Managing sovereign debt surges: policy considerations and options

Since the Asian financial crisis that began in mid-1997, Asia-Pacific developing countries have relied primarily on a three-pronged strategy of strong economic fundamentals, large fiscal and foreign exchange buffers and timely countercyclical interventions for achieving debt prudence and macroeconomic resilience (Posen and Rhee, 2013). This strategy proved highly successful during the 2007-2008 global financial crisis, wherein Asia and the Pacific weathered the storm relatively smoothly and became the first region in the world to regain economic growth momentum (Park, Ramayandi and Shin, 2013).

Sustainable Development Goals:

No Poverty

Decent Work and Economic Growth

Reduced Inequalities