Debt Sustainability: Relief Target, Rule for Lending or Policy Goal for Low-Income Countries? Eldis supports free and open access to useful and relevant research on global development challenges. The sustainable investment rule, as referred to in the United Kingdom, is one of several fiscal policy principles set out by the incoming Labour government in 1997. ASIN: B0018TWNOS, http://www.hm-treasury.gov.uk/documents/uk_economy/fiscal_policy/ukecon_fisc_index.cfm, https://en.wikipedia.org/w/index.php?title=Sustainable_investment_rule&oldid=529587584, Creative Commons Attribution-ShareAlike License, This page was last edited on 24 December 2012, at 10:38. long-term success will depend on LIC leadership and national ownership in designing and implementing their own national development financing strategies to attain the MDGs and other national goals. M. Hatlebakk / Chr. The sustainable investment rule is the counterpart to the Golden Rule, introduced at the same time. By subscribing you acknowledge that your information will be transferred to Mailchimp for processing. The African Risk Capacity is an index-based weather insurance pool established by the African Union to strengthen disaster risk management (DRM) capacity among African Union countries. The sustainable investment rule states that public sector net debt as a proportion of gross domestic product (GDP) will be held over the economic cycle at a stable and prudent level. Subsequently they were formalised in the Finance Act 1998 and in the Code for Fiscal Stability, approved by the House of Commons in December 1998. eKathimerini reports: > The measures that will be used in the new Greek debt adjustment are now taking shape. The Chancellor has stated that, other things being equal, net government debt will be maintained below 40% of GDP over the current economic cycle. Institute for Fiscal Studies (2001). Request PDF | Optimal fiscal policy rule for achieving fiscal sustainability: The Japanese case | Japan's debt-to-GDP ratio is the highest among OECD countries. The sustainable investment rule states that public sector net debt as a proportion of gross domestic product (GDP) will be held over the economic cycle at a stable and prudent level. The Humanitarian Policy Group (HPG) 2017–2019 Integrated Programme seeks to understand the complexities and dynamics of humanitarian action ‘from the ground up’, an initiative tied to a pivot in the humanitarian community towards ‘localisation’ in humanitarian action and intervention. looking at the application of definitions and thresholds to attain debt sustainability for developing countries, by using them as guidelines for providing debt relief and concessional new financing, and for deciding debtor country policies. Please do not cite without explicit permission from the author(s). Academic Commons provides global access to research and scholarship produced at, IPD.debt.WP.Martin.Sustainability.1.3.07.as.pdf, Initiative for Policy Dialogue Working Paper Series. New debt sustainability rule for Greece (provisional) September 18, 2015 September 18, 2015 erikdesonville. More recently however the international community has also tried to define thresholds to track whether a country will maintain “long-term debt sustainability”, and on this basis, to decide whether a country can afford aid in the form of loans, or only as grants. The Chancellor has stated that, other things being equal, net government debt will be maintained below 40% of GDP over the current economic cycle. These partners help to ensure that Eldis can present a truly global picture of development research. This paper therefore assesses the various definitions and mechanisms used to achieve debt sustainability by: The authors offer a number of conclusions: Receive regular email updates from Eldis on global development research, news and jobs. Since the 1970s, there has been a growing economic literature analysing how to decide whether a country’s debt is “sustainable”. “For Greece, this does not make sense, since it does not reflect grace periods, ultra-low interest rates and long maturities, which keep the cost of debt very low – lower than, for instance, in Germany,” a second eurozone official told Reuters. The Government's Fiscal Rules. Since the 1970s, there has been a growing economic literature analyzing how to decide whether a country’s debt is "sustainable". The opinions expressed in these papers represent those of the author(s) and not The Initiative for Policy Dialogue.
Purpose: To contain pressures to overspend, so as to ensure fiscal responsibility and debt sustainability . Martin, Matthew. Emmerson, Carl.
