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There is a high level of interaction and interdependence between the process of development and the realisation of human rights. This chapter considers debt-for-development exchanges from this perspective. It looks, first, at the human rights obligations of states in the context of development and at what is meant by the term 'development.' It then explores the capacity for debt-for-development exchanges to support or undermine human rights and considers whether the human rights-based approach to development might give useful guidance to parties negotiating exchanges.
Debt-for-development exchanges are an important financing tool for development. They make debt relief more politically and practically attractive to donor countries and serve the development of recipient countries through the cancellation of external debt and the funding of important development projects. This book commences by chronicling the emergence of debt-for-development exchanges from their forebears, debt-equity exchanges, and analyzes why debt for development suffers from very few of the problems that plagued debt equity. The book analyzes the different types of debt-for-development exchanges and the different ways they have been used by all donor nations that have made use of them. The book then explores a range of critical perspectives on exchanges and concludes by considering a wide range of new and innovative uses for the funds generated by exchanges.
Sovereign debt is necessary for states to function, yet its impact on human rights is underexplored. Bantekas and Lumina gather experts to conclude that imposing structural adjustment programmes exacerbates debt, injures the entrenched rights of peoples and their state's economic sovereignty, and worsens the borrower's economic situation.
"Analyzes the different types of debt-for-development exchanges and the different ways they have been used by all donor nations"--
This book is devoted to the 25th anniversary of the United Nations Declaration on the Right to Development. It contains a collection of analytical studies of various aspects of the right to development, which include the rule of law and good governance, aid, trade, debt, technology transfer, intellectual property, access to medicines and climate change in the context of an enabling environment at the local, regional and international levels. It also explores the issues of poverty, women and indigenous peoples within the theme of social justice and equity. The book considers the strides that have been made over the years in measuring progress in implementing the right to development and possible ways forward to make the right to development a reality for all in an increasingly fragile, interdependent and ever-changing world.
In The Right to Development authors offer a new path for the implementation and protection of the right to development from the new perspective of the 2030 Agenda for Sustainable Development. Instead of emphasizing the economic perspective, this book focuses on how to realize the right to sustainable development by resolution of conflicts among the economy, the environment and society. Integrating the value analysis into the empirical analysis method, this book expands the scope of the United Nations Declaration on the Right to Development and strengthens its practical function, extracts Chinese experiences, lessons from South Asia, local knowledge in South Africa and practice in Peru on the implementation of the right to development, and puts forward the idea of building human rights criteria in the South.
This paper provides a comprehensive survey of pertinent issues on sovereign debt restructurings, based on a newly constructed database. This is the first complete dataset of sovereign restructuring cases, covering the six decades from 1950–2010; it includes 186 debt exchanges with foreign banks and bondholders, and 447 bilateral debt agreements with the Paris Club. We present new stylized facts on the outcome and process of debt restructurings, including on the size of haircuts, creditor participation, and legal aspects. In addition, the paper summarizes the relevant empirical literature, analyzes recent restructuring episodes, and discusses ongoing debates on crisis resolution mechanisms, credit default swaps, and the role of collective action clauses.
The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.
Human Rights: Questions and Answers is motivated by a strong belief in the value of human rights education. Citizens can only exercise and claim their rights - and respect and defend the rights of others - if they have sufficient knowledge of human rights norms and mechanisms for their protection. This book provides the general public with clear, concise and up-to-date information on human rights standards in an attempt to help prevent past atrocities from happening again and anticipate the emergence of new threats. First published in 1981, Human Rights: Questions and Answers has been reedited and revised several times and translated into more than thirty languages. To mark the 20th anniversary of the Vienna Declaration and Programme of Action adopted by the World Conference on Human Rights, it is hoped that this publication will keep contributing to the promotion of the principles of universality, indivisibility, interrelatedness and interdependence of all human rights which were reaffirmed at the Vienna Conference in 1993.
Sovereign debt is necessary for the functioning of many modern states, yet its impact on human rights is underexplored in academic literature. This volume provides the reader with a step-by-step analysis of the debt phenomenon and how it affects human rights. Beginning by setting out the historical, political and economic context of sovereign debt, the book goes on to address the human rights dimension of the policies and activities of the three types of sovereign lenders: international financial institutions (IFIs), sovereigns and private lenders. Bantekas and Lumina, along with a team of global experts, establish the link between debt and the manner in which the accumulation of sovereign debt violates human rights, examining some of the conditions imposed by structural adjustment programs on debtor states with a view to servicing their debt. They outline how such conditions have been shown to exacerbate the debt itself at the expense of economic sovereignty, concluding that such measures worsen the borrower's economic situation, and are injurious to the entrenched rights of peoples.