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Why heavily indebted poor countries have failed to pay back their debt? An empirical investigation (in English)

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  • Menbere Workie Tiruneh

    ()
    (Institute of Slovak and World Economies, Slovak Academy of Sciences, Bratislava, Slovakia)

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    Abstract

    This paper, in using cross-section pooled logit, probit, and fixed-effects logit models, empirically explores the main factors affecting the rescheduling of contractual debt-service payments by heavily indebted poor countries (HICPs) in the late 1980s and the 1990s. The results seem to suggest that HIPCs past external debt, per-capita income level, GDP growth rate, trade openness, foreign-currency reserves, and capital inflows are core factors affecting debt servicing.

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    File URL: http://journal.fsv.cuni.cz/storage/1012_s_124_140.pdf
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    Bibliographic Info

    Article provided by Charles University Prague, Faculty of Social Sciences in its journal Finance a uver - Czech Journal of Economics and Finance.

    Volume (Year): 55 (2005)
    Issue (Month): 3-4 (March)
    Pages: 124-140

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    Handle: RePEc:fau:fauart:v:55:y:2005:i:3-4:p:124-140

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    Related research

    Keywords: debt crisis; debt rescheduling; logit model; fixed effects; heavily indebted poor countries (HIPC);

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    1. Hajivassiliou, Vassilis A., 1987. "The external debt repayments problems of LDC's : An econometric model based on panel data," Journal of Econometrics, Elsevier, vol. 36(1-2), pages 205-230.
    2. Andrew Berg & Jeffrey Sachs, 1988. "The Debt Crisis: Structural Explanations of Country Performance," NBER Working Papers 2607, National Bureau of Economic Research, Inc.
    3. Gary M. Woller & Kerk Phillips, 1996. "Commercial Banks And Ldc Debt Reduction," Contemporary Economic Policy, Western Economic Association International, vol. 14(2), pages 107-123, 04.
    4. Marcel Fafchamps, . "Sovereign Debt, Structural Adjustment and Conditionality," Working Papers 96015, Stanford University, Department of Economics.
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