Does Lower Debt Buy Higher Growth The Impact Of Debt Relief Initiatives On Growth

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Does Lower Debt Buy Higher Growth? The Impact of Debt Relief Initiatives on Growth

Author : Ms.Sandra Marcelino
Publisher : International Monetary Fund
ISBN 13 : 1498369677
Total Pages : 41 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis Does Lower Debt Buy Higher Growth? The Impact of Debt Relief Initiatives on Growth by : Ms.Sandra Marcelino

Download or read book Does Lower Debt Buy Higher Growth? The Impact of Debt Relief Initiatives on Growth written by Ms.Sandra Marcelino and published by International Monetary Fund. This book was released on 2014-12-18 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 1996, the IMF and the World Bank introduced the Heavily Indebted Poor Countries Initiative—a comprehensive debt relief program aimed at reducing the external debt burden of eligible countries to sustainable levels, provided they carry out strong programs of macroeconomic adjustment and structural reforms designed to promote growth and reduce poverty. Now that the HIPC Initiative is nearly completed, this paper investigates whether the initiative managed to spur growth, either directly or indirectly through investment. In contrast to earlier studies, we conclude that there is some evidence of positive effects of the HIPC Initiative on growth. Such evidence suggests that the HIPC Initiative and MDRI have helped HIPC-eligible countries to reach higher growth, but it remains unclear whether this is through higher investment or another channel. Also, the analysis illustrates that it is hard to disentangle pure debt-relief effects from other concurrent factors.

The Dynamic Implications of Debt Relief for Low-Income Countries

Author : Mr.Ales Bulir
Publisher : International Monetary Fund
ISBN 13 : 1455293717
Total Pages : 27 pages
Book Rating : 4.4/5 (552 download)

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Book Synopsis The Dynamic Implications of Debt Relief for Low-Income Countries by : Mr.Ales Bulir

Download or read book The Dynamic Implications of Debt Relief for Low-Income Countries written by Mr.Ales Bulir and published by International Monetary Fund. This book was released on 2011-07-01 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: The effects of debt relief on incentives to accumulate debt, consume, and invest are an important concern for donors and recipients. Using a dynamic stochastic general equilibrium model of a small open economy with a minimum consumption requirement and an endogenous relief probability, we show that excessive debt accumulation is consistent with an anticipation of a future debt relief. Simulations of the calibrated model using 1982-2006 Ugandan data suggest that debt-relief episodes are likely to have only a temporary impact on the level of debt in low-income countries, while being associated with more consumption and less invesment. The long-run debt-to-GDP ratio is estimated to be about twice as high with debt relief than without it.

Debt Relief Initiatives

Author : Marco Arnone
Publisher : Routledge
ISBN 13 : 1317154150
Total Pages : 300 pages
Book Rating : 4.3/5 (171 download)

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Book Synopsis Debt Relief Initiatives by : Marco Arnone

Download or read book Debt Relief Initiatives written by Marco Arnone and published by Routledge. This book was released on 2016-05-13 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book deals with the recent debt crises in developing countries and analyzes the design and implementation of the Heavily Indebted Poor Countries (HIPC) Initiative, by providing background concepts, pointing out the main drawbacks and suggesting a different approach to debt sustainability and debt relief programs. The authors merge academic, operational and institutional expertise, in order to provide an evaluation as complete and balanced as possible on the much-debated effectiveness of debt relief in fostering economic growth, reducing poverty and reaching debt sustainability. Marco Arnone and Andrea F. Presbitero assess the joint evolution of external and domestic public debt and produce original empirical evidence on the potential effects of public debt on investment, economic growth and institution-building in low- and middle-income countries. The book also explores relevant and up-to-date policy issues, such as the loans-grants mix and the development of responsible lending strategies in foreign assistance, the surge of non-concessional and domestic borrowing by low-income countries, and the impact of the 2008-2009 global financial crisis on debt sustainability.

