A Debtor Countries Club? The Cartagena Consensus reloaded

Autores
Bohoslavsky, Juan Pablo Raimundo; Cantamutto, Francisco J.
Año de publicación
2024
Idioma
inglés
Tipo de recurso
artículo
Estado
versión publicada
Descripción
This article addresses both the need for and the complexities involved in the organization of a club of debtor countries in Latin America and the Caribbean. It begins by explaining that sovereign debt crises are originated and managed in an asymmetric international scenario, which helps understand the scant progress that has been made in terms of coordination among debtor countries. This is followed by a description of the collective action problems that a possible coordination of sovereign debtors would entail, and then a description of the historical experiences of coordinated debtor countries -and possible lessons to be learned-, focusing on the efforts made with the so-called Cartagena Consensus. Some coordination efforts made in Africa are also presented. The article describes the current debt situation in the region and postulates that higher levels of coordination among debtor States would be conducive to facilitating the conditions for their development. Finally, it explains why concerted debtor States’ efforts to negotiate with their creditors would challenge neo-liberal paradigms, based on a remarkable asymmetry between sovereigns deeply indebted and going through financial turbulences, and their creditors; as well as on an absolutist view of the principle pacta sunt servanda (“agreements must be kept”) in financial affairs.
Fil: Bohoslavsky, Juan Pablo Raimundo. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Patagonia Confluencia; Argentina. Universidad Nacional de Río Negro; Argentina
Fil: Cantamutto, Francisco J.. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina. Universidad Nacional del Sur; Argentina
Materia
STATE BORROWERS
DEBTORS CLUB
CARTAGENA
COLLECTIVE ACTION PROBLEMS
Nivel de accesibilidad
acceso abierto
Condiciones de uso
https://creativecommons.org/licenses/by-nc-sa/2.5/ar/
Repositorio
CONICET Digital (CONICET)
Institución
Consejo Nacional de Investigaciones Científicas y Técnicas
OAI Identificador
oai:ri.conicet.gov.ar:11336/244403

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spelling A Debtor Countries Club? The Cartagena Consensus reloadedBohoslavsky, Juan Pablo RaimundoCantamutto, Francisco J.STATE BORROWERSDEBTORS CLUBCARTAGENACOLLECTIVE ACTION PROBLEMShttps://purl.org/becyt/ford/5.5https://purl.org/becyt/ford/5This article addresses both the need for and the complexities involved in the organization of a club of debtor countries in Latin America and the Caribbean. It begins by explaining that sovereign debt crises are originated and managed in an asymmetric international scenario, which helps understand the scant progress that has been made in terms of coordination among debtor countries. This is followed by a description of the collective action problems that a possible coordination of sovereign debtors would entail, and then a description of the historical experiences of coordinated debtor countries -and possible lessons to be learned-, focusing on the efforts made with the so-called Cartagena Consensus. Some coordination efforts made in Africa are also presented. The article describes the current debt situation in the region and postulates that higher levels of coordination among debtor States would be conducive to facilitating the conditions for their development. Finally, it explains why concerted debtor States’ efforts to negotiate with their creditors would challenge neo-liberal paradigms, based on a remarkable asymmetry between sovereigns deeply indebted and going through financial turbulences, and their creditors; as well as on an absolutist view of the principle pacta sunt servanda (“agreements must be kept”) in financial affairs.Fil: Bohoslavsky, Juan Pablo Raimundo. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Patagonia Confluencia; Argentina. Universidad Nacional de Río Negro; ArgentinaFil: Cantamutto, Francisco J.. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina. Universidad Nacional del Sur; ArgentinaWorld Economics Association2024-08info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionhttp://purl.org/coar/resource_type/c_6501info:ar-repo/semantics/articuloapplication/pdfapplication/pdfhttp://hdl.handle.net/11336/244403Bohoslavsky, Juan Pablo Raimundo; Cantamutto, Francisco J.; A Debtor Countries Club? The Cartagena Consensus reloaded; World Economics Association; Real-World Economics Review; 108; 8-2024; 41-622055-3668CONICET DigitalCONICETenginfo:eu-repo/semantics/altIdentifier/url/https://rwer.wordpress.com/2024/08/01/new-issue-of-rwer-2/info:eu-repo/semantics/openAccesshttps://creativecommons.org/licenses/by-nc-sa/2.5/ar/reponame:CONICET Digital (CONICET)instname:Consejo Nacional de Investigaciones Científicas y Técnicas2025-09-29T09:52:09Zoai:ri.conicet.gov.ar:11336/244403instacron:CONICETInstitucionalhttp://ri.conicet.gov.ar/Organismo científico-tecnológicoNo correspondehttp://ri.conicet.gov.ar/oai/requestdasensio@conicet.gov.ar; lcarlino@conicet.gov.arArgentinaNo correspondeNo correspondeNo correspondeopendoar:34982025-09-29 09:52:09.73CONICET Digital (CONICET) - Consejo Nacional de Investigaciones Científicas y Técnicasfalse
dc.title.none.fl_str_mv A Debtor Countries Club? The Cartagena Consensus reloaded
title A Debtor Countries Club? The Cartagena Consensus reloaded
spellingShingle A Debtor Countries Club? The Cartagena Consensus reloaded
Bohoslavsky, Juan Pablo Raimundo
STATE BORROWERS
DEBTORS CLUB
CARTAGENA
COLLECTIVE ACTION PROBLEMS
title_short A Debtor Countries Club? The Cartagena Consensus reloaded
title_full A Debtor Countries Club? The Cartagena Consensus reloaded
title_fullStr A Debtor Countries Club? The Cartagena Consensus reloaded
title_full_unstemmed A Debtor Countries Club? The Cartagena Consensus reloaded
title_sort A Debtor Countries Club? The Cartagena Consensus reloaded
dc.creator.none.fl_str_mv Bohoslavsky, Juan Pablo Raimundo
Cantamutto, Francisco J.
