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Sovereign Debt at the CrossroadsChallenges and Proposals for Resolving the Third World Debt Crisis$
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Chris Jochnick and Fraser A. Preston

Print publication date: 2006

Print ISBN-13: 9780195168006

Published to Oxford Scholarship Online: May 2006

DOI: 10.1093/0195168003.001.0001

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Sovereign Debt and the Debt Crisis in Emerging Countries: The Experience of the 1990s

Sovereign Debt and the Debt Crisis in Emerging Countries: The Experience of the 1990s

Chapter:
(p.55) 3 SOVEREIGN DEBT AND THE DEBT CRISIS IN EMERGING COUNTRIES: THE EXPERIENCE OF THE 1990S
Source:
Sovereign Debt at the Crossroads
Author(s):

Daniel Marx

Jose Echague

Guido Sandleris

Publisher:
Oxford University Press
DOI:10.1093/0195168003.003.0004

This chapter analyzes the main problems of the current global sovereign debt markets, particularly in relation to emerging countries, and presents some policy recommendations. It describes the evolution of sovereign debt markets during the 1990s. It then focuses on the emerging countries' debt crises of the late 1990s and their resolution. Finally, drawing from the analysis of the previous sections, it argues that there is room for significant improvements in the architecture of sovereign debt markets and that emerging countries have much to do in terms of unilateral reforms.

Keywords:   sovereign debt markets, debt crises, economic policy, unilateral reforms, emerging countries

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