Historical context: the export of capital and sovereign debt crises, 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 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 debt restructurings, 1955-94 -- Debt restructuring and international relations, 1955-94 -- Globalization, financial sector liberalization, and emerging market crises, 1990-2005 -- The flow of capital to emerging markets, 1990-2005 -- Emerging market crises and the Mexican crisis, 1994-97 -- The East Asian crisis, 1997-2003 -- Crisis resolution in Korea, 1997-2003 -- The Turkish crisis, 2001-05 -- The Argentine crisis, 2001-04 -- The Great Recession and crises in the advanced economies, 2007-15 -- The Japanese crisis as a precursor to crises in the advanced economies -- Causes of the U.S. crisis, 2007-10 -- Ad hoc interventions before the Lehman Brothers collapse -- A systemic approach to crisis resolution after the Lehman Brothers collapse -- The Great Recession: from financial crisis to economic crisis -- The eurozone crisis, 2008-15 -- The eurozone crisis: from banking crises to sovereign debt crises to bailouts -- Conclusion: are we prepared for the next one? -- Appendixes -- A. A comparative overview of debt-crisis regimes: from the Great Depression through the Great Recession -- B. Commercial bank debt restructurings with sovereign debtors, 1980-89.
Summary:
Sovereign debt crises: a country can endure them, but not prevent them. That's the overriding thesis of Ira Lieberman's book in which he traces the major debt crises of the past century, from the Great Depression to the recent Great Recession. As the painful experience of the past decade reminded everyone, frequent debt crises adn defaults do great damage to economies and cause vast personal hardship. But resolving them has proved 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. Lieberman does not pretend to describe how debt crises can be prevented, but he offers best practices for how such crises can be resolved, and draws useful lessons from recent crises that can help economists, bankers, policymakers, and others address the inevitable future crises with the least possible damage--back cover.
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