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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 the perspective on the HIPC initiative is distorted by the fact that – contrary to the Brady deal itself – it lacks all perspective on the ‘market value’ of the debt which is written down. The appropriate ‘market value’ is one that takes account of the risk of non-payment: arrears, rescheduling and ‘constrained’ refinancing of various sorts. Building upon econometric evidence that relies on middle income debtors in the eighties, the paper argues that the initiative is about ten times less generous than face value accounting would suggest.

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Publisher Info
Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 2632.

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Date of creation: Dec 2000
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Handle: RePEc:cpr:ceprdp:2632

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Related research
Keywords: Aid; Debt; HIPC;

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Find related papers by 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

Cited by:
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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. "Can Debt Relief Buy Growth?," International Finance 0510003, EconWPA. [Downloadable!]
    Other versions:
  4. Alessandro Missale & Silvia Marchesi, 2004. "What does motivate lending and aid to the HIPCs?," International Finance 0411006, EconWPA. [Downloadable!]
    Other versions:
  5. Johansson, Pernilla, 2008. "Debt Relief, Investment and Growth," Working Papers 2008:11, Lund University, Department of Economics. [Downloadable!]
  6. Cohen, Daniel & Portes, Richard, 2004. "Dealing with Destabilizing 'Market Discipline'," CEPR Discussion Papers 4280, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
  7. Ralf Hepp, 2005. "Health Expenditures Under the HIPC Debt Initiative," International Finance 0510005, EconWPA. [Downloadable!]
  8. Mark Kruger & Miguel Messmacher, 2004. "Sovereign Debt Defaults and Financing Needs," IMF Working Papers 04/53, International Monetary Fund. [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. Andy Haldane & Mark Kruger, 2001. "The Resolution of International Financial Crises: Private Finance and Public Funds," Working Papers 01-20, Bank of Canada. [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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This page was last updated on 2009-11-25.

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