Debt Relief for the Poorest Countries

Author : John E. Serieux
Publisher : Transaction Publishers
ISBN 13 : 1412821312
Total Pages : 272 pages
Book Rating : 4.4/5 (128 download)

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Book Synopsis Debt Relief for the Poorest Countries by : John E. Serieux

Download or read book Debt Relief for the Poorest Countries written by John E. Serieux and published by Transaction Publishers. This book was released on with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: The debt problems of poor countries are receiving unprecedented attention. Both federal and non-governmental organizations alike have been campaigning for debt forgiveness for poor countries. The governments of creditor nations responded to that challenge at a meeting sponsored by the G-7, International Monetary Fund, and World Bank, all of which upgraded debt relief as a policy priority. Their initiatives provided for generous interpretations of these nations' abilities to sustain debt, gave them opportunities to qualify for debt relief more rapidly, and linked debt relief to broader policies of poverty reduction. Despite this, the crisis has only deepened in the first years of the new millennium. This brilliant group of contributions assesses why this has occurred. In plain language, it considers why debt relief has been so long in coming for poor countries. It evaluates the cost of a persistent overhang in debt for those countries. It also examines, head on, whether enhanced debt relief initiatives offer a permanent exit from over-indebtedness, or are merely a short-term respite. Above all, this volume for the first time addresses the issues on the ground: that is, the views and opinions about debt relief on the part of leaders in advanced nations, and the probability of further support for the most impoverished lands. In this approach, the editors and contributors have made an explicit and successful attempt to be inclusive and relevant at all stages of the analysis. This volume covers the full range of the poorest countries, with contributions by John Serieux, Lykke Anderson and Osvaldo Nina, Befekadu Degefe, Ligia Maria Castro-Monge, and Peter B. Mijumbi. Collectively, they offer a sobering scenario: unless measures are put in place now, in anticipation of further crises, the future of the very poorest nations will remain bleak and troublesome. John Serieux completed this volume as a senior researcher and specialist in international finance for the North-South Institute, an independent research institute based in Ottawa, Canada. Before that he was a lecturer at the graduate program in economics at Chancellor College, at the University of Malawi. His major works are in domestic and foreign resource mobilization. Yiagadeesen Samy is completing his doctoral research in economics at the University of Ottawa in international trade and economics of development. His key interest is now in trade and labor standards.

Debt Relief for Poor Countries

Author : T. Addison
Publisher : Springer
ISBN 13 : 0230522327
Total Pages : 324 pages
Book Rating : 4.2/5 (35 download)

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Book Synopsis Debt Relief for Poor Countries by : T. Addison

Download or read book Debt Relief for Poor Countries written by T. Addison and published by Springer. This book was released on 2004-06-11 with total page 324 pages. Available in PDF, EPUB and Kindle. Book excerpt: After a massive international campaign calling attention to the development impact of foreign debt, the Heavily Indebted Poor Countries (HIPC) initiative is now underway. But will the HIPC Initiative meet its high expectations? Will debt relief substantially raise growth? How do we make sure that debt relief benefits poor people? And how can we ensure that poor countries do not become highly indebted again? These are some of the key policy issues covered in this rigorous and independent analysis of debt, development, and poverty.

Can Debt Relief Boost Growth in Poor Countries?

Author : Benedict J. Clements
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 28 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Can Debt Relief Boost Growth in Poor Countries? by : Benedict J. Clements

Download or read book Can Debt Relief Boost Growth in Poor Countries? written by Benedict J. Clements and published by International Monetary Fund. This book was released on 2005 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Heavily Indebted Poor Countries (HIPC) Initiative, launched in 1999 by the IMF and the World Bank, was the first coordinated effort by the international financial community to reduce the foreign debt of the world’s poorest countries. It was based on the theory that economic growth in heavily indebted poor countries was being stifled by heavy debt burdens, making it virtually impossible for these countries to escape poverty. However, most of the empirical research on the effects of debt on growth has lumped together a diverse group of countries, and the literature on the countries’ impact of debt on poor is scant. This pamphlet presents the findings of the authors’ empirical research into the subject, analyzing the channels through which debt affects growth in low-income countries.

