Resolving Debt Crises: How a Debt Resolution Mechanism Would Work
The issue of foreign debt has made a major comeback. This is due to the crisis in Europe, in which many countries had to seek big bailouts to keep them from defaulting on their loan payments.
Before this, debt crises have been associated with African and Latin American countries. In 1997-99, three East Asian countries also joined the indebted countries’ club. (more…)
Effects of crisis & recovery on South countries
By Kinda Mohammadieh
Below is a report of the presentation of economics professor Dr. Deepak Nayyar at the South Centre Conference in Geneva. He addresses the situation of developing countries in the aftermath of the financial crisis, while focusing on their real economy variables.
Dr. Deepak Nayyar, emeritus professor of economics at Jawaharlal Nehru University and member of the South Centre’s board, addressed the situation of developing countries in the aftermath of the financial crisis, while focusing on their real economy variables. He noted that developing countries on the whole have fared better than industrialized and transition economies in the aftermath of the crisis. Yet, some high-income emerging economies that depend on exports to the United States and the European Union were hard hit, Nayyar noted. In contrast some large developing countries did not fare badly. For example, the growth performance of Sub-Saharan Africa and some least developed countries has been robust. (more…)
North’s policies are exposing South’s economies to shocks
By Kinda Mohammadieh
Since the onset of the global economic crisis, the South Centre in its analysis had indicated that the policy responses to the crisis by the US and EU are exposing developing countries to serious shocks in the future. Dr. Yilmaz Akyuz (Chief Economist of the South Centre) notes that these arguments are no longer predictions but hard reality. He was speaking at the South Centre Conference in Geneva. (more…)
SDGs: G77 position on economic issues and finance and technology
By Mr. Peter Thomson
The Group holds the view that the post-2015 development agenda should build on existing commitments and lessons learned from the implementation of the MDGs to ensure that new initiatives, both at international and national levels, reinforce previous successes while address important implementation gaps and systemic shortcomings.
We believe a transformative global development agenda must fulfill five key policy objectives: rapid and sustained economic growth; industrialisation; full employment; greater distributional equity; and environmental sustainability. (more…)
SDGs: Economic Issues at National and Global Levels
The economic pillar of sustainable development is crucial, yet relatively neglected. It should get its proper place in the Sustainable Development Goals. This paper deals with economic issues at national level (as Sustainable Development Goals) and at international level (as part of the new Global Partnership for Development). It is part of the South Centre’s contribution to the United Nations process of establishing Sustainable Development Goals.
SDGs: Technology and Finance—The Means of Implementation
The following is a statement by Executive Director of the South Centre, Martin Khor, to the Open Working Group on Sustainable Development Goals held at the United Nations in New York on 9 December 2013. (more…)
Welcome to the real world
By Humberto Campodónico
It is currently being discussed in the United States if the Export Administration Act (EAA) of 1979, that prohibits crude oil exports, is to remain in force. Why? Because the US is experiencing a sharp increase in the production of shale oil and shale gas (also called “unconventional”). And oil and gas companies want to export their surplus production. First question, how can there be a law in the US that prohibits such an elemental activity as exports? Well, the EAA exists due in large part to the geopolitical problems of the late 1970s, and applies not only to oil. (more…)
A bigger global role for China?
By Martin Khor
China seems to be preparing to play a bigger role in global economic affairs, but not at the cost of giving up its developing country status. After years of being rather low key in economic and social affairs at the United Nations, it looks as if China is now ready to upgrade its role in the future. (more…)
Obstacles to Development in the Global Economic System
I. Obstacles to Development Arising from the International System
As the international community wades into the political discussions regarding the alternatives to the Millennium Development Goals (MDGs) after 2015 and the design of the Sustainable Development Goals (SDGs) as mandated by the Rio+20 conference, it is timely to consider the question of whether development is a matter mostly of individual effort on the part of nation-states or whether there are elements in the international economic system that could serve as significant obstacles to national development efforts. (more…)
Statement to the Ministerial Meeting of the Group of 24, Washington DC
Weak and uncertain global economic conditions
Before the world economy has been able to fully recover from the crisis that began more than five years ago, there is a widespread fear that we may be poised for yet another crisis, this time in emerging economies. (more…)
Crisis Mismanagement in the United States and Europe: Impact on Developing Countries and Longer-Term Consequences
There are two major failings in policy interventions in the crisis in the US and Europe: the reluctance to remove the debt overhang through timely, orderly and comprehensive restructuring and the shift to fiscal austerity after an initial reflation. These have resulted in excessive reliance on monetary means with central banks entering uncharted policy waters, including zero-bound interest rates and the acquisition of long-term public and private bonds. (more…)
New economic crisis engulfing South countries
By Martin Khor
A new economic crisis is engulfing several developing countries which face sharp currency depreciation and capital outflows. This is caused by the boombust cycles in capital flows originating in profit-seeking investor behaviour in developed countries. (more…)
