In this policy brief, the authors argue the EU should be ambitious, building on the effective V-FLEX scheme, and reform its shock facilities to include resilience and resilience building.
Dr. Stephany Griffith-Jones contributed a policy paper on financial transaction taxes to Fabian Society’s recently published book, The Great Rebalancing. The paper advocates for the implementation of a financial transaction tax in the United Kingdom and discusses the benefits of such a tax in Europe.
There is growing recognition of the need for more stable capital flows to help moderate the boom-bust patterns of capital flows that are so disruptive for the real economy and can cause such costly financial crises.
IPD-CIGI-CGEG Policy Brief – Policy Brief #12 About the Authors Joseph Stiglitz President Initiative for Policy Dialogue (IPD) Joseph E. Stiglitz is President of the Initiative for Policy Dialogue, and Chairman of the Committee on Global Thought at Columbia University. He is University Professor at Columbia, teaching in its Economics Read more…
Policy Brief #13 Additional Related / Relevant Information Identifying and Resolving Inter-Creditor and Debtor-Creditor Equity Issues in Sovereign Debt Restructuring https://www.cigionline.org/sites/default/files/pb_no53.pdf About the Authors Martin Guzman Co-President Initiative for Policy Dialogue (IPD) Martín Guzmán served as Minister of Economy of the Republic of Argentina (December 2019- July 2022). He is Read more…
Different types of creditors have different political and financial claims and thus different — at times, divergent or conflictive — interests. This means that the burden-sharing exercise of sovereign debt restructuring is played out not just between debtors and creditors, but also between different types of creditors.
We – the undersigned former Heads of State and Government, artists, concerned citizens, and policy makers – rise in support of a transformative initiative on which only New York has the power to act, with the potential to relieve the hardship of millions, help stabilize the global economy, and promote justice on a scale that reverberates far beyond the boundaries of the Empire State. We urge you to champion and pass the Sovereign Debt Stability Act (S5542/A2970) this year to reform New York’s governance of sovereign debt to help secure New York’s economy and protect the most vulnerable around the world from abusive and unfair lending practices.
This chapter proposes that the UN General Assembly formulates a set of principles to guide governments and international institution creditors when restructuring sovereign debt and guide the IMF as representative of the international community in assessing restructuring needs. The principles would also guide national courts which would oversee restructuring of Read more…
The international community took important steps during 2014 to improve the global infrastructure through which we deal with cases of sovereign debt distress—steps on which further progress can be built. The development of better model language for bond contracts, as promulgated by the International Capital Markets Association (ICMA 2014) and Read more…