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The authors review the series of events that led to the 2002 Uruguayan banking crisis, assess the current status of the Uruguayan banking sector, and analyze the policy responses undertaken by the Uruguayan authorities to counteract the crisis. The main conclusion from their analysis is that although the immediate trigger for the crisis was caused by contagion resulting from Argentina's financial crisis, the spread and magnification of the crisis that engulfed the Uruguayan economy was amplified by certain weaknesses of the Uruguayan economy in general, and the domestic banking sector in particular. The authors also believe that the policy responses adopted by the Uruguayan authorities were mostly adequate, allowing Uruguay to successfully counteract simultaneous banking and public debt crises. Most important, the Uruguayan authorities were able to overcome a severe crisis while preserving the necessary trust in banking contracts, achieving a high level of social stability and political cohesion, and maintaining a fluid dialogue with multilateral financial institutions and all affected parties. The cooperative and consensual approach taken by the authorities created the necessary conditions to overcome some of the important obstacles to the recovery of the domestic banking sector.

Bank Policy --- Banking Crisis --- Banking Sector --- Banking System --- Banks and Banking Reform --- Contracts --- Currencies and Exchange Rates --- Currency --- Currency Mismatch --- Debt Crises --- Debt Markets --- Debt Restructuring --- Domestic Banking --- Emerging Markets --- Exchange --- Exchange Rate --- Finance and Financial Sector Development --- Financial Crisis --- Financial Crisis Management and Restructuring --- Financial Institutions --- Financial Intermediation --- Financial Literacy --- Government Debt --- International Financial Institutions --- Payment System --- Policy Responses --- Private Banks --- Private Sector Development --- Public Debt

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As a result of worldwide decentralization, subnational debt is rising. Subnational debt crises in major developing countries in the 1990s have led to strengthened regulatory frameworks for subnational borrowing and insolvency. With the fragility of the global recovery and increasing public debt, and the structural trends of decentralization and urbanization, it becomes more important to prudently manage subnational default risks. Although the regulatory frameworks share central features, the historical context and entry points for reform drive variations across countries. Addressing soft budget constraints is integral to the regulatory framework. Ex ante fiscal rules for subnational governments attempt to limit default risks; ex post regulation predictably allocates default risk, while providing breathing space for orderly debt restructuring and fiscal adjustment, as well as the continued delivery of essential public services. The regulatory reforms are inseparable from the reform of broader intergovernmental fiscal systems and financial markets.

Access to Finance --- Bankruptcy and Resolution of Financial Distress --- Banks & Banking Reform --- Budget Constraints --- Debt --- Debt Crises --- Debt Financing --- Debt Management --- Debt Markets --- Debt Restructuring --- Finance and Financial Sector Development --- Financial Crisis --- Financial Institutions --- Financial Markets --- Fiscal Reforms --- Insolvency --- Local government debt --- Macroeconomics and Economic Growth --- Net debt --- Public debt --- Public disclosure --- Public investment --- Regulatory framework --- Regulatory frameworks --- Regulatory reforms --- Sovereign debt --- Subnational Economic Development

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Navigating Austerity addresses a key policy question of our era: what happens to society and the environment when austerity dominates political and economic life? To get to the heart of this issue, Laura Bear tells the stories of boatmen, shipyard workers, hydrographers, port bureaucrats and river pilots on the Hooghly River, a tributary of the Ganges that flows into the Bay of Bengal and Indian Ocean. Through their accounts, Bear traces the hidden currents of state debt crises and their often devastating effects. Taking the reader on a voyage along the river, Bear reveals how bureaucrats, entrepreneurs and workers navigate austerity policies. Their attempts to reverse the decline of ruined public infrastructures, environments and urban spaces lead Bear to argue for a radical rethinking of economics according to a social calculus. This is a critical measure derived from the ethical concerns of people affected by national policies. It places issues of redistribution and inequality at the fore of public and environmental plans. Concluding with proposals for restoring more just long term social obligations, Bear suggests new practices of state financing and ways to democratize fiscal policy. Her aim is to transform sovereign debt from a financial problem into a widely debated ethical and political issue. Navigating Austerity contributes to policy studies as well as to the understanding of today's global injustices. It also develops new theories about the significance of state debt, speculation and time for contemporary capitalism. Sited on a single body of water flowing with rhythms of circulation, renewal and transformation, this ambitious and accessible book will be of interest to specialists and general readers.

CASE STUDY -- 330.191.6 --- STATE DEBT CRISES -- 330.191.6 --- CENTRAL PLANNING -- 330.191.6 --- Hugli River (India) --- Hooghly River (India) --- Hoogly River (India) --- Debts, Public --- Fiscal policy --- #SBIB:39A4 --- #SBIB:33H13 --- Tax policy --- Taxation --- Debts, Government --- Government debts --- National debts --- Public debt --- Public debts --- Sovereign debt --- Moral and ethical aspects --- Toegepaste antropologie --- Economische politiek --- Government policy --- India --- Economic conditions. --- Economic conditions --- Economic policy --- Finance, Public --- Debt --- Bonds --- Deficit financing --- E-books --- Bharat --- Bhārata --- Government of India --- Ḣindiston Respublikasi --- Inde --- Indië --- Indien --- Indii︠a︡ --- Indland --- Indo --- Republic of India --- Sāthāranarat ʻIndīa --- Yin-tu --- インド --- هند --- Индия

