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Odious Debt

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Author Info
Seema Jayachandran
Michael Kremer

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Abstract

Trade sanctions are often criticized as ineffective because they create incentives for evasion or as harmful to the target country's population. Loan sanctions, in contrast, could be self-enforcing and could protect the population from being saddled with "odious debt" run up by looting or repressive dictators. Governments could impose loan sanctions by instituting legal changes that prevent seizure of countries' assets for nonrepayment of debt incurred after sanctions were imposed. This would reduce creditors' incentives to lend to sanctioned regimes. Restricting sanctions to cover only loans made after the sanction was imposed would help avoid time-consistency problems.

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File URL: http://hdl.handle.net/10.1257/000282806776157696
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Article provided by American Economic Association in its journal American Economic Review.

Volume (Year): 96 (2006)
Issue (Month): 1 (March)
Pages: 82-92
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Handle: RePEc:aea:aecrev:v:96:y:2006:i:1:p:82-92

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Eaton, Jonathan & Fernandez, Raquel, 1995. "Sovereign debt," Handbook of International Economics, in: G. M. Grossman & K. Rogoff (ed.), Handbook of International Economics, edition 1, volume 3, chapter 3, pages 2031-2077 Elsevier. [Downloadable!] (restricted)
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  2. Harold L. Cole & Patrick J. Kehoe, 1996. "Reputation spillover across relationships: reviving reputation models of debt," Staff Report 209, Federal Reserve Bank of Minneapolis. [Downloadable!]
  3. Bulow, Jeremy & Rogoff, Kenneth, 1989. "Sovereign Debt: Is to Forgive to Forget?," American Economic Review, American Economic Association, vol. 79(1), pages 43-50, March. [Downloadable!] (restricted)
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  4. Michael Kremer & Seema Jayachandran, 2002. "Odious Debt," NBER Working Papers 8953, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Magdalena Polan & Udaibir S. Das & Michael G. Papaioannou, 2008. "Strategic Considerations for First-Time Sovereign Bond Issuers," IMF Working Papers 08/261, International Monetary Fund. [Downloadable!]
  2. Kimberly Ann Elliott & Debayani Kar & J. David Richardson, 2002. "Assessing Globalization's Critics: "Talkers Are No Good Doers???"," Peterson Institute Working Paper Series WP02-5, Peterson Institute for International Economics. [Downloadable!]
  3. Serkan Arslanalp & Peter Blair Henry, 2002. "Debt Relief: What Do the Markets Think?," NBER Working Papers 9369, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  4. James K. Boyce, 2007. "Public finance, aid and post-conflict recovery," Working Papers 2007-09, University of Massachusetts Amherst, Department of Economics. [Downloadable!]
  5. Fofack, Hippolyte, 2009. "Causality between external debt and capital flight in Sub-Saharan Africa," Policy Research Working Paper Series 5042, The World Bank. [Downloadable!]
  6. Seema Jayachandran, 2004. "Odious Debt," UCLA Economics Online Papers 298, UCLA Department of Economics. [Downloadable!]
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  7. Jonathan Thomas, 2004. "Bankruptcy Proceedings for Sovereign State Insolvency and their Effect on Capital Flows," ESE Discussion Papers 93, Edinburgh School of Economics, University of Edinburgh. [Downloadable!]
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  8. Casey B. Mulligan & Kevin K. Tsui, 2006. "Political Competitiveness," NBER Working Papers 12653, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  9. Beja Jr, Edsel, 2009. "The Philippines on debt row," MPRA Paper 16553, University Library of Munich, Germany. [Downloadable!]
  10. Olivier Jeanne & Jeromin Zettelmeyer, 2004. "The Mussa Theorem: and Other Results on IMF Induced Moral Hazard," IMF Working Papers 04/192, International Monetary Fund. [Downloadable!]
  11. Victor Vaugirard, 2005. "Crony Capitalism and Sovereign Default," Open Economies Review, Springer, vol. 16(1), pages 77-99, January. [Downloadable!] (restricted)
  12. Patricia Alvarez-Plata & Tilman Brück, 2006. "External Debt in Post-Conflict Countries," Discussion Papers of DIW Berlin 613, DIW Berlin, German Institute for Economic Research. [Downloadable!]
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  13. Casey B. Mulligan & Kevin K. Tsui, 2008. "Political Entry, Public Policies, and the Economy," NBER Working Papers 13830, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  14. Kimberly Ann. Elliott & Debayani Kar & J. David Richardson, 2004. "Assessing Globalization’s Critics: “Talkers Are No Good Doers?â€," NBER Chapters, in: Challenges to Globalization: Analyzing the Economics, pages 17-62 National Bureau of Economic Research, Inc. [Downloadable!]
  15. Presbitero, Andrea F., 2008. "The Debt-Growth Nexus in Poor Countries: A Reassessment," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy, vol. 2(30), pages 1-28. [Downloadable!]
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