Emerging Market Sovereign Debt in the Aftermath of the Pandemic

Kenneth Rogoff

Journal of Economic Perspectives, 2022, vol. 36, issue 4, 147-66

Abstract: For emerging markets, fiscal space is a very real constraint that can surface under a variety of circumstances, including rising world interest rates, falling commodity prices, or a global recession. Some emerging markets, and the majority of low-income developing economies, are already in debt distress or default. Near-term, making sure that troubled debtor countries are aware of the full menu of options, including heterodox strategies such as default, is important. Longer-term, a rethink of the Bretton Woods financial institutions to incorporate a greater emphasis on outright grants instead of loans, makes more sense than ever.

JEL-codes: E23 E62 F34 G01 H63 I12 O23 (search for similar items in EconPapers)
Date: 2022
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Citations: View citations in EconPapers (7)

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DOI: 10.1257/jep.36.4.147

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