Aborted transition

, 99–102

Africa

, 56

sovereign debt cycles in

, 61–62

African Development Bank (AfDB)

, 98, 101

African Eurobond offerings

, 63–67

African sovereign debt landscape

, 62–67

Agribusiness

, 41

Agricultural sector

, 177

Ambitious national development strategies

, 166

Analytical approaches

, 176

Argentina

, 4–5, 7, 18

and debt

, 7–8, 25, 30

protectionism

, 11

Arusha program

, 117

Asia

, 17–18

Austral Plan

, 30–31

Balance-of payments constraint management

, 166

dilemma in practice

, 178–182

money and debt in international context

, 169–172

policies to deal with external constraint

, 172–178

reasons for and against public debt in domestic economy

, 167–169

reform to lift external constraint

, 182–185

Balance-of-payments–constrained growth model

, 170–172

Balance-of-payments–constrained model

, 176–177

Bank of Japan

, 197

Banking system

, 169

Beijing’s widening global reach

, 224

Belt and Road Initiative (BRI)

, 223–224

unpacking BRI and debt-trap diplomacy narrative

, 224–226

“Better Migration” program

, 94

BlackRock

, 71

Bretton Woods institutions

, 112–113

British Indian Ocean Territory (BIOT)

, 60

Capital

, 36–37

flight

, 171

flows

, 170–171

Capitalism

, 25–26

Central Bank of Argentina (BCRA)

, 29

Chagos Archipelago case

, 60

Charter of Algiers

, 114

Charter on the Economic Rights and Duties of States (1974)

, 151

China and debt-trap diplomacy

unpacking belt and road initiative and debt-trap diplomacy narrative

, 224–226

China EXIM Bank

, 226–227

China’s challenges as global creditor in COVID-19 Context

, 227–229

Chinese Debt-Trap Diplomacy, Sri Lanka Case of

, 226–227

Chinese government

, 223–224

Chinese lending practices

, 225

Chinese Loans to Africa database

, 63

Collective Action Clauses (CACs)

, 139–140

Colonial hangover in Africa

, 56–57

African sovereign debt landscape

, 62–67

debt crisis cycles in Zambia

, 69–73

debt management, covid-19 pandemic, and DSSI

, 67–68

external debt and transparency

, 73–75

law, and development of sovereign debt markets

, 57–61

structural adjustment and sovereign debt cycles in Africa

, 61–62

Colonialism

, 56

Common Framework (CF)

, 68, 146

Conference of International Economic Cooperation (CIEC)

, 116

Constructions Mécaniques de Normandie (CMN)

, 74

Continued deficit financing

, 168

Convertibility Plan

, 30–31

Core

, 24

Core countries

, 197

government debt

, 196–197

Covenant on Economic, Social, and Cultural Rights 1966 (ICESCR)

, 151

COVID-19

China’s challenges as global creditor in COVID-19 context

, 227–229

pandemic

, 56, 67–68, 145–146

Creditor-dominated institutions

, 112–113

Creditor–debtor relations

, 227–228

Creditors

, 112–113

clutches of

, 146–147

Currency board

, 196

Debt crisis

, 112–113, 137–138

cycles in Zambia

, 69–73

Debt repayment

escalating political disputes over debt repayment difficulties

, 113–117

problems

, 113

Debt Service Suspension Initiative (DSSI)

, 67–68, 141, 145–146, 228–229

Debt Sustainability Analysis (DSA)

, 97–98

Debt-trap diplomacy

, 223–224, 226

China’s challenges as global creditor in COVID-19 Context

, 227–229

Sri Lanka Case of Chinese Debt-Trap Diplomacy

, 226–227

unpacking belt and road initiative and debt-trap diplomacy narrative

, 224–226

Debtors

, 112

Debts

, 89–90, 166, 202, 208

Argentina and

, 25–30

cancellation

, 100

debt-for-equity swap

, 226–227

debt-reduction period

, 4

debt-renegotiation processes

, 4–5, 9

debt-restructuring processes

, 8

debt-service payments

, 115

debt-to-gdp ratio

, 9

debt-trap narrative

, 225

forgiveness

, 99–100

in international context

, 169–172

life at center or no debt sustainability without life sustainability

, 36–43

management

, 67–68

reduction

, 4–5

service

, 202

sustainability

, 24, 30, 33

system

, 194, 212, 215

Declaration on the Right to Development (1986)