author Bohoslavsky, Juan Pablo Raimundo
author_facet Bohoslavsky, Juan Pablo Raimundo
Cantamutto, Francisco J.
author_role author
author2 Cantamutto, Francisco J.
author2_role author
dc.subject.none.fl_str_mv STATE BORROWERS
DEBTORS CLUB
CARTAGENA
COLLECTIVE ACTION PROBLEMS
topic STATE BORROWERS
DEBTORS CLUB
CARTAGENA
COLLECTIVE ACTION PROBLEMS
purl_subject.fl_str_mv https://purl.org/becyt/ford/5.5
https://purl.org/becyt/ford/5
dc.description.none.fl_txt_mv This article addresses both the need for and the complexities involved in the organization of a club of debtor countries in Latin America and the Caribbean. It begins by explaining that sovereign debt crises are originated and managed in an asymmetric international scenario, which helps understand the scant progress that has been made in terms of coordination among debtor countries. This is followed by a description of the collective action problems that a possible coordination of sovereign debtors would entail, and then a description of the historical experiences of coordinated debtor countries -and possible lessons to be learned-, focusing on the efforts made with the so-called Cartagena Consensus. Some coordination efforts made in Africa are also presented. The article describes the current debt situation in the region and postulates that higher levels of coordination among debtor States would be conducive to facilitating the conditions for their development. Finally, it explains why concerted debtor States’ efforts to negotiate with their creditors would challenge neo-liberal paradigms, based on a remarkable asymmetry between sovereigns deeply indebted and going through financial turbulences, and their creditors; as well as on an absolutist view of the principle pacta sunt servanda (“agreements must be kept”) in financial affairs.
Fil: Bohoslavsky, Juan Pablo Raimundo. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Patagonia Confluencia; Argentina. Universidad Nacional de Río Negro; Argentina
Fil: Cantamutto, Francisco J.. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina. Universidad Nacional del Sur; Argentina
description This article addresses both the need for and the complexities involved in the organization of a club of debtor countries in Latin America and the Caribbean. It begins by explaining that sovereign debt crises are originated and managed in an asymmetric international scenario, which helps understand the scant progress that has been made in terms of coordination among debtor countries. This is followed by a description of the collective action problems that a possible coordination of sovereign debtors would entail, and then a description of the historical experiences of coordinated debtor countries -and possible lessons to be learned-, focusing on the efforts made with the so-called Cartagena Consensus. Some coordination efforts made in Africa are also presented. The article describes the current debt situation in the region and postulates that higher levels of coordination among debtor States would be conducive to facilitating the conditions for their development. Finally, it explains why concerted debtor States’ efforts to negotiate with their creditors would challenge neo-liberal paradigms, based on a remarkable asymmetry between sovereigns deeply indebted and going through financial turbulences, and their creditors; as well as on an absolutist view of the principle pacta sunt servanda (“agreements must be kept”) in financial affairs.
publishDate 2024
dc.date.none.fl_str_mv 2024-08
dc.type.none.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
http://purl.org/coar/resource_type/c_6501
info:ar-repo/semantics/articulo
format article
status_str publishedVersion
dc.identifier.none.fl_str_mv http://hdl.handle.net/11336/244403
Bohoslavsky, Juan Pablo Raimundo; Cantamutto, Francisco J.; A Debtor Countries Club? The Cartagena Consensus reloaded; World Economics Association; Real-World Economics Review; 108; 8-2024; 41-62
2055-3668
CONICET Digital
CONICET
url http://hdl.handle.net/11336/244403
identifier_str_mv Bohoslavsky, Juan Pablo Raimundo; Cantamutto, Francisco J.; A Debtor Countries Club? The Cartagena Consensus reloaded; World Economics Association; Real-World Economics Review; 108; 8-2024; 41-62
2055-3668
CONICET Digital
CONICET
dc.language.none.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv info:eu-repo/semantics/altIdentifier/url/https://rwer.wordpress.com/2024/08/01/new-issue-of-rwer-2/
dc.rights.none.fl_str_mv info:eu-repo/semantics/openAccess
https://creativecommons.org/licenses/by-nc-sa/2.5/ar/
eu_rights_str_mv openAccess
rights_invalid_str_mv https://creativecommons.org/licenses/by-nc-sa/2.5/ar/
dc.format.none.fl_str_mv application/pdf
application/pdf
dc.publisher.none.fl_str_mv World Economics Association
publisher.none.fl_str_mv World Economics Association
dc.source.none.fl_str_mv reponame:CONICET Digital (CONICET)
instname:Consejo Nacional de Investigaciones Científicas y Técnicas
reponame_str CONICET Digital (CONICET)
collection CONICET Digital (CONICET)
instname_str Consejo Nacional de Investigaciones Científicas y Técnicas
repository.name.fl_str_mv CONICET Digital (CONICET) - Consejo Nacional de Investigaciones Científicas y Técnicas
repository.mail.fl_str_mv dasensio@conicet.gov.ar; lcarlino@conicet.gov.ar
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