Learn more about Mailchimp's privacy practices here. These were first set out by then Chancellor of the Exchequer Gordon Brown in his 1997 budget speech. Learn more about Mailchimp's privacy practices here. The overarching objective of debt sustainability and market access seems to have been achieved only by the third programme. These initiatives have set threshold levels at which they consider debt to be "sustainable", and then encouraged creditors to reduce debt by amounts that allow countries to reach the thresholds, or go well below them. "One of the 17 Sustainable Development Goals established by the United Nations in 2015, the official wording is: "Strengthen the means of implementation and revitalize the global partnership for sustainable development". The assessment of private sector investment (PSI) is mixed: while nominal debt was reduced, debt-to-GDP ratio only fell for one year, and then returned to its previous level. Since 1996, "debt sustainability" has become much more important, as debt relief initiatives for some low-income countries – especially those covered by the Initiative for Heavily Indebted Poor Countries (HIPCs) – have for the first time been based partly on the aim of making countries’ debt "sustainable", rather than on the lowest common denominator of what creditors are willing to provide. Since the 1970s, there has been a growing economic literature analysing how to decide whether a country’s debt is “sustainable”. The sustainability rule for the national debt to be up to 120 percent of GDP has now been cast aside. Furthermore, the report discusses the links between agricultural production, nutrition and food security. These papers are unpublished and have not been peer reviewed. Since the 1970s, there has been a growing economic literature analyzing how to decide whether a country’s debt is "sustainable". examining the basis for the definition of sustainability currently used by the international community to determine debt relief levels and monitor long-term sustainability, examining the different methods used to assess sustainability. Unless stated otherwise Eldis original content is available for re-use under a Creative Commons license (CC BY 3.0), Please check the box to confirm you would like to receive updates from Eldis by email, Initiative for Policy Dialogue, Columbia University (IPD), Researching local humanitarian action through partnerships with local actors, The value of mobilizing local resources for women’s rights in the global south and east: case studies of ten women’s funds, Norwegian aid to food security, nutrition and agriculture, Independent evaluation of the African Risk Capacity: formative phase 1 report. debt sustainability in the euro area and the scale of the resulting ﬁ scal adjustment needs. More... L. Fast / Overseas Development Institute, 2019. This report reviews available research on the links between agriculture and the rest of the economy, with a focus on structural adjustment and the role of agriculture in economic growth and poverty reduction. Eldis is hosted by the Knowledge, Impact and Policy team at the Institute of Development Studies in the UK but our services profile work by a growing global network of research organisations and knowledge brokers. M. Oosterom, P. Scott-Villiers / Institute of Development Studies UK, 2016. New research by Mama Cash, the International Network of Women’s Funds, and the International Human Rights Funders Group explores the role of resource mobilisation in expanding local support for women’s rights and strengthening local cultures of philanthropy in the Global South and East. See our Privacy statement. A fiscal rule imposes a long-lasting constraint on fiscal policy through numerical limits on budgetary aggregates. C. Dobson, L. Carrasco Scherer / Prospera - International Network of Women's Funds, 2015. You can unsubscribe at any time by clicking the link in the footer of our emails. Michelsen Institute, Norway, 2018. in trying to apply debt sustainability, provide debt relief and allocate new financing, the international community is now applying three sets of measures (HIPC, the LTDS framework, and the MDRI) to countries in an immensely complex framework which is extremely difficult for all sides to apply, debt relief and the debt sustainability frameworks are becoming over-burdened with potentially conflicting objectives (debt sustainability, performance-based ODA allocation, conditionality), leaving multilateral creditors and low-income countries (LICs) to overcome the contradictions when applying them. Z. Scott, C. Simon, J. McConnell, E. Gettliffe, R. Murnane, A. Perera, F. Le Quesne / Oxford Policy Management, 2017.
Official sector investment (OSI) played a key role in this. Ten years on from the landmark 2006 edition of the IDS Bulletin that brought us the ‘powercube’ – a practical approach to power analysis that offered a way of confronting its complexity – we return to the question of how to analyse and act on power in development. Sustainable Development Goal 17 (SDG 17 or Global Goal 17) is about "partnerships for the goals. This "rule" is however merely a stated aim with no sanctions against the incumbent government if broken, unlike some balanced budget provisions used in other countries.
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