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External Debt Sustainability: Theory and Empirical Evidence

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Author Info
Marco Arnone (Catholic University of Milan)
Luca Bandiera (World Bank)
Andrea Presbitero (Politechnic University of Marche Italy)

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Abstract

This paper is a review of the different approaches on external debt sustainability. The Heavily Indebted Poor Country (HIPC) Initiative was launched to assure a permanent exit from debt dependence. However, the IMF-World Bank program is not without faults, in particular for what concerns debt sustainability analysis. The aim of this work is to present the IMF-World Bank approach to debt sustainability, together with the other approaches in the literature. We show that a new and broader framework is emerging to address the main shortcomings of the standard analysis, namely, the effects that large external debts and deficits have on growth and the macroeconomic environment.

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Publisher Info
Paper provided by EconWPA in its series International Finance with number 0512007.

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Length: 48 pages
Date of creation: 25 Dec 2005
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Handle: RePEc:wpa:wuwpif:0512007

Note: Type of Document - pdf; pages: 48
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Related research
Keywords: HIPC Initiative; Debt Sustainability; Debt Relief; External Debt.;

Other versions of this item:

Find related papers by JEL classification:
F34 - International Economics - - International Finance - - - International Lending and Debt Problems
H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management
O11 - Economic Development, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
O19 - Economic Development, Technological Change, and Growth - - Economic Development - - - International Linkages to Development; Role of International Organizations

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    Other versions:
  2. Eaton, Jonathan, 1993. "Sovereign Debt: A Primer," World Bank Economic Review, Oxford University Press, vol. 7(2), pages 137-72, May.
    Other versions:
  3. Reinhart, Carmen & Rogoff, Kenneth & Savastano, Miguel, 2003. "Debt intolerance," MPRA Paper 13932, University Library of Munich, Germany. [Downloadable!]
    Other versions:
  4. Nicolas Depetris Chauvin & Aart Kraay, 2005. "What Has 100 Billion Dollars Worth of Debt Relief Done for Low- Income Countries?," International Finance 0510001, EconWPA. [Downloadable!]
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    Other versions:
  6. Kraay, Aart & Nehru, Vikram, 2004. "When is external debt sustainable?," Policy Research Working Paper Series 3200, The World Bank. [Downloadable!]
    Other versions:
  7. Claessens, Stijn & Detragiache, Enrica & Kanbur, Ravi & Wickham, Peter, 1996. "Analytical aspects of the debt problems of heavily indebted poor countries," Policy Research Working Paper Series 1618, The World Bank. [Downloadable!]
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  15. repec:rus:hseeco:123922 is not listed on IDEAS
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  17. Morris Goldstein, 2003. "Debt Sustainability, Brazil, and the IMF," Peterson Institute Working Paper Series WP03-1, Peterson Institute for International Economics. [Downloadable!]
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    Other versions:
  20. John T. Cuddington, 1997. "Analysing the Sustainability of Fiscal Deficits in Developing Countries," International Finance 9706001, EconWPA. [Downloadable!]
  21. Asiedu, Elizabeth, 2003. "Debt relief and institutional reform: a focus on Heavily Indebted Poor Countries," The Quarterly Review of Economics and Finance, Elsevier, vol. 43(4), pages 614-626. [Downloadable!] (restricted)
  22. Anthony R. Boote & Kamau Thugge, 1997. "Debt Relief for Low-Income Countries and the HIPC Initiative," IMF Working Papers 97/24, International Monetary Fund.
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Dobdinga Fonchamnyo, 2009. "Debt Relief Incentives in Highly Indebted Poor Countries (HIPC): An Empirical Assessment," International Advances in Economic Research, Springer, vol. 15(3), pages 322-335, August. [Downloadable!] (restricted)
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