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Does the HIPC Initiative Achieve its Goal of Debt Sustainability?

  • Gunter, Bernhard G.

This paper examines the question if the Heavily Indebted Poor Country (HIPC) Initiative provides a good basis for the HIPCs to exit from repeated debt rescheduling. Building on other reviews of the HIPC Initiative, the paper begins with a short summary of some key problems of the HIPC Initiative. It then reviews critically the growth assumptions of HIPC debt sustainability analyses, whereby the paper examines the changes in (i) public and private capital flows before and after the adoption of the HIPC Initiative, (ii) investment and savings rates, and (iii) sectoral transformations. The last analytical part explores the appropriateness of the HIPC debt sustainability indicators. Before summarizing the main results, the paper makes some suggestions on possible modifications in the HIPC framework that are more likely to provide debt sustainability than the current framework. [Discussion Paper No.2001/100]

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File URL: http://www.wider.unu.edu/stc/repec/pdfs/dp2001/dp2001-100.pdf
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Paper provided by World Institute for Development Economic Research (UNU-WIDER) in its series Working Paper Series with number UNU-WIDER Research Paper DP2001/100.

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Length: 36 pages
Date of creation: 2001
Date of revision:
Handle: RePEc:unu:wpaper:dp2001-100
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  1. Cohen, Daniel, 1996. "The sustainability of African debt," Policy Research Working Paper Series 1621, The World Bank.
  2. Peter Hjertholm, 1999. "Analytical History of Heavily Indebted Poor Country (HIPC) Debt Sustainability Targets," Discussion Papers 00-03, University of Copenhagen. Department of Economics.
  3. Hatton, Timothy J. & Williamson, Jeffrey G., 2001. "Demographic and Economic Pressure on Emigration out of Africa," IZA Discussion Papers 250, Institute for the Study of Labor (IZA).
  4. Lopez, Ramon E & Thomas, Vinod, 1990. "Import Dependency and Structural Adjustment in Sub-Saharan Africa," World Bank Economic Review, World Bank Group, vol. 4(2), pages 195-207, May.
  5. Oshikoya, Temitope W, 1994. "Macroeconomic Determinants of Domestic Private Investment in Africa: An Empirical Analysis," Economic Development and Cultural Change, University of Chicago Press, vol. 42(3), pages 573-96, April.
  6. Berthelemy, Jean-claude & Soderling, Ludvig, 2001. "The Role of Capital Accumulation, Adjustment and Structural Change for Economic Take-Off: Empirical Evidence from African Growth Episodes," World Development, Elsevier, vol. 29(2), pages 323-343, February.
  7. Rama, Martin, 1990. "Empirical investment equations in developing countries," Policy Research Working Paper Series 563, The World Bank.
  8. Krugman, Paul, 1988. "Financing vs. forgiving a debt overhang," Journal of Development Economics, Elsevier, vol. 29(3), pages 253-268, November.
  9. Young, Alwyn, 1995. "The Tyranny of Numbers: Confronting the Statistical Realities of the East Asian Growth Experience," The Quarterly Journal of Economics, MIT Press, vol. 110(3), pages 641-80, August.
  10. Abdelhak Senhadji, 2000. "Sources of Economic Growth: An Extensive Growth Accounting Exercise," IMF Staff Papers, Palgrave Macmillan, vol. 47(1), pages 6.
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