This book was released on 2012-08-01 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides a comprehensive survey of pertinent issues on sovereign debt restructurings, based on a newly constructed database. This is the first complete dataset of sovereign restructuring cases, covering the six decades from 1950–2010; it includes 186 debt exchanges with foreign banks and bondholders, and 447 bilateral debt agreements with the Paris Club. We present new stylized facts on the outcome and process of debt restructurings, including on the size of haircuts, creditor participation, and legal aspects. In addition, the paper summarizes the relevant empirical literature, analyzes recent restructuring episodes, and discusses ongoing debates on crisis resolution mechanisms, credit default swaps, and the role of collective action clauses.
Download or read book Prevention and Resolution of Sovereign Debt Crises written by Ms.Julianne Ams and published by INTERNATIONAL MONETARY FUND. This book was released on 2018-09-13 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: “The IMF’s Role in the Prevention and Resolution of Sovereign Debt Crises” provides a guided narrative to the IMF’s policy papers on sovereign debt produced over the last 40 years. The papers are divided into chapters, tracking four historical phases: the 1980s debt crisis; the Mexican crisis and the design of policies to ensure adequate private sector involvement (“creditor bail-in”); the Argentine crisis and the search for a durable crisis resolution framework; and finally, the global financial crisis, the Eurozone crisis, and their aftermaths.
Download or read book Global Waves of Debt written by M. Ayhan Kose and published by World Bank Publications. This book was released on 2021-03-03 with total page 403 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.
Download or read book This Time Is Different written by Carmen M. Reinhart and published by Princeton University Press. This book was released on 2011-08-07 with total page 513 pages. Available in PDF, EPUB and Kindle. Book excerpt: An empirical investigation of financial crises during the last 800 years.
Download or read book Ceau escu and the Securitate written by Dennis Deletant and published by M.E. Sharpe. This book was released on 1995 with total page 440 pages. Available in PDF, EPUB and Kindle. Book excerpt: Deletant (Romanian studies, U. of London) provides an extensive history and examination of the Securitate, Ceausescu's secret police. The first two chapters address the methods used to impose Communist rule in Romania and revolutionize Romanian society. Subsequent chapters deal with Transylvania and Ceaucescu's appeals to national sentiment, the role of Bessarabia in cultivating support, compliance and dissent, central planning, repression in the years 1978 to 1989, and the present state of affairs. Annotation copyright by Book News, Inc., Portland, OR
Download or read book The Liquidation of Government Debt written by Ms.Carmen Reinhart and published by International Monetary Fund. This book was released on 2015-01-21 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: High public debt often produces the drama of default and restructuring. But debt is also reduced through financial repression, a tax on bondholders and savers via negative or belowmarket real interest rates. After WWII, capital controls and regulatory restrictions created a captive audience for government debt, limiting tax-base erosion. Financial repression is most successful in liquidating debt when accompanied by inflation. For the advanced economies, real interest rates were negative 1⁄2 of the time during 1945–1980. Average annual interest expense savings for a 12—country sample range from about 1 to 5 percent of GDP for the full 1945–1980 period. We suggest that, once again, financial repression may be part of the toolkit deployed to cope with the most recent surge in public debt in advanced economies.
Download or read book The IMF and the Latin American Debt Crisis written by Mr.James M. Boughton and published by International Monetary Fund. This book was released on 1994-10-10 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: The IMF played a key role in developing and implementing the debt strategy throughout the 1980s. That strategy not only overcame the crisis but also produced successful transformationsof several major economiesin Latin America. Nonetheless, the IMF's role has also been criticized on several grounds. This study examines seven such criticisms.
Download or read book The IMF and the Silent Revolution written by Mr.James M. Boughton and published by International Monetary Fund. This book was released on 2000-09-11 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: This pamphlet is adapted from Chapter 1 of Silent Revolution: The International Monetary Fund, 1979-89, by the same author. That book is full of history of the evolution of the Fund during 11 years in which the institution truly came of age as a participant in the international financial system.
