Why heavily indebted poor countries have failed to pay back their debt? An empirical investigation (in English)
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.
Volume (Year): 55 (2005)
Issue (Month): 3-4 (March)
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- Marcel Fafchamps, .
"Sovereign Debt, Structural Adjustment and Conditionality,"
96015, Stanford University, Department of Economics.
- Fafchamps, Marcel, 1996. "Sovereign debt, structural adjustment, and conditionality," Journal of Development Economics, Elsevier, vol. 50(2), pages 313-335, August.
- Berg, Andrew & Sachs, Jeffrey, 1988.
"The debt crisis structural explanations of country performance,"
Journal of Development Economics,
Elsevier, vol. 29(3), pages 271-306, November.
- Andrew Berg & Jeffrey Sachs, 1988. "The Debt Crisis: Structural Explanations of Country Performance," NBER Working Papers 2607, National Bureau of Economic Research, Inc.
- 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.
- 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.
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