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Throughout history, rich and poor countries alike have been lending, borrowing, crashing - and recovering - their way through an extraordinary range of financial crises. Each time, the experts have chimed, “this time is different” - claiming that the old rules of valuation no longer apply and that the new situation bears little similarity to past disasters. With this breakthrough study, leading economists Carmen Reinhart and Kenneth Rogoff definitively prove them wrong. Covering sixty-six countries across five continents, This Time Is Different presents a comprehensive look at the varieties of financial crises, and guides us through eight astonishing centuries of government defaults, banking panics, and inflationary spikes - from medieval currency debasements to today’s subprime catastrophe. Carmen Reinhart and Kenneth Rogoff, leading economists whose work has been influential in the policy debate concerning the current financial crisis, provocatively argue that financial combustions are universal rites of passage for emerging and established market nations. The authors draw important lessons from history to show us how much - or how little - we have learned. Using clear, sharp analysis and comprehensive data, Reinhart and Rogoff document that financial fallouts occur in clusters and strike with surprisingly consistent frequency, duration, and ferocity. They examine the patterns of currency crashes, high and hyperinflation, and government defaults on international and domestic debts - as well as the cycles in housing and equity prices, capital flows, unemployment, and government revenues around these crises. While countries do weather their financial storms, Reinhart and Rogoff prove that short memories make it all too easy for crises to recur. An important book that will affect policy discussions for a long time to come, This Time Is Different exposes centuries of financial missteps.

Financial crises --- Fiscal policy --- Business cycles --- 338.12 --- 338 <09> --- -Fiscal policy --- -Business cycles --- -Economic cycles --- Economic fluctuations --- Cycles --- Tax policy --- Taxation --- Economic policy --- Finance, Public --- Crashes, Financial --- Crises, Financial --- Financial crashes --- Financial panics --- Panics (Finance) --- Stock exchange crashes --- Stock market panics --- Crises --- Conjunctuurbewegingen. Economische fluctuatie. Investeringscycli. Conjunctuuranalyse. Conjunctuuronderzoek. Conjunctuurprognoses --- Economische geschiedenis --- Government policy --- -Conjunctuurbewegingen. Economische fluctuatie. Investeringscycli. Conjunctuuranalyse. Conjunctuuronderzoek. Conjunctuurprognoses --- 338 <09> Economische geschiedenis --- 338.12 Conjunctuurbewegingen. Economische fluctuatie. Investeringscycli. Conjunctuuranalyse. Conjunctuuronderzoek. Conjunctuurprognoses --- -338 <09> Economische geschiedenis --- Economic cycles --- #SBIB:33H15 --- 333.613 --- 333.645 --- monetaire crisis --- 336.7 <09> --- bankwezen --- sectoriële analyse --- -338.542 --- Economie: geld en krediet --- Activiteiten van de nationale en internationale markten. Beursnoteringen van aandelen en obligaties. --- Speculatie op de beurs. --- crise monetaire --- Geschiedenis van het bankwezen --- Financiële crisis --- 336.7 <09> Geschiedenis van het bankwezen --- #SBIB:33H072 --- AA / International- internationaal --- US / United States of America - USA - Verenigde Staten - Etats Unis --- 331.162.1 --- 333.481 --- 333.17 --- histoire economique --- marches financiers --- crise financiere --- economische geschiedenis --- Wereldmarkten --- Geschiedenis van de financiële markten. --- Monetaire crisissen, hervormingen, saneringen en stabilisering. --- Crises, saneringen en hervormingen van het bankwezen. --- financiele markten --- financiele crisis --- -Tax policy --- 338.542 --- Geschiedenis van de financiële markten --- Crises, saneringen en hervormingen van het bankwezen --- Monetaire crisissen, hervormingen, saneringen en stabilisering --- Activiteiten van de nationale en internationale markten. Beursnoteringen van aandelen en obligaties --- Speculatie op de beurs --- Money. Monetary policy --- Financial crises - Case studies --- Fiscal policy - Case studies --- Business cycles - Case studies --- Ben Bernanke. --- Big Five Crises. --- Big Six Crises. --- Charles Kindleberger. --- GDF. --- GDP growth. --- GFD. --- IMF. --- Inside Job. --- International Monetary Fund. --- League of Nations. --- Manias, Panics and Crashes. --- Margin Call. --- Second Great Contraction. --- The Big Short. --- Too Big to Fail. --- World Bank. --- bailouts. --- baking crises. --- banking panic. --- banking reforms. --- capital mobility. --- central banks. --- contagion. --- credit cycles. --- currency crashes. --- currency debasements. --- debt crises. --- debt cycles. --- debt defaults. --- debt intolerance. --- debt. --- defaults. --- deflation. --- domestic creditors. --- domestic debt. --- domestic default. --- economic downturn. --- equity. --- exchange rate crises. --- external default. --- financial combustion. --- financial crisis. --- great contraction of the 1930s. --- high inflation. --- inflation crises. --- inflation tax. --- medieval currency crisis. --- medieval currency debasements. --- multilateral lending. --- public debt. --- sovereign default. --- sovereign external debt crises. --- sovereign lending. --- sovereign risk. --- stock markets. --- subprime crisis. --- subprime mortgage. --- Crises financières --- Politique fiscale --- Cycles économiques --- études de cas --- Crises financières --- Cycles économiques --- études de cas