Confronting Debt, Develop & Clim Change in a Fragmenting World: Impacts on Sover Debt Finan & Restru

Catalog description

The purpose of this course is to provide participants with an overview of the intersections between debt, development, and climate change in light of historical lessons of debt restructurings, while exploring innovative solutions to address these challenges in the 21st century. The course will analyze how countries finance themselves, examine the development vs climate challenge, and deep dive into current debt restructuring mechanisms, including asking if these are failing developing countries. Emerging and developing countries face high levels of debt distress with many spending more on debt service than on health and education. These high debt levels mean that many countries are one external shock/climate disaster away from full-blown debt default. Meanwhile, existing debt restructurings mechanisms are not fit for purpose. Indeed, addressing debt, development and climate change all require international cooperation and a rules-based order at a time we see both disintegrating. In light of these challenges, the course will also highlight innovations in debt financing and debt restructuring aimed at addressing these challenges and examine policy solutions and the path forward.