, 151

Default

, 56

Deflationary bias

, 39–40

Democracy

, 153–154

Democratic countries of South

, 199

Democratic Republic of Congo (DRC)

, 155

Democratization

, 96–97

Dependence

, 156

Dependency

, 25

history

, 25–30

theory

, 194

Developing countries

, 208

Development

, 57–58

Domestic currency

, 183–184

Domestic debt

, 166–167

Domestic economy, reasons for and against public debt in

, 167–169

Drago-Porter Convention

, 139

Ecological Economics

, 194

Economic analysis

, 112

Economic and Social Council (ECOSOC)

, 114

Economic crisis

, 5–9

Economic expertise

, 112

Economic growth

, 166

Economic knowledge

, 112

Economists

, 167

Education

, 167

Emerging markets

, 199–200, 214

Endogenous money theory

, 168

Euro

, 196–197

Eurobonds

, 63

European Economic Community (EEC)

, 125–126

Expertise

, 119–120

Exports

, 115

External capital

, 57

External constraint

, 169–172

heterodox strategies to deal with

, 176–178

policies to deal with

, 172–178

reform to lift

, 182–185

External debt (see also Foreign debt)

, 4, 8, 27, 73, 75, 115–116

External indebtedness, economic consequences of

, 16–18

Externally resourced projects (EPs)

, 200–201

Extractive models

, 58

Extractivism

, 39

Extractivist-based development strategies

, 40

Feminist movement

, 37

Finance, Free flows of trade and

, 172–174

Finance capital

, 26–27

Financial dependence

, 198–199, 214

Financial liberalization

, 172–173

Financial reform

, 6

Financial regulation

, 168

Financial valorization

, 26–27

Financing development

, 57

Financing gap

, 201

First Intergovernmental Group of Experts (IGE)

, 123

Fiscal adjustment

, 39–40

Forces of Freedom and Change (FFC)

, 95–96

Foreign capital

, 202

Foreign currency shortage

, 201

Foreign debt

, 24, 166–167, 170

accumulation

, 172

build-up of

, 172–173

fundamental monetary problem of

, 182–183

Foreign Direct Investment (FDI)

, 26, 170–171, 194, 201

first claimant right

, 202–208

Foreign indebtedness

, 7, 25, 27

Free flows of trade and finance

, 172–174

Fund investors

, 71

G19

, 125

Game of sabotage

, 211

General Assembly (GA)

, 114

Genetically modified organism (GMO)

, 41

Global multilateral financial organizations

, 225

Global North/North

, 215

Global South

, 138

challenges for

, 16–18

external debt

, 194, 209–210

Global South/South

, 215

Governments

, 195–196

deficit

, 195

Great Financial Crisis (2007–2008), The

, 196, 205–206

Gross domestic product (GDP)

, 9, 71, 97–98, 168, 197

Gross National Income (GNI)

, 98

Gross-debt-to-GDP ratio by currency denomination

, 9

Group of 20 (G-20)

, 112–113, 228–229

Group of 77 developing countries (G77)

, 113, 139

Group of Seven (G7)

, 112–113, 140

Gunboat policy

, 138–139

Health care

, 167

Heavily Indebted Poor Countries initiative (HIPCs initiative)

, 57, 61–62, 92–93, 99, 102

Decision Point

, 101–102

Heterodox economics

, 168

Heterodox monetary approaches

, 172

Heterodox monetary theory

, 166

Heterodox solution

, 174–175

Heterodox strategies to deal with external constraint

, 176–178

Hidden debt problem

, 225–226

Higher domestic economic growth

, 170

Hydrocarbon extraction through hydraulic fracturing techniques

, 41

Hydrocarbon-rich countries

, 207–208

Idle resources

, 169

Illicit financial flows (IFFs)

, 73

Imminent default

, 126

Imperialism and global south’s debt

debt and FDI’S “first claimant” right

, 202–208

net resource transfers and unequal ecological exchange

, 208–210

NIEO illusion

, 210–215

on original Sin

, 198–202

public debt and monetary sovereignty

, 194–197

Imports

, 10

Indebtedness processes

, 4

Industrial policy

, 177

and public investment

, 174–175

Industrialization

, 213–214

Institute of International Finance (IIF)

