Debt relief and adjustment effort in a multi-period model
This paper shows that if the period following the granting of debt relief is taken into account, debt relief increases adjustment effort(investment), irrespective of whether there is an initial debt overhang or not.
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References listed on IDEAS
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- Serkan Arslanalp & Peter Blair Henry, 2004.
"Helping the Poor to Help Themselves: Debt Relief or Aid,"
NBER Working Papers
10230, National Bureau of Economic Research, Inc.
- Henry, Peter B. & Arslanalp, Serkan, 2003. "Helping the Poor to Help Themselves: Debt Relief or Aid?," Research Papers 1838, Stanford University, Graduate School of Business.
- Bert Hofman & Helmut Reisen, 1990.
"Debt Overhang, Liquidity Constraints and Adjustment Incentives,"
OECD Development Centre Working Papers
32, OECD Publishing.
- Hofman, Bert & Reisen, Helmut, 1990. "Debt overhang, liquidity constraints and adjustment incentives," Kiel Working Papers 432, Kiel Institute for the World Economy.
- Hofman, Bert & Reisen, Helmut, 1990. "Debt overhang, liquidity constraints and adjustment incentives," Kiel Working Papers 432, Kiel Institute for the World Economy (IfW).
- Elhanan Helpman, 1988.
"Voluntary Debt Reduction: Incentives and Welfare,"
NBER Working Papers
2692, National Bureau of Economic Research, Inc.
- Philippe Callier, 1989. "Debt Relief and Adjustment Incentives in a Financially Open Economy: Comment on Corden," IMF Staff Papers, Palgrave Macmillan, vol. 36(2), pages 514-522, June.
- Cohen, Daniel, 1993. "Low Investment and Large LDC Debt in the 1980's," American Economic Review, American Economic Association, vol. 83(3), pages 437-449, June.
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