Pitfalls of debt reduction: a counterfactual case study of Zambia during the early 1990s
Is debt reduction a gift to future generations? The answer depends upon how indebted governments use the extra room for manoeuvre it confers upon them. The paper explores this issue through a historical counterfactual case study. In 1991 a new Zambian government was democratically elected on a reform platform that corresponded closely to donor|creditor prescriptions. The paper casts doubt on whether more substantial debt reduction at that time would have improved long-term prospects for the Zambian economy, increased public health and education spending, or strengthened the government's political accountability. This suggests, in turn, that it would probably have done little to improve prospects for future generations of Zambians. Copyright © 2000 John Wiley & Sons, Ltd.
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Volume (Year): 12 (2000)
Issue (Month): 4 ()
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- Paul R. Krugman, 1988.
"Financing vs. Forgiving a Debt Overhang,"
NBER Working Papers
2486, National Bureau of Economic Research, Inc.
- Deshpande, Ashwini, 1997. "The debt overhang and the disincentive to invest," Journal of Development Economics, Elsevier, vol. 52(1), pages 169-187, February.
- Younger, Stephen D., 1992. "Aid and the Dutch disease: Macroeconomic management when everybody loves you," World Development, Elsevier, vol. 20(11), pages 1587-1597, November.
- Bates, Robert H & Collier, Paul, 1995. "The Politics and Economics of Policy Reform in Zambia," Journal of African Economies, Centre for the Study of African Economies (CSAE), vol. 4(1), pages 115-143, May.
- J. Stiglitz, 1998. "More Instruments and Broader Goals: Moving toward the PostWashington Consensus," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 8.
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