Download Debt Relief for Poor Countries by T. Addison, H. Hansen, F. Tarp PDF

By T. Addison, H. Hansen, F. Tarp

After a tremendous overseas crusade calling consciousness to the improvement influence of overseas debt, the seriously Indebted terrible nations (HIPC) initiative is now underway. yet will the HIPC Initiative meet its excessive expectancies? Will debt reduction considerably increase development? How will we ensure that debt reduction advantages terrible humans? and the way will we make sure that negative international locations don't turn into hugely indebted back? those are a few of the key coverage matters coated during this rigorous and self sustaining research of debt, improvement, and poverty.

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Extra resources for Debt Relief for Poor Countries

Sample text

High costs occurring in the disequilibrium adjustment process are often related to structural rigidities stemming from the under-developed nature of economic structure. In the case of primary commodity-dependent economies, the absence of resilience and dynamism is most acutely felt in their limited capacity to generate foreign exchange revenues in a sustained manner. Accumulated external debt would easily impose an additional burden on their circumscribed capacity, as foreign exchange 30 Debt Dynamics and Contingency Financing gaps would widen over time.

Thus, Easterly predicts that in the granting of debt relief without ensuring full adherence to policy, the conditionality set by the donor 28 Debt Dynamics and Contingency Financing community leads to negative saving and declining investment. This effect of debt relief is supposed to be in addition to other purported negative incentive effects, such as the delay of policy reforms in anticipation of ‘selling’ reforms for a higher ‘price’ or the creation of a moral hazard for borrowing in the expectation of debt forgiveness.

Henrik Hansen (Chapter 7 in this volume) looks at the second channel, which is based on the crowding-out theory by Cohen (1993). In particular, Hansen stresses the necessity of additionality of debt relief resources. By joint analysis of aid flows and debt service payments, Hansen concludes that non-additional debt relief will in all likelihood not lead to increased growth rates in the HIPCs. When he uses a measure of effective aid, developed by World Bank staff, he finds that if decreases in debt service payments are accompanied by falling grant levels, there may even be a negative impact on growth.

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