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.
|Date of creation:||12 Sep 2005|
|Date of revision:|
|Publication status:||Published in Economics Letters, 2006, pages 127-130.|
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- Elhanan Helpman, 1989.
"Voluntary Debt Reduction: Incentives and Welfare,"
IMF Staff Papers,
Palgrave Macmillan, vol. 36(3), pages 580-611, September.
- Henry, Peter B. & Arslanalp, Serkan, 2003.
"Helping the Poor to Help Themselves: Debt Relief or Aid?,"
1838, Stanford University, Graduate School of Business.
- 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.
- Cohen, Daniel, 1993. "Low Investment and Large LDC Debt in the 1980's," American Economic Review, American Economic Association, vol. 83(3), pages 437-49, June.
- 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.
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