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In the wake of the financial crisis of 2008, governments worldwide undertook massive fiscal interventions to stave off what otherwise would have likely been a system-wide financial and economic meltdown. The policy responses engendered significant shifts in growth trajectories and debt sustainability outlooks of both mature and developing economies. The magnitude of public liabilities incurred and the uncertainty surrounding the exit from unprecedented discretionary fiscal stimulus have become a major source of concern about a future crisis. Will the current stringent financial conditions lead

Debt relief --- Debts, Public. --- Economic policy. --- Financial crises. --- Monetary policy. --- Monetary management --- Crashes, Financial --- Crises, Financial --- Financial crashes --- Financial panics --- Panics (Finance) --- Stock exchange crashes --- Stock market panics --- Economic nationalism --- Economic planning --- National planning --- State planning --- Debts, Government --- Government debts --- National debts --- Public debt --- Public debts --- Sovereign debt --- Economic policy --- Currency boards --- Money supply --- Crises --- Economics --- Planning --- National security --- Social policy --- Debt --- Bonds --- Deficit financing

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The history of debt relief goes back several decades. It reveals that a country's accumulation of unsustainable debt stems from such factors as deficiencies in macroeconomic management, adverse terms-of-trade shocks, and poor governance. Debt-relief initiatives have provided debt-burdened countries with the opportunity for a fresh start, but whether the benefits of debt relief can be preserved depends on transformations in a country's policies and institutions.In 1996, the Heavily Indebted Poor Countries (HIPC) Initiative was launched as the first comprehensive, multilateral, debt-relief frame

Development aid. Development cooperation --- International finance --- Public debt --- Developing countries --- Debt relief

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Intellectual property --- Economic aspects --- Developing countries --- Economic conditions. --- Intellectual property.

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Free trade. --- International trade. --- Service industries.