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The HIPC Initiative: True and False Promises

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Author Info
Cohen, Daniel

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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. Copyright 2001 by Blackwell Publishers Ltd.

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Article provided by Blackwell Publishing in its journal International Finance.

Volume (Year): 4 (2001)
Issue (Month): 3 (Winter)
Pages: 363-80
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Handle: RePEc:bla:intfin:v:4:y:2001:i:3:p:363-80

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  1. Cohen, Daniel & Jacquet, Pierre & Reisen, Helmut, 2007. "Loans or Grants?," Working Papers UNU-WIDER Research Paper , World Institute for Development Economic Research (UNU-WIDER). [Downloadable!]
    Other versions:
  2. Craig Burnside & Domenico Fanizza, 2004. "Hiccups for HIPCs?," NBER Working Papers 10903, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  3. Ralf Hepp, 2005. "Health Expenditures Under the HIPC Debt Initiative," International Finance 0510005, EconWPA. [Downloadable!]
  4. Ralf Hepp, 2005. "Can Debt Relief Buy Growth?," International Finance 0510003, EconWPA. [Downloadable!]
    Other versions:
  5. Daniel Cohen & Richard Portes, 2004. "Dealing with Destabilizing 'Market Discipline'," NBER Working Papers 10533, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  6. Silvia Marchesi & Alessandro Missale, 2004. "What does motivate lending and aid to the HIPCs?," Development Working Papers 189, Centro Studi Luca d\'Agliano, University of Milano. [Downloadable!]
    Other versions:
  7. Mark Kruger & Miguel Messmacher, 2004. "Sovereign Debt Defaults and Financing Needs," IMF Working Papers 04/53, International Monetary Fund. [Downloadable!]
  8. Andy Haldane & Mark Kruger, 2001. "The Resolution of International Financial Crises: Private Finance and Public Funds," Working Papers 01-20, Bank of Canada. [Downloadable!]
  9. Berthelemy, Jean-Claude, 2001. "HIPC Debt Relief and Policy Reform Incentives," Working Papers UNU-WIDER Research Paper , World Institute for Development Economic Research (UNU-WIDER). [Downloadable!]
  10. Johansson, Pernilla, 2008. "Debt Relief, Investment and Growth," Working Papers 2008:11, Lund University, Department of Economics. [Downloadable!]
  11. European Network on Debt and Development, 2001. "Debt Reduction for Poverty Eradication in the Least Developed Countries: Analysis and Recommendations on LDC Debt," Working Papers UNU-WIDER Research Paper , World Institute for Development Economic Research (UNU-WIDER). [Downloadable!]
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