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Paying with Austerity: The Debt Crisis and Restructuring in Sri Lanka

Working Paper, December 2023 |

C.P. Chandrasekhar, Jayati Ghosh, Debamanyu Das
In May 2022, Sri Lanka defaulted on its external debt service commitments. This was the first instance in two decades of an Asian-Pacific economy defaulting on its debt. PERI researchers C.P. Chandrasekhar, Jayati Ghosh, and Debamanyu Das examine both the medium- and short-term factors leading to this debt crisis. These include the IMF-dictated embrace of liberalization policies starting in the late 1970s and the collapse of foreign exchange resulting from the global COVID lockdown. Chandrasekhar, Ghosh, and Das explore policy alternatives that would be less regressive and ensure sustainable development for Sri Lanka.

Roots of the Sri Lankan Debt Trap

Research Brief, May 2022 |

C.P. Chandrasekhar, Jayati Ghosh
Over 2020-21, farmer protests in India turned into a movement provoked by the passage of farm laws designed to dismantle regulation of agricultural trade, provide a legal framework for contract farming arrangements, and facilitate corporate entry into agricultural production and trade. C.P. Chandrasekhar explains that despite intense farmer opposition, the government held out for almost a year after the movement began before withdrawing the laws. Chandrasekhar describes the factors underlying this stand-off by tracing the post-Independence evolution of agricultural and food policy and examining the political economy context of the positions adopted by the farmers and the government.

When Governments Fail: A Pandemic and Its Aftermath

Book, August 2021 |

Vikas Rawal, Jayati Ghosh, C.P. Chandrasekhar
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