Abstract
ABSTRACT This paper argues that the twin attributes of public ownership of the heavily indebted poor country (HIPC) debt, and the relative systemic irrelevance of these countries' economic performance led to an almost decade-long delay in the provision of substantial debt relief for these countries. While private creditors were forced to come to terms with the middle-income country debt, public creditors could afford to sustain the fiction of a liquidity crisis much longer (implying little need for debt reduction). This delay was costly for these countries as they fell behind other countries of comparable income levels in both human and economic development terms. The paper also offers some estimates of the size of the debt overhang facing these countries, and hence potential bases for determining the adequacy of current debt-reduction efforts.
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Schedule a callMore From: Canadian Journal of Development Studies / Revue canadienne d'études du développement
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