Debt Relief and Beyond

Author : Carlos A. Primo Braga
Publisher : World Bank Publications
ISBN 13 : 9780821378755
Total Pages : 480 pages
Book Rating : 4.3/5 (787 download)

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Book Synopsis Debt Relief and Beyond by : Carlos A. Primo Braga

Download or read book Debt Relief and Beyond written by Carlos A. Primo Braga and published by World Bank Publications. This book was released on 2009-10-02 with total page 480 pages. Available in PDF, EPUB and Kindle. Book excerpt: The history of debt relief goes back several decades. It reveals that a country s accumulation of unsustainable debt stems from such factors as deficiencies in macroeconomic management, adverse terms-of-trade shocks, and poor governance. Debt-relief initiatives have provided debt-burdened countries with the opportunity for a fresh start, but whether the benefits of debt relief can be preserved depends on transformations in a country s policies and institutions. In 1996, the Heavily Indebted Poor Countries (HIPC) Initiative was launched as the first comprehensive, multilateral, debt-relief framework for low-income countries. In 2005, the Multilateral Debt Relief Initiative was established, which increased the level of debt relief provided to HIPCs. As of early 2009, assistance through these two initiatives had been committed to 35 countries and amounted to US$117 billion in nominal terms, or half of the 2007 GDP of these countries. 'Debt Relief and Beyond' assesses the implications of debt relief for low-income countries and how its benefits can be preserved and used to fight poverty. The chapter authors bring unique operational experience to their examination of debt relief, debt sustainability, and debt management. Several key questions are addressed, including, what consequences does debt relief have for poverty-reducing expenditures, growth, and access to finance? Can debt relief guarantee debt sustainability? How can debt management at all levels of government be improved? What lessons can be learned from countries that have experienced debt restructuring? Finally, this book provides sound empirical evidence using current econometric techniques.

Global Waves of Debt

Author : M. Ayhan Kose
Publisher : World Bank Publications
ISBN 13 : 1464815453
Total Pages : 403 pages
Book Rating : 4.4/5 (648 download)

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Book Synopsis Global Waves of Debt by : M. Ayhan Kose

Download or read book Global Waves of Debt written by M. Ayhan Kose and published by World Bank Publications. This book was released on 2021-03-03 with total page 403 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.

From Toronto Terms to the HIPC Initiative

Author : Ms.Christina Daseking
Publisher : International Monetary Fund
ISBN 13 : 1451856237
Total Pages : 30 pages
Book Rating : 4.4/5 (518 download)

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Book Synopsis From Toronto Terms to the HIPC Initiative by : Ms.Christina Daseking

Download or read book From Toronto Terms to the HIPC Initiative written by Ms.Christina Daseking and published by International Monetary Fund. This book was released on 1999-10-01 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: The low-income country debt crisis had its origins in weak macroeconomic policies, and official creditors’ willingness to take risks unacceptable to private lenders. Payments problems were initially addressed through nonconcessional reschedulings and new lending that maximized financing while containing the budgetary costs for creditors. This led to an unsustainable buildup in debt stocks. More recently, debt ratios have improved, reflecting both adjustment and substantial debt relief. The paper estimates debt relief initiatives since 1988 have cost creditors at least $30 billion, and possibly much more. This compares with the estimated costs of about $27 billion under the enhanced HIPC Initiative.

Developing Countries

Author : Thomas Melito
Publisher : DIANE Publishing
ISBN 13 : 1437913253
Total Pages : 86 pages
Book Rating : 4.4/5 (379 download)

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Book Synopsis Developing Countries by : Thomas Melito

Download or read book Developing Countries written by Thomas Melito and published by DIANE Publishing. This book was released on 2009-05 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 2005, the Multilateral Debt Relief Initiative (MDRI) eliminated debt owed to 4 international financial institutions: the International Monetary Fund (IMF), World Bank's International Dev¿t. Assoc., African Dev¿t. Fund, and Inter-American Dev¿t. Bank. These 4 Inyernational Financial Institutionss are projected to provide $58 billion in total debt relief to 41 countries. This report: (1) analyzed the U.S. financing approach for debt relief efforts; (2) reviewed the extent to which MDRI might affect resources available to countries for poverty-reducing activities; and (3) assessed revisions to the analyses conducted by the World Bank and IMF to review and promote future debt sustainability. Includes recommendations. Charts and tables.