Download or read book International Macroeconomics in the Wake of the Global Financial Crisis written by Laurent Ferrara and published by Springer. This book was released on 2018-06-13 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book collects selected articles addressing several currently debated issues in the field of international macroeconomics. They focus on the role of the central banks in the debate on how to come to terms with the long-term decline in productivity growth, insufficient aggregate demand, high economic uncertainty and growing inequalities following the global financial crisis. Central banks are of considerable importance in this debate since understanding the sluggishness of the recovery process as well as its implications for the natural interest rate are key to assessing output gaps and the monetary policy stance. The authors argue that a more dynamic domestic and external aggregate demand helps to raise the inflation rate, easing the constraint deriving from the zero lower bound and allowing monetary policy to depart from its current ultra-accommodative position. Beyond macroeconomic factors, the book also discusses a supportive financial environment as a precondition for the rebound of global economic activity, stressing that understanding capital flows is a prerequisite for economic-policy decisions.
Download or read book International Debt Statistics 2021 written by World Bank and published by World Bank Publications. This book was released on 2020-12-21 with total page 227 pages. Available in PDF, EPUB and Kindle. Book excerpt: International Debt Statistics (IDS), a long-standing annual publication of the World Bank, features external debt statistics and analysis for the 120 low- and middle-income countries that report to the World Bank Debtor Reporting System. IDS 2021 includes (1) an overview analyzing global trends in debt stocks of and debt flows to low- and middle-income countries within the framework of aggregate capital flows (debt and equity); (2) a feature story on the World Bank and International Monetary Fund Debt Service Suspension Initiative in response to the COVID-19 pandemic; (3) tables and charts detailing debtor and creditor composition of debt stock and flows, terms of new commitments, and maturity structure of future debt service payments and debt burdens, measured in relation to gross national income and export earnings for each country; (4) one-page summaries per country, plus global, regional, and income group aggregates showing debt stocks and flows, relevant debt indicators, and metadata for six years (2009 and 2015†“19); and (5) a user guide describing the tables and content, definitions and rationale for the country and income groupings used in the report, data notes, and information about additional resources and comprehensive data sets available to users online. Unique in its coverage of the important trends and issues fundamental to the financing of low- and middle-income countries, IDS 2021 is an indispensable resource for governments, economists, investors, financial consultants, academics, bankers, and the entire development community. For more information on IDS 2021 and related products, please visit the World Bank’s Data Catalog at https://datacatalog.worldbank.org/dataset/international-debt-statistics.
Download or read book New Approaches to the Latin American Debt Crisis written by Jeffrey Sachs and published by . This book was released on 1989 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Fund s Lending Framework and Sovereign Debt Annexes written by International Monetary Fund and published by International Monetary Fund. This book was released on 2014-05-23 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt: NULL
Download or read book Bucharest Diary written by Alfred H. Moses and published by Brookings Institution Press. This book was released on 2018-07-17 with total page 438 pages. Available in PDF, EPUB and Kindle. Book excerpt: An insider's account of Romania's emergence from communism control In the 1970s American attorney Alfred H. Moses was approached on the streets of Bucharest by young Jews seeking help to emigrate to Israel. This became the author's mission until the communist regime fell in 1989. Before that Moses had met periodically with Romania's communist dictator, Nicolae Ceausescu, to persuade him to allow increased Jewish emigration. This experience deepened Moses's interest in Romania—an interest that culminated in his serving as U.S. ambassador to the country from 1994 to 1997 during the Clinton administration. The ambassador's time of service in Romania came just a few years after the fall of the Berlin Wall and the subsequent collapse of communism in Eastern Europe. During this period Romania faced economic paralysis and was still buried in the rubble of communism. Over the next three years Moses helped nurture Romania's nascent democratic institutions, promoted privatization of Romania's economy, and shepherded Romania on the path toward full integration with Western institutions. Through frequent press conferences, speeches, and writings in the Romanian and Western press and in his meetings with Romanian officials at the highest level, he stated in plain language the steps Romania needed to take before it could be accepted in the West as a free and democratic country. Bucharest Diary: An American Ambassador's Journey is filled with firsthand stories, including colorful anecdotes, of the diplomacy, both public and private, that helped Romania recover from four decades of communist rule and, eventually, become a member of both NATO and the European Union. Romania still struggles today with the consequences of its history, but it has reached many of its post-communist goals, which Ambassador Moses championed at a crucial time. This book will be of special interest to readers of history and public affairs—in particular those interested in Jewish life under communist rule in Eastern Europe and how the United States and its Western partners helped rebuild an important country devastated by communism.
