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Helping the Poor to Help Themselves: Debt Relief or Aid

  • Serkan Arslanalp
  • Peter Blair Henry

Debt relief is unlikely to stimulate investment and growth in the world's highly indebted poor countries (HIPCs). This is because the HIPCs do not suffer from debt overhang. The principal obstacle to investment and growth in the world's poorest countries is a lack of basic economic institutions that provide the foundation for profitable economic activity. If the goal is to help poor countries build the institutions that best suit their development needs, then the energy and resources currently devoted to the HIPC initiative could be more effectively employed as direct foreign aid.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 10230.

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Date of creation: Jan 2004
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Publication status: published as Jochnick, Chris and Fraser A. Preston (eds.) Sovereign Debt at the Crossroads. Oxford University Press, 2006.
Handle: RePEc:nbr:nberwo:10230
Note: IFM
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