Baker Initiative
E400620
The Baker Initiative was a mid-1980s U.S.-led strategy, associated with Treasury Secretary James Baker, aimed at resolving the developing world debt crisis through new lending and economic reforms rather than outright debt forgiveness.
All labels observed (1)
| Label | Occurrences |
|---|---|
| Baker Initiative canonical | 1 |
Statements (45)
| Predicate | Object |
|---|---|
| instanceOf |
economic policy initiative
ⓘ
international debt strategy ⓘ |
| aimedAt | restoring voluntary lending by commercial banks ⓘ |
| announcedInYear | 1985 ⓘ |
| appliesTo |
developing countries
ⓘ
heavily indebted countries ⓘ |
| approach |
market-oriented economic reforms
ⓘ
new lending rather than debt forgiveness ⓘ structural adjustment policies ⓘ |
| associatedWithOffice |
Secretary of the Treasury
ⓘ
surface form:
United States Secretary of the Treasury
|
| characterizedAs | orthodox, market-oriented response to debt crisis ⓘ |
| countryOfOrigin |
United States of America
ⓘ
surface form:
United States
|
| criticizedFor |
insufficient debt relief
ⓘ
limited success in restoring growth ⓘ placing adjustment burden on debtor countries ⓘ |
| designedBy |
United States Department of the Treasury
ⓘ
surface form:
U.S. Treasury Department
|
| focusesOn |
debt rescheduling
ⓘ
fiscal discipline ⓘ macroeconomic stabilization ⓘ policy conditionality ⓘ privatization of state enterprises ⓘ trade liberalization ⓘ |
| hasKeyProponent |
James Baker
ⓘ
surface form:
James A. Baker III
|
| historicalContext |
1980s Third World debt crisis
ⓘ
post-1982 Latin American debt crisis ⓘ |
| influencedBy | concerns about global banking system stability ⓘ |
| involves |
International Monetary Fund
ⓘ
World Bank ⓘ commercial bank lending ⓘ multilateral development banks ⓘ |
| policyGoal |
resolve developing world debt crisis
ⓘ
restore growth in debtor countries ⓘ stabilize international financial system ⓘ |
| policyInstrument |
conditional financial support
ⓘ
debt rescheduling agreements ⓘ multilateral lending packages ⓘ |
| rejectedPolicy |
large-scale debt write-offs
ⓘ
outright debt forgiveness as primary tool ⓘ |
| requires |
IMF-supported adjustment programs
ⓘ
debtor country economic reform programs ⓘ |
| succeededBy | Brady Plan ⓘ |
| supportedBy |
G7
ⓘ
surface form:
Group of Seven industrialized countries
|
| targetRegion |
Latin America
ⓘ
other heavily indebted middle-income countries ⓘ |
| timePeriod | mid-1980s ⓘ |
Referenced by (1)
Full triples — surface form annotated when it differs from this entity's canonical label.