Emerging Market Sovereign Debt in the Aftermath of the Pandemic
探讨了新兴市场在疫情后面临的财政空间约束，包括利率上升、商品价格下跌或全球衰退等情形，并建议短期关注违约等策略，长期改革国际金融机构以增加赠款而非贷款。
For emerging markets, fiscal space is a very real constraint that can surface under a variety of circumstances, including rising world interest rates, falling commodity prices, or a global recession. Some emerging markets, and the majority of low-income developing economies, are already in debt distress or default. Near-term, making sure that troubled debtor countries are aware of the full menu of options, including heterodox strategies such as default, is important. Longer-term, a rethink of the Bretton Woods financial institutions to incorporate a greater emphasis on outright grants instead of loans, makes more sense than ever.