schuldhervorming

Schuldhervorming is a policy concept referring to the reform of the conditions under which debts are issued, serviced, and resolved. It encompasses measures aimed at reducing the burden of debt, maintaining financial stability, and ensuring sustainable long‑term growth. Schuldhervorming can target public sector debt, private household debt, and corporate leverage, often in response to rising indebtedness, fiscal pressures, or financial crises.

In public finance, schuldhervorming may include debt relief or restructuring, extensions of maturities, interest-rate adjustments, or debt-for-equity swaps, combined with accompanying fiscal reforms to restore sustainability. For private debt, it involves workout processes, creditor coordination, insolvency and bankruptcy law improvements, and mechanisms for orderly restructurings. Legal and institutional reforms, such as debt management offices, transparency rules, and stronger macroprudential oversight, are commonly part of the package. The overarching aim is to realign debt service with an economy’s capacity to generate income and to restore access to credit.

Historical use occurs in times of crisis when external actors promote debt relief for heavily indebted economies, as seen in international initiatives for low‑income countries, such as HIPC and MDRI, and in domestic reform programs following financial downturns. The measures are often tailored to country circumstances and may be conditional on broader fiscal and structural reforms.

Critics argue that schuldhervorming can create moral hazard or uneven distribution of costs, while supporters contend that it is essential for preventing default spirals and sustaining growth. Evaluation focuses on debt sustainability, growth outcomes, and the distributional effects of reforms.