Expansionary Austerity New International Evidence

Author : Mr.Daniel Leigh
Publisher : International Monetary Fund
ISBN 13 : 1455294691
Total Pages : 41 pages
Book Rating : 4.4/5 (552 download)

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Book Synopsis Expansionary Austerity New International Evidence by : Mr.Daniel Leigh

Download or read book Expansionary Austerity New International Evidence written by Mr.Daniel Leigh and published by International Monetary Fund. This book was released on 2011-07-01 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the short-term effects of fiscal consolidation on economic activity in OECD economies. We examine the historical record, including Budget Speeches and IMFdocuments, to identify changes in fiscal policy motivated by a desire to reduce the budget deficit and not by responding to prospective economic conditions. Using this new dataset, our estimates suggest fiscal consolidation has contractionary effects on private domestic demand and GDP. By contrast, estimates based on conventional measures of the fiscal policy stance used in the literature support the expansionary fiscal contractions hypothesis but appear to be biased toward overstating expansionary effects.

External Debt and Growth

Author : Catherine A. Pattillo
Publisher :
ISBN 13 :
Total Pages : 49 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis External Debt and Growth by : Catherine A. Pattillo

Download or read book External Debt and Growth written by Catherine A. Pattillo and published by . This book was released on 2006 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper assesses the non linear impact of external debt on growth using a large panel data set of 93 developing countries over 1969-98. Results are generally robust across different econometric methodologies, regression specifications, and different debt indicators. For a country with average indebtedness, doubling the debt ratio would reduce annual per capita growth by between half and a full percentage point. The differential in per capita growth between countries with external indebtedness (in net present value) below 100 percent of exports and above 300 percent of exports seems to be in excess of 2 percent per annum. For countries that are to benefit from debt reduction under the current HIPC initiative, per capita growth might increase by 1 percentage point, unless constrained by other macroeconomic and structural economic distortions. Our findings also suggest that the average impact of debt becomes negative at about 160-170 percent of exports or 35-40 percent of GDP. The marginal impact of debt starts being negative at about half of these values. High debt appears to reduce growth mainly by lowering the efficiency of investment rather than its volume.

Applying the Debt Sustainability Framework for Low-Income Countries Post Debt Relief

Author : World Bank
Publisher : International Monetary Fund
ISBN 13 : 1498332064
Total Pages : 64 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis Applying the Debt Sustainability Framework for Low-Income Countries Post Debt Relief by : World Bank

Download or read book Applying the Debt Sustainability Framework for Low-Income Countries Post Debt Relief written by World Bank and published by International Monetary Fund. This book was released on 2006-06-11 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: In April 2006, the Executive Boards of the Bank and the Fund reviewed the debt sustainability framework (DSF) for low-income countries and the implications of the multilateral debt relief initiative. Directors thought that the DSF was broadly appropriate and that no major changes were warranted, but saw scope for additional guidance on the application of the framework in a context where the apparent borrowing space created by debt relief raises new challenges in terms of policy advice. Most Directors supported a case-by-case approach for assessing the appropriate pace of debt accumulation in countries with debt below the DSF thresholds, but requested the development of specific recommendations on the implementation of such a case-by-case approach.

