Overview

In recent years there has been a significant rise in the indebtedness of small states. However, unlike major debtors and the Heavily Indebted Poor Countries (HIPCs), the emerging debt problems of small, mainly middle income, states have received little international recognition and attention. Thirteen small middle-income Caribbean economies are amongst the most indebted thirty emerging market economies in the world. Similar conditions apply in a number of other small economies in Africa, the Indian Ocean and the Pacific. Dinesh Dodhia examines the history of this indebtedness, its likely causes in different economies, and prospects for dealing with the debt problem in the future. He argues that there is a need for a comprehensive international framework to deal with it, covering: * fiscal discipline in small states themselves * improved debt recording and debt management * insurance and grant financing mechanisms that respond to the challenges posed by natural disasters * continued grant and concessional financing for small states * adequate compensation for preference erosion, and * support for the efforts of small states to promote private investment for diversification and growth. This is the first substantial investigation of a newly-recognised international problem.

Full Product Details

Author:   Dinesh Dodhia
Publisher:   Commonwealth Secretariat
Imprint:   Commonwealth Secretariat
Volume:   No. 78
Dimensions:   Width: 16.50cm , Height: 0.70cm , Length: 24.00cm
Weight:   0.222kg
ISBN:  

9780850928686

ISBN 10:   0850928680
Pages:   104
Publication Date:   01 April 2008
Audience:   Professional and scholarly ,  Professional & Vocational
Format:   Paperback
Publisher's Status:   Active
Availability:   Out of stock  
The supplier is temporarily out of stock of this item. It will be ordered for you on backorder and shipped when it becomes available.

Table of Contents

Preface Acronyms and Abbreviations Summary The Emerging Debt Problems of Small States: Causes and Prospects Introduction Factors Responsible for Rising Debt Indicators in Small States Future Debt Prospects An International Framework to Address Small States' Debt Problems The Need for a Comprehensive Framework Fiscal Discipline Debt Recording, Management and Restructuring Mechanisms for Responding to Natural Disasters and Other Shocks The Crucial Importance of Concessional Financing Compensating for Preference Erosion and Promoting Private Investment by Mitigating Endowed Handicaps Part I. The Emerging Debt Problems of Small States: Causes and Prospects 1. Introduction 2. Rising Debt Burdens in Small Economies: Some Stylized Facts Caribbean Small States Pacific Ocean Small States Indian Ocean and African Small States 3. Factors Responsible For Rising Debt Indicators in Small States A Quantitative Assessment of the Role of Different Factors Reduced Contribution of Growth Caribbean Small States Pacific Ocean Small States Indian Ocean Small States Deterioration in Primary Balances Caribbean Small States Pacific Ocean Small States Indian Ocean Small States Deterioration in Primary Balances Caribbean Small States Pacific Ocean Small States Indian Ocean Small States Rise in Interest Costs Caribbean Small States Pacific Ocean Small States Indian Ocean Small States 4. Future Debt Prospects Caribbean Small States Pacific Ocean Small States Indian Ocean Small States Part II. An International Framework to Address the Debt Problems of Small States 5. The Need for a Comprehensive Framework 6. Fiscal Discipline and Benchmarks Fiscal Adjustment Experience and Strategy Fiscal Benchmarks and Fiscal Responsibility Laws The Need to Build Domestic Consensus Antigua Workshop Statement: Conclusions on Fiscal Discipline 7. Debt Recording, Management and Restructuring Improving Financial Statistics and Debt Management Debt Restructuring Antigua Workshop Statement: Conclusions on Debt Recording, Management and Restructuring 8. Insurance, Contingency and Grant Financing Mechanisms to Respond to Shocks Domestic Measures Damage Preventive Measures Insurance Special Measures for Low-income Households and Budget Contingency Provisions Regional and International Measures The Caribbean Catastrophe Risk Insurance Facility IMF Facilities Assistance from the World Bank and Other Multilateral Institutions The Need for a Grant-financed Mechanism that Responds to Natural Disasters Antigua Workshop Statement: Conclusions on Mechanisms to Respond to Natural Disasters and Other Shocks 9. The Crucial Importance of Concessional Finance Debt Sustainability and Assumptions About Concessional Funding Multilateral Institutions and Access to Concessional Resources Bilateral Donors Antigua Workshop Statement: Conclusions on the Importance of Concessional Resources 10. Compensating for Preference Erosion and Promoting Private Investment by Mitigating Endowed Handicaps Debt and Private Investment Preference Erosion and Private Investment Compensatory Financial Assistance for Preference Erosion Offsetting Endowed Handicaps for Private Investors in Small States Antigua Workshop Statement: Conclusions on Compensating for Preference Erosion and Promoting Private Investment Appendix 1. Final Statement of Workshop on Addressing the Debt Problems of Non-HIPC Small States, 23-25 July 2007 References Tables Boxes

Reviews

'a very timely publication on a very important subject.' - Island Studies Journal, Vol. 4, No. 2, 2009, pp. 241-264

Author Information

Dinesh Dodhia is a former senior staff member of the Commonwealth Secretariat. Since 1995 he has been managing director of Rappidd Consultancy Ltd, which provides specialist advice on economic and development issues to international organisations such as UNCTAD, the World Bank, African Development Bank, Commonwealth Business Council and Crown Agents.

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