Debt Accumulation in the CIS-7 Countries: Bad Luck, Bad Policies, or Bad Advice
Following the breakup of the Soviet Union in 1992, several low-income countries in the Commonwealth of Independent States (CIS) accumulated substantial external debt in a short time span, about half of which is owed to multilateral financial institutions. Three factors contributed to the current deb...
Gespeichert in:
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2004
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| Schriftenreihe: | IMF Working Papers
Working Paper No. 04/93 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Zusammenfassung: | Following the breakup of the Soviet Union in 1992, several low-income countries in the Commonwealth of Independent States (CIS) accumulated substantial external debt in a short time span, about half of which is owed to multilateral financial institutions. Three factors contributed to the current debt burden. First, the initial years of transition brought large systemic economic disruptions, loss of transfers from the center and collapse of trade relations among Council for Mutual Economic Assistance (CMEA) countries, and negative terms of trade shocks. Second, fiscal and other reforms, and consequently, growth revival, took longer than expected. Third, overoptimism by multilaterals contributed to the high debt levels. If external financial assistance, which was needed because of high social costs of the transition, had come in the form of grants in the first two or three years of the transition, the debt burden would have been lower and sustainable |
| Beschreibung: | 1 Online-Ressource (42 p) |
| ISBN: | 1451851685 9781451851687 |
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| 520 | 3 | |a Following the breakup of the Soviet Union in 1992, several low-income countries in the Commonwealth of Independent States (CIS) accumulated substantial external debt in a short time span, about half of which is owed to multilateral financial institutions. Three factors contributed to the current debt burden. First, the initial years of transition brought large systemic economic disruptions, loss of transfers from the center and collapse of trade relations among Council for Mutual Economic Assistance (CMEA) countries, and negative terms of trade shocks. Second, fiscal and other reforms, and consequently, growth revival, took longer than expected. Third, overoptimism by multilaterals contributed to the high debt levels. If external financial assistance, which was needed because of high social costs of the transition, had come in the form of grants in the first two or three years of the transition, the debt burden would have been lower and sustainable | |
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| illustrated | Not Illustrated |
| index_date | 2024-07-03T20:13:24Z |
| indexdate | 2024-07-10T09:35:33Z |
| institution | BVB |
| isbn | 1451851685 9781451851687 |
| language | English |
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| series2 | IMF Working Papers |
| spelling | Mody, Ashoka Verfasser aut Debt Accumulation in the CIS-7 Countries Bad Luck, Bad Policies, or Bad Advice Mody, Ashoka Washington, D.C International Monetary Fund 2004 1 Online-Ressource (42 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 04/93 Following the breakup of the Soviet Union in 1992, several low-income countries in the Commonwealth of Independent States (CIS) accumulated substantial external debt in a short time span, about half of which is owed to multilateral financial institutions. Three factors contributed to the current debt burden. First, the initial years of transition brought large systemic economic disruptions, loss of transfers from the center and collapse of trade relations among Council for Mutual Economic Assistance (CMEA) countries, and negative terms of trade shocks. Second, fiscal and other reforms, and consequently, growth revival, took longer than expected. Third, overoptimism by multilaterals contributed to the high debt levels. If external financial assistance, which was needed because of high social costs of the transition, had come in the form of grants in the first two or three years of the transition, the debt burden would have been lower and sustainable Online-Ausg Helbling, Thomas Sonstige oth Sahay, Ratna Sonstige oth http://elibrary.imf.org/view/IMF001/01562-9781451851687/01562-9781451851687/01562-9781451851687.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Mody, Ashoka Debt Accumulation in the CIS-7 Countries Bad Luck, Bad Policies, or Bad Advice |
| title | Debt Accumulation in the CIS-7 Countries Bad Luck, Bad Policies, or Bad Advice |
| title_auth | Debt Accumulation in the CIS-7 Countries Bad Luck, Bad Policies, or Bad Advice |
| title_exact_search | Debt Accumulation in the CIS-7 Countries Bad Luck, Bad Policies, or Bad Advice |
| title_exact_search_txtP | Debt Accumulation in the CIS-7 Countries Bad Luck, Bad Policies, or Bad Advice |
| title_full | Debt Accumulation in the CIS-7 Countries Bad Luck, Bad Policies, or Bad Advice Mody, Ashoka |
| title_fullStr | Debt Accumulation in the CIS-7 Countries Bad Luck, Bad Policies, or Bad Advice Mody, Ashoka |
| title_full_unstemmed | Debt Accumulation in the CIS-7 Countries Bad Luck, Bad Policies, or Bad Advice Mody, Ashoka |
| title_short | Debt Accumulation in the CIS-7 Countries |
| title_sort | debt accumulation in the cis 7 countries bad luck bad policies or bad advice |
| title_sub | Bad Luck, Bad Policies, or Bad Advice |
| url | http://elibrary.imf.org/view/IMF001/01562-9781451851687/01562-9781451851687/01562-9781451851687.xml |
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