Chapter

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

Daniel Marx, Jose Echague and Guido Sandleris

in Sovereign Debt at the Crossroads

Published in print April 2006 | ISBN: 9780195168006
Published online May 2006 | e-ISBN: 9780199783458 | DOI: http://dx.doi.org/10.1093/0195168003.003.0004
 Sovereign Debt and the Debt Crisis in Emerging Countries: The Experience of the 1990s

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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

Chapter.  9776 words.  Illustrated.

Subjects: Economic Development and Growth

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