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References Ahlborn M., Schweickert R., Public Debt and Economic Growth – Economic Systems Matter , “CEGE Discussion Paper”, No 281, March 2016. Baldacci E., Gupta S., Mati A., Is it (Still) Mostly Fiscal? Determinants of Sovereign Spreads in Emerging Markets , “IMF Working Paper”, No. 259, November 2008. Bernoth K., von Hagen J., Schuknecht L., Sovereign risk premia in the European government bond market , “ECB Working Paper”, No. 369, 2004. Bernoth K., Wolff G.B., Fool the markets? Creative accounting, fiscal transparency and sovereign risk premia , “CESifo

Abstract

The main goal of this paper is to discuss the dynamics of public debt servicing – both domestic and foreign – in Zambia, tracing the trends, reforms and challenges over the period from 1964 to 2015. The paper shows that the exceptional rise in public debt servicing obligations in Zambia over the period under review has been principally due to high domestic and foreign interest rates, frequent debt rescheduling at commercial rates, and capitalisation of non-liquidated service obligations at commercial rates. Also revealed in the paper is the fact that prior to 2005, Zambia experienced severe public debt servicing problems which eased after 2006 owing to debt relief initiatives and an economic rebound. Among the government debt service reforms discussed in the paper are structural adjustments in foreign exchange management, fiscal and monetary reforms, and aggressive engagement of traditional creditors. Primary among the identified challenges of public debt servicing in Zambia was the insistent economic crises that dogged the country during the study period. Notwithstanding the current public debt service sustainability and remarkable economic performance that characterise the country today, the paper found that the recent contraction of nonconcessional loans by the state poses a threat to debt service sustainability in future. Hence, the paper recommends, among other things, for aligning of public sector infrastructure spending with revenues to ensure budget sustainability, and to continue diversifying the economy to minimise the impact of external commodity price shocks on the economy.

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to the weakening status of the USA as a superpower . Internally, the USA is struggling with economic and financial crisis, an increasing public debt, deteriorating economic infrastructure, etc ., which have all very much faded the world-wide attractiveness of the ‘American dream’, the country of infinite possibilities. In terms of external politics, Brzezinski brings up against the accountable leaders of the USA that in the period following the Cold War they ironically and self-assuredly propagated that the 21st century would be the century of the USA: Bill

References Bobbio Norberto, 1980, ‘La democrazia e il potere invisibile’, Rivista italiana di scienza politica, X(2): 181-203. Chiti Edoardo and Teixeria Pedro Gustavo, 2013, ‘The constitutional implications of the European responses to the financial and public debt crisis’, Common Market Law Review, L(3): 683-708. Craig Paul, 2012, EU Administrative Law, Oxford University Press, Oxford. Dawson Mark and de Witte Floris, 2013, ‘Constitutional Balance in the EU after the Euro-Crisis’, The Modern Law Review, LXXVI(5): 817-844. de Lhoneux Etienne and Vassilopoulos

Resolution Mechanism’, European Law Review , XXXIX(3): 380-403. • Chiti Edoardo and Teixeira Pedro Gustavo, 2013, ‘The constitutional implications of the European responses to the financial and public debt crisis’, Common Market Law Review , L(3): 683-708. • Chiti Edoardo, 2013, ‘Il meccanismo di vigilanza unico: un passo avanti e tre problemi’, Giornale di diritto amministrativo , XIX(11): 1025. • Chiti Mario Pilade, 2014, ‘The new Banking Union: the passage from banking supervision to banking resolution’, Rivista italiana di diritto pubblico comunitario , XXIV(2

: Gauging its Consequences. New York: Springer. Eilat, Y. and Zinnes, C. 2002. Th e Shadow Economy in Transition Countries: Friend or Foe? A Policy Perspective, World Development, 30(7), 1233-1254. Elgin, C. and Uras, B. R. 2012. Public debt, sovereign default risk and shadow economy, Journal of Financial Stability, 9 (2013) 628-64. Erişen, C., Erişen, E. and Özkeçeci-Taner, B. 2013. Research Methods in Political Psychology. Turkish Studies, 14(1), 13-33. Finch, H. 2006. Comparison of the Performance of Varimax and Promax Rotations: Factor Structure Recovery for

the Eyes of National Courts’, in Adams Maurice, de Waele Henri et al.(eds), Judging Europe’s Judges , Hart Publishing, Oxford, 197-234. • Cartabia Marta, 1990, ‘The Italian Constitutional Court and the Relationship Between the Italian Legal System and the European Community’, Michigan Journal of International Law , XII(1): 173-203. • Chiti Edoardo and Teixeira Pedro Gustavo, 2013, ‘The Constitutional Implications of the European Responses to the Financial and Public Debt Crisis’, Common Market Law Review , L(3): 683-708. • Choudhry Sujit (ed), 2006, The