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The international debt crisis is still a danger to the world economy. In this book, theory and practice are combined in one comprehensive approach to the debt problem. The theoretical issues are discussed in their conceptual, logical interrelationship and are related to the major macroeconomic issues of indebted countries. International risk assessment models are used as a bridge between theory of international finance and risk assessment methodologies used in commercial banking. External debt optimising models and default models are analyzed within a macroeconomic framework as well as with regard to debtors' creditworthiness. The debt problem is treated in two closely related parts. In the first one, the theoretical context of debt crisis is discussed in its macroeconomic setting; in the second part the debt relief techniques, instruments and policies are discussed within the framework of the new international debt strategy, and the components of the new debt management strategy.
Dieses Buch behandelt zum ersten Mal die internationale Schuldenkrise, indem es theoretische und praktische Ansätze kombiniert. Neben den theoretischen Diskussionen werden insbesondere auch die neue internationale Schuldenstrategie und Maßnahmen zum Schuldenmanagement dargestellt.
List of contents
I: An Overview of the Theoretical Aspects of Foreign Debt.- 1. Measuring External Debt.- 2. Macroeconomics of External Debt.- 3. Creditworthiness and Country Risk.- 4. Economics of Default.- 5. Optimal and Non-Optimal Debt.- II: Policy Responses to the International Debt Crisis.- 6. Analytical Issues in the Current External Debt Strategy.- 7. Debt Relief Techniques.- 8. In Search for a New Debt Strategy - Plans for Reform of International Lending and Contingency Proposals.- 9. Managing the International Debt Crisis - Components of the New Debt Strategy.
Summary
This book combines theory and practice into one comprehensive approach to the debt problem. It analyzes the debt crisis in its macroeconoic setting and discusses debt relief techniques, instruments and policies.
