The HIPC Initiative: True and False Promises
AbstractThe 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. Copyright 2001 by Blackwell Publishers Ltd.
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Bibliographic InfoArticle provided by Wiley Blackwell in its journal International Finance.
Volume (Year): 4 (2001)
Issue (Month): 3 (Winter)
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=1367-0271
Other versions of this item:
- 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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