Debt relief:
The G-8 Multilateral Debt Relief Initiative (MDRI) is the next step of the Highly Indebted Poor Countries Initiative (HIPC). There are two reasons why MDRI is unlikely to help poor countries. First, the amount of money at stake is trivial. The roughly $2 billion of annual debt payments to be relieve...
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Mass.
National Bureau of Economic Research
2006
|
| Schriftenreihe: | Working paper series / National Bureau of Economic Research
12187 |
| Online-Zugang: | kostenfrei |
| Zusammenfassung: | The G-8 Multilateral Debt Relief Initiative (MDRI) is the next step of the Highly Indebted Poor Countries Initiative (HIPC). There are two reasons why MDRI is unlikely to help poor countries. First, the amount of money at stake is trivial. The roughly $2 billion of annual debt payments to be relieved under MDRI amounts to roughly 0.01 percent of the GDP of the OECD countriesﾗa mere one-seventieth (1/70) of the quantity of official development assistance agreed to by world leaders on at least three separate occasions (1970, 1992, 2002). Second, the existence of debt overhang is a necessary condition for debt relief to generate economic gains. Since the world's poorest countries do not suffer from debt overhang, debt relief is unlikely to stimulate their investment and growth. The principal obstacle to investment and growth in the worldﾒs poorest countries is the fundamental inadequacy in these countries of the basic institutions that provide the foundation for profitable economic activity. In light of these facts, the MDRI may amount to a Pyrrhic victory: A symbolic win for advocates of debt relief that clears the conscience of the rich countries but leaves the real problems of the poor countries unaddressed. |
| Beschreibung: | Literaturverz. S. 17 - 19 |
| Beschreibung: | 19, [3] S. 22 cm |
Internformat
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| 520 | |a The G-8 Multilateral Debt Relief Initiative (MDRI) is the next step of the Highly Indebted Poor Countries Initiative (HIPC). There are two reasons why MDRI is unlikely to help poor countries. First, the amount of money at stake is trivial. The roughly $2 billion of annual debt payments to be relieved under MDRI amounts to roughly 0.01 percent of the GDP of the OECD countriesﾗa mere one-seventieth (1/70) of the quantity of official development assistance agreed to by world leaders on at least three separate occasions (1970, 1992, 2002). Second, the existence of debt overhang is a necessary condition for debt relief to generate economic gains. Since the world's poorest countries do not suffer from debt overhang, debt relief is unlikely to stimulate their investment and growth. The principal obstacle to investment and growth in the worldﾒs poorest countries is the fundamental inadequacy in these countries of the basic institutions that provide the foundation for profitable economic activity. In light of these facts, the MDRI may amount to a Pyrrhic victory: A symbolic win for advocates of debt relief that clears the conscience of the rich countries but leaves the real problems of the poor countries unaddressed. | ||
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Datensatz im Suchindex
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| id | DE-604.BV023592122 |
| illustrated | Not Illustrated |
| index_date | 2024-07-02T22:41:29Z |
| indexdate | 2024-07-09T21:25:12Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-016907452 |
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| physical | 19, [3] S. 22 cm |
| publishDate | 2006 |
| publishDateSearch | 2006 |
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| publisher | National Bureau of Economic Research |
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| spelling | Arslanalp, Serkan 1976- Verfasser (DE-588)129316806 aut Debt relief Serkan Arslanalp ; Peter Blair Henry Cambridge, Mass. National Bureau of Economic Research 2006 19, [3] S. 22 cm txt rdacontent n rdamedia nc rdacarrier Working paper series / National Bureau of Economic Research 12187 Literaturverz. S. 17 - 19 The G-8 Multilateral Debt Relief Initiative (MDRI) is the next step of the Highly Indebted Poor Countries Initiative (HIPC). There are two reasons why MDRI is unlikely to help poor countries. First, the amount of money at stake is trivial. The roughly $2 billion of annual debt payments to be relieved under MDRI amounts to roughly 0.01 percent of the GDP of the OECD countriesﾗa mere one-seventieth (1/70) of the quantity of official development assistance agreed to by world leaders on at least three separate occasions (1970, 1992, 2002). Second, the existence of debt overhang is a necessary condition for debt relief to generate economic gains. Since the world's poorest countries do not suffer from debt overhang, debt relief is unlikely to stimulate their investment and growth. The principal obstacle to investment and growth in the worldﾒs poorest countries is the fundamental inadequacy in these countries of the basic institutions that provide the foundation for profitable economic activity. In light of these facts, the MDRI may amount to a Pyrrhic victory: A symbolic win for advocates of debt relief that clears the conscience of the rich countries but leaves the real problems of the poor countries unaddressed. Henry, Peter Blair 1969- Verfasser (DE-588)128843942 aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.> NBER working paper series 12187 (DE-604)BV002801238 12187 http://papers.nber.org/papers/w12187.pdf kostenfrei Volltext |
| spellingShingle | Arslanalp, Serkan 1976- Henry, Peter Blair 1969- Debt relief |
| title | Debt relief |
| title_auth | Debt relief |
| title_exact_search | Debt relief |
| title_exact_search_txtP | Debt relief |
| title_full | Debt relief Serkan Arslanalp ; Peter Blair Henry |
| title_fullStr | Debt relief Serkan Arslanalp ; Peter Blair Henry |
| title_full_unstemmed | Debt relief Serkan Arslanalp ; Peter Blair Henry |
| title_short | Debt relief |
| title_sort | debt relief |
| url | http://papers.nber.org/papers/w12187.pdf |
| volume_link | (DE-604)BV002801238 |
| work_keys_str_mv | AT arslanalpserkan debtrelief AT henrypeterblair debtrelief |