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The Polish external debt as compared with the other Visegrad Group countries

100%
Górniewicz G.
Torun International Studies
|
2016
|
issue 9
5-15
EN
The global scale of external debt is the greatest in history, which made it one of the biggest financial problems in the world. Poland has been among the greatest debtors for a few dozen years. The objective of the paper is to show the scale, reasons and tendencies concerning Polish external debt. Furthermore, in the present paper, Polish external debt was compared with the ones of Visegrad group countries.
2
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Debt Reduction in the Eurozone

88%
Sawicki J.
Gospodarka Narodowa. The Polish Journal of Economics
|
2011
|
vol. 249
|
issue 7-8
1-20
EN
When the Greek crisis exploded in the spring of 2010 the eurozone countries collected funds to refinance Greece’s debt in order to stave off a banking crisis. Later Ireland and Portugal asked for similar eurozone assistance. Because refinancing (bailout) was not sufficient to enable these peripheral countries to solve their debt problems, they agreed to implement austerity programs so that they could use eurozone countries’ public funds. But these austerity measures, even if politically affordable, will not suffice. It is exceedingly possible that the peripheral countries will not outgrow their problems and will be unable to return to capital markets at their pre-crisis levels. Their debt-to-GDP as well as debt services-to-income ratios are likely to grow and additional debt reorganization programs including debt reduction (haircut) will be required. At the heart of the issue is the potential impact of a reduction of the peripheral economies’ debt on the monetary financial institutions of all European Union countries. As a result of the restructuring and partial debt reduction, banks may need to receive public support. To address these problems a new solution in the form of the European Stability Mechanism (EMS) has been proposed. It is expected to change the way in which the eurozone functions. However, the EMS idea is based on the same philosophy as the existing bailout instruments. It does not address the equal treatment and moral hazard issues, while the conditionality programs proposed so far have not softened the adverse impact of the growing debt burden on the economic performance of the debt-laden countries. The entire European Union financial system is at risk and remains vulnerable as long as the refinancing mechanisms are not supported by debt restructuring and reduction. Debt managers do not seem to know how to draw on past experience and so ad hoc measures prevail. To effectively manage that kind of debt reorganization, the European Union should create the necessary procedures to efficiently address the economic future of all heavily indebted economies. The EU should also be prepared politically to accept the costs of debt reduction or of a fundamental reorganization of the eurozone.
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Specyfika zadłużenia publicznego krajów Afryki Subsaharyjskiej

63%
Ćwikliński K.
Nierówności społeczne a wzrost gospodarczy
|
2013
|
issue 30
270-285
PL
Celem artykułu jest pokazanie, jak zadłużenie publiczne hamowało wzrost gospodarczy w Afryce Subsaharyjskiej oraz jakie czynniki doprowadziły do jego akumulacji. Opracowanie wskazuje także główne cechy zadłużenia publicznego w tej części świata oraz przedstawia działa-nia, które były podejmowane, aby ograniczyć jego poziom. Wśród przyczyn narastania problemów zadłużenia można wyróżnić zarówno te o charakterze wewnętrznym, jak i zewnętrznym. Wysiłki zmierzające do redukcji zadłużenia publicznego w Afryce Subsaharyjskiej w latach 90. na warun-kach z Londynu i Neapolu okazały się nieskuteczne. Rosnąca presja, by podjąć działania ograni-czające zakres skrajnego ubóstwa w tych krajach doprowadziła do zatwierdzenia Inicjatywy dla Biednych Krajów Nadmiernie Zadłużonych (HIPC). Miała ona na celu ograniczenie negatywnego wpływu zadłużenia na wzrost wyrażonego jego relacją do PKB. Analizy DSA (Debt Sustainability Analysis) traktując oddzielnie zadłużenie każdego kraju ułatwiły jego dalsze redukcje aż do osią-gnięcia poziomu uznawanego za bezpieczny. W konsekwencji wzrosły wydatki na cele rozwojo-we, a to z kolei zaowocowało szybszym wzrostem gospodarczym i większą odpornością na skutki światowego kryzysu gospodarczego. Warunki spłaty zadłużenia publicznego w Afryce Subsaharyjskiej zależą od rodzaju wierzy-cieli. Koszt obsługi zadłużenia jest najwyższy, gdy jest ono udzielone przez wierzycieli prywat-nych. Dlatego też ten rodzaj zadłużenia najbardziej hamuje wzrost gospodarczy. Obecnie za naj-większe wyzwanie, przed którym stoi większość krajów Afryki Subsaharyjskiej, uznaje się utrzy-manie zadłużenia na poziomie uznawanym za bezpieczny.
EN
The aim of the paper is to show how high level of public debt was impeding Sub-Saharan Af-rican economic growth and which factors were contributing to this process. It also points out main features of public debt in the region and presents efforts undertaken to reduce indebtedness. Among the causes of public indebtedness in Sub-Saharan Africa both internal and external factors can be distinguished. Efforts to reduce Sub-Saharan African indebtedness on London and Naples Terms in 1990’s were inefficient. Growing pressure to lift these countries out of extreme poverty resulted in a change of approach. Heavily Indebted Poor Countries Initiative started to deal with debt in a different manner aiming to reduce its negative impact on growth expressed as debt/GDP ratio. Debt Sustainability Analysis, evaluating separately each country’s level of indebtedness, facilitated further debt reductions to sustainable levels. Dedicating additional resources to the development issues resulted in better growth prospects and resilience to turmoil in the global economy. Capital was borrowed to Sub-Saharan African countries on different terms depending on the kind of creditors. Debt servicing costs are highest when it is due to private creditors. That is why this type of indebtedness is the most harmful to economic growth. Nowadays the biggest challenge for the majority of Sub-Saharan African countries is to maintain their indebtedness on sustainable levels.
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