, 140, 142–143

Integration process

, 6

Interests payments

, 12

Internal marginalization

, 56

International Bank for Reconstruction and Development (IBRD)

, 114–115

International Borrowing Tribunal

, 139

International context, money and debt in

, 169–172

International Court of Justice (ICJ)

, 59–60

International Covenant on Economic, Social, and Cultural Rights (ICESCR)

, 148–149

International Currency Hierarchy

, 199–200

International Debt Commission

, 139

International Financial Institutions (IFIs)

, 138, 168, 201

International law

, 151

International Monetary Fund (IMF)

, 4, 6, 24, 38–39, 61, 89, 114–115, 139–140, 168, 195, 225–226

actions

, 7

classical recommendations

, 4

early repayment of debt

, 8–9

International Debt Statistics

, 226

return to

, 12–16

International organizations

, 7

International payments

, 184–185

International payments, one-country reform of

, 183–185

Intrinsic financial constraint

, 195–196

Jubilee Debt Campaign

, 71

Jurisdictional arbitrage

, 58

Kirchnerism

, 12, 16–17, 30–31

Labor

, 14

Labor power

, 37

Latin America

, 17–18

Law

, 57–61

Life

, 24

Locally resourced projects (LPs)

, 200–201

London Club

, 61, 142–143

Long-run issues

, 126

Low income countries

, 205–206

Low-and middle-income countries (LMICs)

, 205–206

Macri administration

, 12–16

Macri government

, 30–31

Material dependence

, 201

Middle income countries

, 205–206

Modern Monetary Theory (MMT)

, 172, 194, 200

Monetarily sovereign governments

, 195–196

Monetary analysis

, 175

Monetary sovereignty

, 194–197

Monetary theory

, 166

Monetary union

, 169–170

Money

, 167–169

in international context

, 169–172

Mozambique case

, 73–75

Multilateral Debt Relief Initiative (MDRI)

, 61–62

Muslim Brotherhood

, 91

National Congress Party (NCP)

, 91

Neoclassical equilibrium analysis

, 172–173

Neoclassical framework

, 170

Neoliberal policies

, 4

prescriptions

, 173–174

Neoliberal solution

, 172–174

Neoliberal strategy

, 166

Neoliberalism

, 7

Net income payments

, 206

Net resource transfers

, 208–210

New International Economic Order (NIEO)

, 59, 194

external debt statistics for LMIC

, 212

illusion

, 210–215

Nixon shock

, 115

Odious debts

, 198–199

OECD governments

, 197

Official development assistance

, 202

Official lenders

, 225–226

Official transfers

, 202

One-country reform of international payments

, 183–185

Open-pit mining

, 41

Organization of African Unity

, 198–199

Original Sin concept

, 198–202

Overindebtedness

, 4–5

Pan-American Conference in Montevideo

, 139

Paris Club

, 61, 140, 142

of Industrial Country Creditors

, 112–113

Payment finality

, 183

People’s Republic of China (PRC)

