Debt Relief and the Rule of Thumb: Analytical History of HIPC Debt Sustainability Targets

Peter Hjertholm

No DP2001-68, WIDER Working Paper Series from World Institute for Development Economic Research (UNU-WIDER)

Abstract: This paper traces the origins of HIPC debt sustainability targets. These targets are interpreted as 'switching values', below which countries are expected to avoid debt service problems, but as such, they do not take into account that countries encounter debt problems for a variety of reasons and at different levels of debt. Most likely the 'true' switching value of the debt-to-export ratio of many HIPCs lies below or above the present target.

Keywords: Public debt; Fiscal policy; Macroeconomics (search for similar items in EconPapers)
Date: 2001
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