The global debt governance system for developing countries

Deficiencies and Reform Proposals

Bibliographic Data

ID5761463
AuthorsKathrin Berensmann (0000-0002-6234-5771, German Institute of Development and Sustainability, corresponding author)
Year2017
Volume2
Issue6
Pages863-881
Publication date2017-11-02
Open AccessNo
TypeARTICLE
VenueThird World Thematics A TWQ Journal (JOURNAL)
Journal identifiersISSN: 2379-9978 • E-ISSN: 2380-2014
PublisherInforma UK Limited (PUBLISHER • GB)
DOI10.1080/23802014.2017.1433963
OpenAlexW2793592851
LanguageEN
Citations received1
References cited18

Debt crises in developing countries in previous decades have revealed the need for a reform of the current global debt governance (GDG) system that is characterised by a high degree of fragmentation, parallel structures, and ineffective instruments. The current GDG system has neither prevented nor fully resolved debt crises in developing countries. To establish an efficient and effective GDG framework it is necessary to reform the GDG system at two different levels. At the instrument level, it is time to reform existing instruments for both prevention and resolution of debt crises and to put in place new instruments such as an insolvency procedure for states. At the systemic level, establishing an adequate GDG system does not only mean choosing appropriate individual instruments but also using them in a complementary manner. Instruments belonging to one set of tools – crisis prevention or crisis resolution – should be linked to each other. In the same vein, the two sets of instruments for crisis prevention and crisis resolution should be combined

Accountability · Business · Corporate governance · Debt · Debt crisis · Development economics · Economics · Financial crisis · Financial system · Insolvency · Macroeconomics · Political science · Restructuring · Credit Risk and Financial Regulations · Fiscal Policies and Political Economy · Global Financial Crisis and Policies · Finance

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