Abstract
The debt crises looming in developing countries are being exacerbated by changing debt composition. Declining net foreign exchange earnings have worsened their predicament. As concessional development finance declined, many governments turned to riskier forms of borrowing from international capital markets. Concerted interest rate hikes are supposed to stem inflation; however, given that prices have mainly risen due to supply chain disruptions caused by war, sanctions and pandemic, interest rate increases are likely to trigger more debt crises, much worse than before. Current discourses, for example about China's 'debt trap' diplomacy, distract from urgently needed international and national measures to avert the looming debt crises.
| Original language | English |
|---|---|
| Pages (from-to) | 994-1030 |
| Number of pages | 37 |
| Journal | Development and Change |
| Volume | 54 |
| Issue number | 5 |
| DOIs | |
| Publication status | Published - Sept 2023 |
Bibliographical note
Publisher Copyright:© 2023 The Authors. Development and Change published by John Wiley & Sons Ltd on behalf of International Institute of Social Studies.
Open Access - Access Right Statement
This is an open access article under the terms of the Creative Commons Attribution-NonCommercial-NoDerivs License, which permits use and distribution in any medium, provided the original work is properly cited, the use is non-commercial and no modifications or adaptations are made (https://creativecommons.org/licenses/by-nc-nd/4.0/)UN SDGs
This output contributes to the following UN Sustainable Development Goals (SDGs)
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SDG 17 Partnerships for the Goals
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