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The HIPC Initiative: True and False Promises

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  • Cohen, Daniel

Abstract

The paper develops the view that understanding of the HIPC initiative is distorted by a lack of perspective on the market value of the debt which is written down. The appropriate market value takes account of the risk of non-payment: arrears, rescheduling and constrained refinancing of various sorts. Building on econometric evidence that relies on middle income debtors in the 1980s, the paper argues that the initiative is about ten times less generous than face value accounting would suggest. Copyright 2001 by Blackwell Publishers Ltd.

Suggested Citation

  • Cohen, Daniel, 2001. "The HIPC Initiative: True and False Promises," International Finance, Wiley Blackwell, vol. 4(3), pages 363-380, Winter.
    • Handle: RePEc:bla:intfin:v:4:y:2001:i:3:p:363-80
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    Cited by:

    1. repec:bep:maccon:v:5:y:2005:i:1:p:1133-1133 is not listed on IDEAS
    2. Daniel Cohen & Pierre Jacquet & Helmut Reisen, 2007. "Loans or Grants?," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 143(4), pages 764-782, December.
    3. Marine De Talancé & Marin Ferry & Miguel Niño-Zarazùa, 2019. "Did Debt Relief Initiatives help to reach the MDGs? A Focus on Primary Education," Erudite Working Paper 2019-23, Erudite.
    4. Marin Ferry & Marc Raffinot, 2019. "Curse or Blessing? Has the Impact of Debt Relief Lived up to Expectations? A Review of the Effects of the Multilateral Debt Relief Initiatives for Low-Income Countries," Journal of Development Studies, Taylor & Francis Journals, vol. 55(9), pages 1867-1891, September.
    5. Alessandro Missale & Silvia Marchesi, 2004. "What does motivate lending and aid to the HIPCs?," International Finance 0411006, University Library of Munich, Germany.
    6. European Network on Development, 2001. "Debt Reduction for Poverty Eradication in the Least Developed Countries: Analysis and Recommendations on LDC Debt," WIDER Working Paper Series DP2001-110, World Institute for Development Economic Research (UNU-WIDER).
    7. Craig Burnside & Domenico Fanizza, 2001. "Hiccups for HIPCs?," WIDER Working Paper Series DP2001-99, World Institute for Development Economic Research (UNU-WIDER).
    8. Cohen, Daniel & Portes, Richard, 2004. "Dealing with Destabilizing 'Market Discipline'," CEPR Discussion Papers 4280, C.E.P.R. Discussion Papers.
    9. repec:bpj:bejmac:v:5:y:2005:i:1:p:1133-1133 is not listed on IDEAS
    10. Johansson, Pernilla, 2010. "Debt Relief, Investment and Growth," World Development, Elsevier, vol. 38(9), pages 1204-1216, September.
    11. Marc Raffinot, 2006. "Prêts ou dons. Commentaires," Revue d’économie du développement, De Boeck Université, vol. 14(2), pages 159-165.

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