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Pt. I The Emerging Debt Problems of Small States: Causes and Prospects
1 Introduction 3
2 Rising Debt Burdens in Small Economies: Some Stylized Facts 5
Caribbean small states 6
Pacific Ocean small states 9
Indian Ocean and African small states 11
3 Factors Responsible For Rising Debt Indicators in Small States 12
A quantitative assessment of the role of different factors 12
Reduced contribution of growth 16
Deterioration in primary balances 18
Rise in interest costs 25
4 Future Debt Prospects 30
Pt. II An International Framework to Address the Debt Problems of Small States
5 The Need for a Comprehensive Framework 37
6 Fiscal Discipline and Benchmarks 38
Fiscal adjustment experience and strategy 38
Fiscal benchmarks and fiscal responsibility laws 42
The need to build domestic consensus 44
Antigua workshop statement: Conclusions on fiscal discipline 45
7 Debt Recording, Management and Restructuring 46
Improving financial statistics and debt management 46
Debt restructuring 50
Antigua workshop statement: Conclusions on debt recording, management and restructuring 54
8 Insurance, Contingency and Grant Financing Mechanisms to Respond to Shocks 55
Domestic measures 55
Regional and international measures 57
Antigua workshop statement: Conclusions on mechanisms to respond to natural disasters and other shocks 61
9 The Crucial Importance of Concessional Finance 62
Debt sustainability and assumptions about concessional funding 62
Multilateral institutions and access to concessional resources 63
Bilateral donors 64
Antigua workshop statement: Conclusions on the importance of concessional resources 65
10Compensating for Preference Erosion and Promoting Private Investment by Mitigating Endowed Handicaps 67
Debt and private investment 67
Preference erosion and private investment 68
Compensatory financial assistance for preference erosion 68
Offsetting endowed handicaps for private investors in small states 70
Antigua workshop statement: Conclusions on compensating for preference erosion and promoting private investment 71
App. 1 Final Statement of Workshop on Addressing the Debt Problems of Non-HIPC Small States, 23-25 July 2007 73
References 80
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