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Crisis, reform and recovery

The Asian financial crisis of 1997-98 shook the foundations of the global economy and what began as a localised currency crisis soon engulfed the entire Asian region. This book explores what went wrong and how did the Asian economies long considered 'miracles' respond, among other things. The combined effects of growing unemployment, rising inflation, and the absence of a meaningful social safety-net system, pushed large numbers of displaced workers and their families into poverty. Resolving Thailand's notorious non-performing loans problem will depend on the fortunes of the country's real economy, and on the success of Thai Asset Management Corporation (TAMC). Under International Monetary Fund's (IMF) oversight, the Indonesian government has also taken steps to deal with the massive debt problem. After Indonesian Debt Restructuring Agency's (INDRA) failure, the Indonesian government passed the Company Bankruptcy and Debt Restructuring and/or Rehabilitation Act to facilitate reorganization of illiquid, but financially viable companies. Economic reforms in Korea were started by Kim Dae-Jung. the partial convertibility of the Renminbi (RMB), not being heavy burdened with short-term debt liabilities, and rapid foreign trade explains China's remarkable immunity to the "Asian flu". The proposed sovereign debt restructuring mechanism (SDRM) (modeled on corporate bankruptcy law) would allow countries to seek legal protection from creditors that stand in the way of restructuring, and in exchange debtors would have to negotiate with their creditors in good faith.

Abstract only
Susan Strange

Chapter 6 The debtors The debtors and how best to deal with them is surely one of the continuing but unresolved issues for the international financial system. The present chapter will argue that the evolution of that system has changed the nature of the debt problem, but that neither governments nor markets are any nearer a final solution to the question of how to manage transnational debt than they were in the 1980s. Indeed, the evidence suggests that they may be even further away from a sustainable solution. If so, this is a conclusion that throws serious

in Mad Money

This book recounts the little-known history of the mixed-race children born to black American servicemen and white British women during the Second World War. Of the three million American soldiers stationed in Britain from 1942 to 1945, about 8 per cent (240,000) were African-American; the latter’s relationships with British women resulted in the birth of an estimated 2,000 babies. The African-American press named these children ‘brown babies’; the British called them ‘half-castes’. Black GIs, in this segregated army, were forbidden to marry their white girlfriends. Up to half of the mothers of these babies, faced with the stigma of illegitimacy and a mixed-race child, gave their children up for adoption. The outcome for these children tended to be long-term residency in children’s homes, sometimes followed by fostering and occasionally adoption, but adoption societies frequently would not take on ‘coloured’ children, who were thought to be ‘too hard to place’. There has been minimal study of these children and the difficulties they faced, such as racism in a (then) very white Britain, lack of family or a clear identity. Accessibly written and illustrated with numerous photographs, this book presents the stories of over forty of these children. While some of the accounts of early childhood are heart-breaking, there are also many uplifting narratives of finding American fathers and gaining a sense of self and of heritage.

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Susan Strange

-bed scene. Actually, in recent international monetary history, it is the crises that central banks have been particularly good at dealing with. It is the chronic problems that have always been dodged and avoided. And the longer you put off dealing with them, the worse they are apt to get. Take the debt problem. In the crisis of Mexican debt in 1982 everyone rallied round, and a collapse of the banking system was averted by rescheduling and refinancing. Cooling the casino145 But to conclude that the problem is solved because the crisis has been survived is to overlook the

in Casino Capitalism
Costas Simitis

these assumptions would have materially affected the outlook for debt sustainability. The risks were explicitly flagged…. One way to make the debt outlook more sustainable would have been to attempt to restructure the debt from the beginning…. In fact, debt restructuring had been considered by the parties to the negotiations but had been ruled out by the euro area.’20 According to the report the programme served ‘as a holding operation’. It gave the EMU time ‘to build a firewall to protect other vulnerable members’.21 However, by not tackling the public debt problem

in The European debt crisis
Abstract only
Susan Strange

route from present dilemmas lies in long-term loans or investments in place of short-term bank credits (Rohatyn 1983). Williamson’s argument for a massive $43 billion issue of Special Drawing Rights by 1986, $4 billion of it to be made in 1985, more than doubling the total issues made so far, is based on the argument that the debt problem is eventually one of illiquidity rather than insolvency. It is not that the debtor countries are inherently so poor that they cannot find the resources to service their debts, but rather that they lack the foreign exchange necessary

in Casino Capitalism
George Ross

, southern social democrats had the bad luck of being in power when the Euro-zone mess broke. In all three countries serious debt problems had accumulated after 2000 that anti-crisis stimulus packages exacerbated. Bond markets then became nervous about repayment. The Greek sovereign debt crisis that opened in later 2009 exposed all three, plus Ireland (where the centre-right was in power) to increased dangers of defaulting. But grudging bail-outs from Euro-zone partners followed only after May 2010, when richer northerners, led by Germany, concluded that if they did

in European social democracy during the global economic crisis
Tom Gallagher

alleged that Greece lacks the ‘willingness and capacity’ to collect taxes. 10 How an economy still in freefall could meet targets that would have been highly ambitious in more normal circumstances was not addressed. Increasingly, there was a widespread and growing realisation that not only was the debt burden unsustainable for Greece but that creditors (European taxpayers to the fore) would see little of their money in the future: ‘loaning Greece the equivalent of 100% of its GDP to address its excessive debt problems was never going to work out as intended’. 11

in Europe’s path to crisis
The PES, the debt crisis and the Euro
Gerassimos Moschons

derivatives and speculative funds; the regulation of private ratings agencies; and the creation of an independent European ratings agency. This initial series of proposals is highly prominent in the PES’s new rhetoric, and constitutes a central element in the distinctive new brand of European socialism. 2 The second theme, which is concerned with solving the debt problem, revolves around the establishment of a ‘European mechanism for financial stability’. It should be noted that the proposal for Euro-bonds (initially intended to finance 256 Towards a social democratic

in European social democracy during the global economic crisis
Denis O’Hearn

people continued to speak of the Irish model as if it could be copied and adapted. Some argued that, rather than FDI, Irish growth was primarily the result of fiscal conservatism and deregulation. After all, the Irish government had begun tackling its extreme debt problem in 1987 by drastically reducing government spending, in order to keep an investment-friendly low-tax regime. This in part opened the way for historically high flows of high-tech FDI, as US companies like Intel and Dell emerged out of the restructuring of the 1980s in an agglomerated pattern of

in Are the Irish different?