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The Millenium Development Goals and Sovereign Debt Write-downs

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Author Info
Sayantan Ghosal
Kannika Thampanishvong ()

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Abstract

Can sovereign debt write-downs be used to achieve the Millennium Development Goals (MDGs)? This paper shows that transparency of domestic governance determines how a sovereign debt write-down is structured to attain the MDGs. When domestic governance is transparent, an unconditional debt write-down enhances non-elites’ welfare. Without such transparency, conditions that directly link the debt write-down to public goods that improve non-elites’ welfare are required. In the latter case, in a dynamic setting, the debt write-down also has to be directly linked to the amount of new debt issued. Using our formal analysis, we evaluate the efficacy of the current debt relief initiatives and discuss some policy implications.

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File URL: http://www.st-andrews.ac.uk/economics/CDMA/papers/wp0718.pdf
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Publisher Info
Paper provided by Centre for Dynamic Macroeconomic Analysis in its series CDMA Working Paper Series with number 0718.

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Date of creation: Oct 2007
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Handle: RePEc:san:cdmawp:0718

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Related research
Keywords: Debt Write-down; Representativeness; Transparency; Conditionality; Millennium Development Goals.;

Find related papers by JEL classification:
C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
C78 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Bargaining Theory; Matching Theory
D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information
F34 - International Economics - - International Finance - - - International Lending and Debt Problems

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This page was last updated on 2009-11-25.

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