An Application of the "Fan-Chart Approach" to Debt Sustainability in Post-HIPC Low-Income Countries

Author : Maximilien Kaffo Melou
Publisher : International Monetary Fund
ISBN 13 : 1498337171
Total Pages : 25 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis An Application of the "Fan-Chart Approach" to Debt Sustainability in Post-HIPC Low-Income Countries by : Maximilien Kaffo Melou

Download or read book An Application of the "Fan-Chart Approach" to Debt Sustainability in Post-HIPC Low-Income Countries written by Maximilien Kaffo Melou and published by International Monetary Fund. This book was released on 2014-06-11 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyse the debt dynamics in countries that benefited from the HIPC/MDRI debt relief initiatives with a view to applying a probabilistic approach to estimating future debt paths for those countries. We extend the probabilistic approach to public debt sustainability analysis (DSA) proposed by Celasun et al. (2006). This required addressing the twin challenges of a the time period that is too short to conduct country-by-country estimations and the presence, suggested by econometric evidence, of a break–point around 2006 in the dynamics of debt accumulation. To overcome the data limitations, we pool the data and estimate a panel VAR, thus taking advantage of the large cross–section. To account for the break–point, while applying a probabilistic approach to forecasting debt paths, we use the post–break–point information so as not to bias the forecasts of debt paths. As an illustration of the approach we apply the methodology to eight countries with different debt profiles.

Sovereign Debt Restructuring and Growth

Author : Lorenzo Forni
Publisher : International Monetary Fund
ISBN 13 : 1498382231
Total Pages : 42 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis Sovereign Debt Restructuring and Growth by : Lorenzo Forni

Download or read book Sovereign Debt Restructuring and Growth written by Lorenzo Forni and published by International Monetary Fund. This book was released on 2016-07-22 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the effect of sovereign debt restructurings with external private creditors on growth during the period 1970-2010. We find that there are bad and good (or not so bad) debt restructurings for growth. While growth generally declines in the aftermath of a sovereign debt restructuring, agreements that allow countries to exit a default spell (final restructurings) are associated with improving growth. The impact can be significant. In general, three years after restructuring, growth is about 5 percent lower compared to countries that did not face restructuring over the same period. The exception is for final restructurings, which result in positive growth in the years immediately after the restructuring. Final restructurings tend to be better for growth because they reduce countries’ debt, with the strongest effect for countries that exit restructurings with relatively low debt levels.

Sovereign Debt Restructurings 1950-2010

Author : Mr.Udaibir S. Das
Publisher : International Monetary Fund
ISBN 13 : 1475505531
Total Pages : 128 pages
Book Rating : 4.4/5 (755 download)

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Book Synopsis Sovereign Debt Restructurings 1950-2010 by : Mr.Udaibir S. Das

Download or read book Sovereign Debt Restructurings 1950-2010 written by Mr.Udaibir S. Das and published by International Monetary Fund. This book was released on 2012-08-01 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides a comprehensive survey of pertinent issues on sovereign debt restructurings, based on a newly constructed database. This is the first complete dataset of sovereign restructuring cases, covering the six decades from 1950–2010; it includes 186 debt exchanges with foreign banks and bondholders, and 447 bilateral debt agreements with the Paris Club. We present new stylized facts on the outcome and process of debt restructurings, including on the size of haircuts, creditor participation, and legal aspects. In addition, the paper summarizes the relevant empirical literature, analyzes recent restructuring episodes, and discusses ongoing debates on crisis resolution mechanisms, credit default swaps, and the role of collective action clauses.

Somalia

Author : International Monetary Fund. Middle East and Central Asia Dept.
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 80 pages
Book Rating : 4.4/5 (2 download)

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Book Synopsis Somalia by : International Monetary Fund. Middle East and Central Asia Dept.

Download or read book Somalia written by International Monetary Fund. Middle East and Central Asia Dept. and published by International Monetary Fund. This book was released on 2023-12-18 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: Somalia has been rebuilding state institutions and the economy since the end of the devastating civil war, with strong support from the international community. The civil war led to complete state collapse, with tremendous loss of human and physical capital. Since the 2012 Provisional Constitution that created the Federal Government of Somalia (FGS) and the Federal Member States (FMS), Somalia has successfully undertaken three national elections, and Parliamentary and Presidential elections were completed in May 2022. With financial and capacity development support from international partners, Somalia has pursued wide-ranging reforms to help strengthen key economic and financial policy institutions as well as improve governance.