Do We Have to Rethink Sovereign Debt of Developing Countries?

Wissem Ajili ()
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Wissem Ajili: Métis Lab EM Normandie - EM Normandie - École de Management de Normandie = EM Normandie Business School

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Abstract: The chapter joins new reflections interested in measuring welfare and social progress. The main objective is to determine whether the sovereign debt management process in developing countries is economically viable, socially equitable, and ecologically sustainable. The analysis advocates rethinking the sovereign debt around the idea of social sustainability, that is, the non-questioning of the living conditions of present and future generations and their economic, social, and political choices. The chapter suggests the need for developing countries (1) to ensure a comprehensive management of public debt based on the co-responsibility of both the indebted countries and their creditors, (2) to borrow in priority to finance the most productive investment expenditures, which can have an impact on the populations' standards of living and on economic prosperity, and (3) to reduce the use of austerity programs and anti-social policies.

Date: 2021
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Published in Handbook of Research on Institutional, Economic, and Social Impacts of Globalization and Liberalization, IGI Global, pp.499-517, 2021, Advances in Finance, Accounting, and Economics, ⟨10.4018/978-1-7998-4459-4.ch028⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04244966

DOI: 10.4018/978-1-7998-4459-4.ch028

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