Green, Keith (2005): The fragile panacea of debt relief for developing countries.
Download (44Kb) | Preview
The subject of debt relief for low income and highly indebted countries has risen to the fore of public debate in recent months. I review a brief history of major debt relief for low-income countries including the recent HIPC initiative and I discuss some factors that should be taken into consideration that would impact the usefulness of debt forgiveness on the affected countries. Finally, I conclude that debt relief is effective only in certain circumstances and needs to be applied with care.
|Item Type:||MPRA Paper|
|Original Title:||The fragile panacea of debt relief for developing countries|
|Keywords:||debt relief; low-income countries; HIPC|
|Subjects:||O - Economic Development, Technological Change, and Growth > O1 - Economic Development > O16 - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
H - Public Economics > H6 - National Budget, Deficit, and Debt > H63 - Debt; Debt Management; Sovereign Debt
|Depositing User:||Keith Green|
|Date Deposited:||26. Oct 2009 14:11|
|Last Modified:||17. Feb 2013 17:49|
Addison, Tony; Hansen, Henrik and Tarp, Finn, editors. 2004. “Debt relief for poor countries.” Houndmills, Basingstoke, Hampshire ; New York : Palgrave Macmillan.
Bird, Graham, and Milne, Alistair. 2003. “Debt Relief for Low Income Countries: Is it Effective and Efficient?” World Economy 26(1):43-59.
Birdsall, Nancy; Claessens, Stijn; Diwan, Ishac. 2003. “Policy Selectivity Forgone: Debt and Donor Behavior in Africa.” World Bank Economic Review 17(3):409-35.
Boote, Anthony R., and Kamau, Thugge. 1997. “Debt Relief for Low-Income Countries and the HIPC Initiative.” IMF Working Paper 97/24. (Washington, DC, International Monetary Fund).
Burnside, Craig, and Dollar, David. 2000. “Aid, Policies, and Growth.” American Economic Review 90(4)”847-68. Cohen, Daniel. 1996. “The Sustainability of African Debt.” Policy Research Working Paper, 1621 (Washington DC, World Bank).
Corden, Max. 1988. “Debt Relief and Adjustment Incentives.” IMF Staff Papers 35(4):628-43.
Cornia, Giovanni Andrea. 1994. “Macroeconomic Policy, Poverty Alleviation and longterm Development: Latin America in the 1990s.” Innocenti Occasional Papers, Economic Policy Series 40, UNICEF.
Daseking, Christina, and Powell, Robert. 1999. “From Toronto Terms to the HIPC Initiative: A Brief History of Debt Relief for Low-Income Countries.” IMF Working Paper 99/142. (Washington, DC, International Monetary Fund).
Gupta, Sanjeev; Clements, Benedict; Guin-Siu, Maria Teresa; Leruth, Luc. 2001. “Debt Relief and Public Health Spending in Heavily Indebted Poor Countries.” Finance and Development 38(3):10-13.
Hansen, Hendrik, and Tarp, Finn. 2000. “Aid Effectiveness Disputed.” Journal of International Development 12(3):375-98.
Pattillo, Catherine; Poirson, Helene, and Ricci, Luca. 2002. “External Debt and Growth.” IMF Working Paper 02/69 (Washington, DC, International Monetary Fund)
Powell, Robert. 2000. “Debt Relief for Poor Countries.” Finance and Development 37(4):42-45.
Reimers, Fernando.1990. “The Impact of the Debt Crisis on Education in Latin America: Implications for Education Planning.” Prospects 20(4):539-54.
Serieux, John E., and Samy, Yiagadeesen, editors. 2003. “Debt relief for the poorest countries.” New Brunswick, NJ : Transaction Publishers.
Sun, Yan. 2004. “External Debt Sustainability in HIPC Completion Point Countries.” IMF Working Paper 04/160. (Washington, DC, International Monetary Fund).
World Bank. 2004. “Heavily Indebted Poor Countries Initiative (HIPC): Status of Implementation.” International Monetary Fund and International Development Association. (Washington, DC, World Bank).
World Bank. 1998. “Assessing Aid – What works, What doesn’t Work and Why.” World Bank Policy Research Report. New York: Oxford University Press.