This book analyzes the effects of the break-up of the Soviet Union into fifteen independent states. Topics discussed include: * past and present economic relations between the republics, and forecasts for the future * discussion of Customs Unions, Monetary Union or Payments Union as possible ways forward for these states * economic integration theory * how the states of the Soviet Union functioned before the dissolution.
This book analyzes the effects of the break-up of the Soviet Union into fifteen independent states. Topics discussed include: * past and present economic relations between the republics, and forecasts for the future * discussion of Customs Unions, Monetary Union or Payments Union as possible ways forward for these states * economic integration theory * how the states of the Soviet Union functioned before the dissolution.
This paper examines the causes, processes, and outcomes of Belize’s 2016–17 sovereign debt restructuring—its third episode in last 10 years. As was the case in the earlier two restructurings, in 2006–07 and in 2012–13, the 2016–17 debt restructuring was executed through collaborative engagement with creditors outside an IMF-supported program. While providing liquidity relief and partially addressing long-term debt sustainability concerns, the restructuring will need to be underpinned by ambitious fiscal consolidation and growth-enhancing structural reforms to secure durable gains.
This paper examines the causes, processes, and outcomes of Barbados’ 2018–19 sovereign debt restructuring—its first ever. The restructuring was comprehensive, featuring several rarely used approaches, including the restructuring of treasury bills, and the use of a retrofitted collective action mechanism. The debt restructuring has helped to set Barbados’ public debt on a clear downward trajectory. A sustained reform effort, maintaining high primary surpluses and ambitious structural reforms, will be needed to gradually reduce public debt from about 160 percent of GDP before the restructuring to the country’s 60 percent debt-to-GDP target.
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