The HIPC Initiative: True and False Promises

Daniel Cohen

No 2632, CEPR Discussion Papers from Centre for Economic Policy Research

Abstract: The paper develops the view that the perspective on the HIPC initiative is distorted by the fact that ? contrary to the Brady deal itself ? it lacks all perspective on the ?market value? of the debt which is written down. The appropriate ?market value? is one that takes account of the risk of non-payment: arrears, rescheduling and ?constrained? refinancing of various sorts. Building upon econometric evidence that relies on middle income debtors in the eighties, the paper argues that the initiative is about ten times less generous than face value accounting would suggest.

Keywords: Hipc; Debt; Aid (search for similar items in EconPapers)
JEL-codes: F33 F43 (search for similar items in EconPapers)
Date: 2000-12
References: Add references at CitEc
Citations: View citations in EconPapers (19)

Downloads: (external link)
https://cepr.org/publications/DP2632 (application/pdf)

Related works:
Journal Article: The HIPC Initiative: True and False Promises (2001)
Working Paper: The HIPC Initiative: True and False Promises (2000)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:cpr:ceprdp:2632

Ordering information: This working paper can be ordered from
https://cepr.org/publications/DP2632

Access Statistics for this paper

More papers in CEPR Discussion Papers from Centre for Economic Policy Research 33 Great Sutton Street, London EC1V 0DX, UK.
Bibliographic data for series maintained by CEPR ().