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Innovative financing instruments in Latin America and the Caribbean

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Innovative financing instruments in Latin America and the Caribbean

Editor: Pérez Caldentey, Esteban-Villarreal, Francisco G. Descripción física: 186 páginas. Editorial: ECLAC Data: janeiro 2023 Signatura: LC/TS.2022/229


In the aftermath of the global financial crisis (2008–2009), the external financing needs of Latin America and the Caribbean increased significantly, reflecting a process of external debt accumulation in all developing regions, exacerbated by the impacts of COVID-19. The region is now the most indebted in the developing world, with a debt profile that makes it highly vulnerable to changes in international lending conditions and to perceptions of risk. This has placed a major constraint on government responses to the COVID-19 emergency and undermines their capacity to build forward better. This document considers two proposals to address these challenges: (i) expand and redistribute liquidity from developed to developing countries through innovative uses of SDRs; and (ii) expand the set of innovative instruments to increase debt repayment capacity and avoid over-indebtedness.


Summary .-- Introduction .-- I. Special Drawing Rights: advantages, limitations, and innovative uses / Esteban Pérez Caldentey, Francisco G. Villarreal and Nicolás Cerón Moscoso .-- II. State-contingent debt instruments as insurance against future sovereign debtcrises in Latin American / Leonardo Vera Azaf .-- III. Income-linked bonds / Fausto Hernández .-- IV. Hurricane clauses in debt contracts in the context of unsustainable debt in Barbados and Grenada / Dave Seerattan .-- V. Sustainable finance / Esteban Pérez Caldentey .-- VI. A multilateral credit rating agency / Susan K. Schroeder.