When lenders should be losers

Article Abstract:

Private creditors argue that the provision of private capital for emerging economies would be affected if public funds were not provided when countries default. Private creditors should contribute when countries encounter difficulties, and this can be encouraged by improving domestic legislation on bankruptcies. There is a case for using voluntary methods with banks, since coercion cannot easily be enforced. Bondholders should be dealt with like other creditors, and the terms of bond contracts should be changed.

Government Bonds, Editorial, Economic aspects, Developing countries, Capital market, Capital markets, Financial markets

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The case for central planning

Article Abstract:

Industrialized countries are experiencing congestion because inadequate investment in the infrastructure was made during the 1980s. It is up to governments to lead projects and encourage private sector participation. A user-fee plan will have to be factored in.

Infrastructure (Economics), Political aspects

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