Lending to the Poorest Countries: A New Counter-Cyclical Debt Instrument
One of the particular features of poor countries' economies is their volatility, due mostly to their dependence on commodities. The paper shows that this volatility is a prime factor behind the debt crises of the poorest countries. It advocates the adoption by donors of a new lending instrument...
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| Main Author: | |
|---|---|
| Other Authors: | , , |
| Format: | Electronic eBook |
| Language: | English |
| Published: |
Paris
OECD Publishing
2008
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| Series: | OECD Development Centre Working Papers
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| Subjects: | |
| Online Access: | Volltext |
| Summary: | One of the particular features of poor countries' economies is their volatility, due mostly to their dependence on commodities. The paper shows that this volatility is a prime factor behind the debt crises of the poorest countries. It advocates the adoption by donors of a new lending instrument: the countercyclical loan (CCL). The key idea is to reduce the grace period of a typical concessional loan, from 10 to 5 years, and to keep the remaining grace periods as an asset that the country can draw upon, when a bad shock occurs. If no such bad shocks happen, or infrequently enough, the "floating grace" is redeemed to the country at the end of the loan as a repayment in advance without penalties |
| Physical Description: | 1 Online-Ressource (45 Seiten) 21 x 29.7cm |
| DOI: | 10.1787/242606541087 |
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| spelling | Cohen, Daniel Verfasser aut Lending to the Poorest Countries A New Counter-Cyclical Debt Instrument Daniel Cohen ... [et al] Paris OECD Publishing 2008 1 Online-Ressource (45 Seiten) 21 x 29.7cm txt rdacontent c rdamedia cr rdacarrier OECD Development Centre Working Papers One of the particular features of poor countries' economies is their volatility, due mostly to their dependence on commodities. The paper shows that this volatility is a prime factor behind the debt crises of the poorest countries. It advocates the adoption by donors of a new lending instrument: the countercyclical loan (CCL). The key idea is to reduce the grace period of a typical concessional loan, from 10 to 5 years, and to keep the remaining grace periods as an asset that the country can draw upon, when a bad shock occurs. If no such bad shocks happen, or infrequently enough, the "floating grace" is redeemed to the country at the end of the loan as a repayment in advance without penalties Development Djoufelkit-Cottenet, Hélène ctb Jacquet, Pierre ctb Valadier, Cécile ctb https://doi.org/10.1787/242606541087 Verlag kostenfrei Volltext |
| spellingShingle | Cohen, Daniel Lending to the Poorest Countries A New Counter-Cyclical Debt Instrument Development |
| title | Lending to the Poorest Countries A New Counter-Cyclical Debt Instrument |
| title_auth | Lending to the Poorest Countries A New Counter-Cyclical Debt Instrument |
| title_exact_search | Lending to the Poorest Countries A New Counter-Cyclical Debt Instrument |
| title_exact_search_txtP | Lending to the Poorest Countries A New Counter-Cyclical Debt Instrument |
| title_full | Lending to the Poorest Countries A New Counter-Cyclical Debt Instrument Daniel Cohen ... [et al] |
| title_fullStr | Lending to the Poorest Countries A New Counter-Cyclical Debt Instrument Daniel Cohen ... [et al] |
| title_full_unstemmed | Lending to the Poorest Countries A New Counter-Cyclical Debt Instrument Daniel Cohen ... [et al] |
| title_short | Lending to the Poorest Countries |
| title_sort | lending to the poorest countries a new counter cyclical debt instrument |
| title_sub | A New Counter-Cyclical Debt Instrument |
| topic | Development |
| topic_facet | Development |
| url | https://doi.org/10.1787/242606541087 |
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