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Shambaugh : U.S. Vision for Global Debt and Development Finance
I want to start with how the system ought to work: low- and middle-income countries committed to ambitious development and sustainability goals – and pursuing sound macroeconomic and sectoral policies – should be able to access financing for productive investments without facing debt distress. We want such countries to develop domestic resources and capital markets over time. Meanwhile, they should be able to invest in their sustainable development at a pace faster than current domestic resources allow by drawing net financing flows from the rest of the world. Their low current levels of capital and potential for ... (full story)