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The HIPC Initiative: True and False Promises

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  • Daniel Cohen

Abstract

The paper develops the view that understanding of the HIPC initiative is distorted by a lack of perspective on the ‘market value’ of the debt which is written down. The appropriate ‘market value’ takes account of the risk of non‐payment: arrears, rescheduling and ‘constrained’ refinancing of various sorts. Building on econometric evidence that relies on middle income debtors in the 1980s, the paper argues that the initiative is about ten times less generous than face value accounting would suggest.

Suggested Citation

  • Daniel Cohen, 2001. "The HIPC Initiative: True and False Promises," International Finance, Wiley Blackwell, vol. 4(3), pages 363-380.
    • Handle: RePEc:bla:intfin:v:4:y:2001:i:3:p:363-380
    DOI: 10.1111/1468-2362.00078
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    JEL classification:

    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies

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