Matching Items (2)
Description
This paper explores the history of sovereign debt default in developing economies and attempts to highlight the mistakes and accomplishments toward achieving debt sustainability. In the past century, developing economies have received considerable investment due to higher returns and a degree of disregard for the risks accompanying these investments. As the former Citibank chairman, Walter Wriston articulated, "Countries don't go bust" (This Time is Different, 51). Still, unexpected negative externalities have shattered this idea as the majority of developing economies follow a cyclical pattern of default. As coined by Reinhart and Rogoff, sovereign governments that fall into this continuous cycle have become known as serial defaulters. Most developed markets have not defaulted since World War II, thus escaping this persistent trap. Still, there have been developing economies that have been able to transition out of serial defaulting. These economies are able to leverage debt to compound growth without incurring the protracted consequences of a default. Although the cases are few, we argue that developing markets such as Chile, Mexico, Russia, and Uruguay have been able to escape this vicious cycle. Thus, our research indicates that collaborative debt restructurings coupled with long term economic policies are imperative to transitioning out of debt intolerance and into a sustainable debt position. Successful economies are able to leverage debt to create strong foundational growth rather than gambling with debt in the hopes of achieving rapid catch- up growth.
ContributorsPitt, Ryan (Co-author) / Martinez, Nick (Co-author) / Choueiri, Robert (Co-author) / Goegan, Brian (Thesis director) / Silverman, Daniel (Committee member) / Department of Economics (Contributor) / Department of Information Systems (Contributor) / School of Mathematical and Statistical Sciences (Contributor) / School of Politics and Global Studies (Contributor) / W. P. Carey School of Business (Contributor) / Barrett, The Honors College (Contributor)
Created2015-12
Description
Airports are a critical component of a region’s network and socioeconomic development. Regardless of the type of airport–commercial, general, regional, national, or international–their construction and development are highly advantageous to communities. Some advantages include, but are not limited to new job opportunities, access to the global market, and increased economic activity. Nonetheless, airport development has some downsides that a community must always account for. These downsides directly impact the sustainability of a region; greenhouse gas (GHG) emissions, energy inefficiencies, water pollution, air pollution, and waste are just a few examples. However, twenty-first century global sustainability efforts are shifting the dynamic of sustainability practices in the U.S. The fight for a balance between socioeconomic benefits and the minimization of negative environmental impacts is advancing thanks to the development and implementation of sustainable practices and technology. For instance, U.S. airport development has seen a rise in the use of sustainable construction technologies and practices. Some of the examples of construction technologies and practices implemented in sustainable airport development are virtual design and construction, Spot by Boston Dynamics, prefabrication, and others. The multiple-case studies based on these technologies and practices indicate joint efforts for sustainability by the aviation and construction industries.
ContributorsPalacios, Martha Dennise (Author) / Cirillo, Michael (Thesis advisor) / Faith, Edward (Committee member) / Pearson, Michael (Committee member) / Arizona State University (Publisher)
Created2023