In Good Times Prepare For Crisis: From The Great Depression To The Great Recession: Sovereign Debt Crises And Their Resolution

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Overview

Sovereign debt crises: a country can endure them, but not prevent them. That's the overriding thesis of Ira Lieberman's book in which he traces the major debt crises of the past century, from the Great Depression to the recent Great Recession. As the painful experience of the past decade reminded everyone, frequent debt crises and defaults do great damage to economies and cause vast personal hardship. But resolving them has proved difficult--both economically and politically--and has taken time, almost always requiring a lender of last resort, such as a country's central bank or the International Monetary Fund. Lieberman does not pretend to describe how debt crises can be prevented, but he offers best practices for how such crises can be resolved, and draws useful lessons from recent crises that can help economists, bankers, policymakers, and others address the inevitable future crises with the least possible damage.