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Delivering on Debt Relief: From IMF Gold to a New Aid Architecture

Author

Listed:
  • Nancy Birdsall
  • John Williamson

    (Peterson Institute for International Economics)

Abstract

This study brings readers up to date on the complicated and controversial subject of debt relief for the poorest countries of the world. What has actually been achieved? Has debt relief provided truly additional resources to fight poverty? How will the design and timing of the "enhanced Heavily Indebted Poor Country (HIPC) initiative" affect the development prospects of the world's poorest countries and their people? The study then moves on to address several broader policy questions: Is debt relief a step toward more efficient and equitable government spending, building better institutions, and attracting productive private investment in the poorest countries? Who pays for debt relief? Is there a case for further relief? Most important, how can the case for debt relief be sustained in a broader effort to combat poverty in the poorest countries?

Suggested Citation

  • Nancy Birdsall & John Williamson, 2002. "Delivering on Debt Relief: From IMF Gold to a New Aid Architecture," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 337, September.
  • Handle: RePEc:iie:ppress:337
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    Citations

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    Cited by:

    1. Thomas, Jonathan P., 2004. "Bankruptcy proceedings for sovereign state insolvency and their effect on capital flows," International Review of Economics & Finance, Elsevier, vol. 13(3), pages 341-361.
    2. Arslanalp, Serkan & Henry, Peter B., 2006. "Debt Relief," Research Papers 1931, Stanford University, Graduate School of Business.
    3. Easterly, William, 2002. "How Did Heavily Indebted Poor Countries Become Heavily Indebted? Reviewing Two Decades of Debt Relief," World Development, Elsevier, vol. 30(10), pages 1677-1696, October.
    4. Silvia Marchesi & Alessandro Missale, 2007. "How defensive were lending and aid to HIPC?," Working Papers 115, University of Milano-Bicocca, Department of Economics, revised 2007.
    5. Bauer, Christian & Herz, Bernhard & Hoops, Stefan, 2008. "A Cheap Lunch for Emerging Markets: Removing International Financial Market Imperfections with Modern Financial Instruments," World Development, Elsevier, vol. 36(9), pages 1514-1530, September.
    6. Nancy Birdsall & Liliana Rojas-Suarez (ed.), 2004. "Financing Development: The Power of Regionalism," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 359.
    7. Siddique, Abu & Selvanathan, E.A. & Selvanathan, Saroja, 2016. "The impact of external debt on growth: Evidence from highly indebted poor countries," Journal of Policy Modeling, Elsevier, vol. 38(5), pages 874-894.
    8. Gravier-Rymaszewska, Joanna, 2012. "How Aid Supply Responds to Economic Crises: A Panel VAR Approach," WIDER Working Paper Series 025, World Institute for Development Economic Research (UNU-WIDER).
    9. Hasan Shahzad & Attiya Yasmin Javid, 2015. "Impact of Debt on Aggregate Investment and Productivity in Developing Asian Countries," PIDE-Working Papers 2015:127, Pakistan Institute of Development Economics.
    10. William Easterly, 2002. "The cartel of good intentions: The problem of bureaucracy in foreign aid," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 5(4), pages 223-250.
    11. Madhur Gautam, 2003. "Debt Relief for the Poorest : An OED Review of the HIPC Initiative," World Bank Publications, The World Bank, number 15164.
    12. Serkan Arslanalp & Peter Blair Henry, 2002. "Debt Relief: What Do the Markets Think?," NBER Working Papers 9369, National Bureau of Economic Research, Inc.
    13. Welander, Anna, 2016. "Does Debt Relief Improve Child Health? Evidence from Cross-Country Micro Data," Working Papers 2016:29, Lund University, Department of Economics.
    14. Nancy Birdsall, 2006. "A Stability and Social Investment Facility for High Debt Countries," Working Papers 77, Center for Global Development.
    15. repec:eee:wdevel:v:104:y:2018:i:c:p:108-127 is not listed on IDEAS
    16. Helene Poirson Ward & Luca A Ricci & Catherine A Pattillo, 2004. "What Are the Channels Through Which External Debt Affects Growth?," IMF Working Papers 04/15, International Monetary Fund.
    17. AfDB AfDB, 2005. "Working Paper 75 - External Shocks and the HIPC Initiative: Impacts on Growth and Poverty in Africa," Working Paper Series 2289, African Development Bank.
    18. Sanford, Jonathan E., 2004. "IDA Grants and HIPC Debt Cancellation: Their Effectiveness and Impact on IDA Resources," World Development, Elsevier, vol. 32(9), pages 1579-1607, September.
    19. repec:eee:wdevel:v:111:y:2018:i:c:p:181-195 is not listed on IDEAS
    20. Jonathan P. Thomas, 2004. "Bankruptcy Proceedings for Sovereign State Insolvency," The World Economy, Wiley Blackwell, vol. 27(2), pages 265-279, February.
    21. AfDB AfDB, 2005. "Working Paper 75 - External Shocks and the HIPC Initiative: Impacts on Growth and Poverty in Africa," Working Paper Series 2209, African Development Bank.
    22. Robert Powell, 2003. "Debt Relief, Additionality, and Aid Allocation in Low Income Countries," IMF Working Papers 03/175, International Monetary Fund.
    23. Sayantan Ghosal & Kannika Thampanishvong, 2007. "The Millenium Development Goals and Sovereign Debt Write-downs," CDMA Working Paper Series 200718, Centre for Dynamic Macroeconomic Analysis.
    24. Cheng, Gong & Díaz-Cassou, Javier & Erce, Aitor, 2018. "Official debt restructurings and development," World Development, Elsevier, vol. 111(C), pages 181-195.
    25. Cassimon, Denis & Moreno-Dodson, Blanca & Wodon, Quentin, 2008. "Debt Sustainability for Low-Income Countries: A Review of Standard and Alternative Concepts," MPRA Paper 11077, University Library of Munich, Germany.

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