, 223–224

Peripheral countries

, 197

Periphery

, 104

Persuasiveness

, 112

Policies to deal with external constraint

, 172–178

heterodox solution

, 174–175

heterodox strategies to deal with external constraint

, 176–178

neoliberal solution

, 172–174

unfortunate convergence of solutions

, 175–176

Policy instruments

, 184–185

Political economy of debt

economic consequences of external indebtedness and challenges for Global South

, 16–18

economic crisis and debt-renegotiation processes

, 5–9

IMF

, 12–16

Macri administration

, 12–16

return of external restrictions

, 10–11

Political feasibility or life at center

, 34–36

Political marginalization

, 99–100

Political-military intervention, forms of

, 26

Ponzi scheme

, 202

Post-Keynesian balance-of-payments–constrained growth model

, 166

Postcolonial African governments

, 89–90

Poverty

, 57–58, 67–68

reduction

, 58

Primary income

, 205–206

Progressive protection of economic and social rights

, 34

Public banking

, 5–6

Public debt

, 67, 194, 197

in domestic economy, reasons for and against

, 167–169

Public external debt evolution of Southern countries

, 143–145

Public investment

, 175–176

Real constraint

, 196

Real investment

, 169

Reform to lift external constraint

, 182–185

one-country reform of international payments

, 183–185

short recap of transfer problem

, 182–183

Renewable energy

, 178

Reproductive and care work

, 39

Resource transfers

, 208

Restructuring

, 60–61

Return of external restrictions

, 10–11

Revolution

, 102–103

Rights

, 42

Salvation to sanctions

, 91–92

Schmitt’s analysis

, 183–184

Second IGE

, 126–127

Shortage of foreign currency

, 201

Social reproduction

, 25, 36, 40–41

conditions

, 42

Social resistance

, 36

Social services

, 167

South-South financing

, 93–94

South’s external debt

, 212–213

Southern governments

, 211–212

Sovereign debt

, 113, 225

development of sovereign debt markets

, 57–61

of former colonies

, 56–57

Sovereign Debt Arbitration Chamber

, 139

Sovereign debt crisis

, 143

Sovereign debt cycles in Africa

, 61–62

Sovereign debt restructuring mechanism (SDRM)

, 138

audit of public debt with citizen participation

, 152–155

clutches of creditors

, 146–147

COVID-19 pandemic management

, 145–146

current mechanisms

, 140–143

history

, 138–139

international mechanism for

, 138

moratorium and oppose creditors’ conditionalities

, 151–152

principles and limits

, 147–151

public external debt evolution of Southern countries

, 143–145

right of states to declare nullity of public debt

, 155–156

risks for states

, 156–157

unilateral action

, 151–157

Sovereign defaults

, 89–90

Special Drawing Rights (SDRs)

, 183, 211

allocation system

, 211

Sri Lanka Case of Chinese Debt-Trap Diplomacy

, 226–227

Sri Lankan government

, 226–227

State Sponsor of Terrorism (SST)

, 99

State succession

, 59

Structural adjustment

, 61–62

Structural reforms

, 28

Sub-Saharan Africa (SSA)

, 57

Sudan

, 88

counting Sudan’s debts

, 97–99

debt-to-GDP ratio

, 98

debts and development

, 89–90

forced “delinking”

, 92–94

HIPC, and aborted transition

, 99–102

revolution

, 94–97

revolution

, 102–103

salvation to sanctions

, 91–92

sovereign debts

, 88

Surplus value

, 37

Sustainability

of debt

, 24, 30, 33

of life

, 24

life at center or no debt sustainability without life sustainability

, 36–43

Sustainable debt forces

, 42–43

Sustainable Development Goals (SDGs)

, 101–102, 172–173

Sveriges Riksbank

, 197

Tax havens

, 171

TDB Resolution 165 (S-IX)

, 117, 128

Technical dependence

, 201

Ten-Year Development Plan

, 89

Terms of trade

, 203

Thirlwall’s law

, 170

Trade and Development Board (TDB)

, 115–116

Trade and finance, free flows of

, 172–174

Transfer problem, short recap of

, 182–183

Transition

, 88

Transitional Government

, 96

Transitional Sovereignty Council

, 95–96

Transnational corporations

, 202

Transparency

, 73, 75, 224–226

in disclosure

, 225

Treasury and Central Bank

, 195–196

UN International Debt Resolution Mechanism

, 139

Unemployed labor force

, 169

UNEP FI

, 173

Unequal ecological exchange

, 208–210

Unfortunate convergence of solutions

, 175–176

United Nations (UN)

, 138–139

United Nations Children and Education Fund (UNICEF)

, 62

United Nations Conference on Trade and Development (UNCTAD)

, 111–112, 139, 208

escalating political disputes over debt repayment difficulties

, 113–117

policy proposals

, 118–129

rejection and deferral

, 118–123

splintering proposals

, 123–129

UNCTAD IV

, 116

UNCTAD V

, 117

Universal Declaration of Human Rights (UDHR)

, 151

Unrealism

, 33

US dollar

, 196–197

Vanity project

, 226–227

Volcker Shock (1979)

, 90

Wage-led growth regime

, 177–178

Wall Street Consensus

, 173–174

War on Terror

, 94–95

Washington Consensus

, 173–174

Washington-based Institute of International Finance (Washington-based IIF)

, 223–224

Western governments

, 224–225

Willingness to pay

, 33

World Bank

, 6, 61, 140, 203, 224–226

World’s premier credit rating agencies

, 225

Zambia

, 56, 179

debt crisis cycles in

, 69–73