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The United States, Bilateral Debt-for-Nature Swaps, and Forest Loss: A Cross-National Analysis

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  • Jamie M. Sommer
  • Michael Restivo
  • John M. Shandra

Abstract

We engage with the theoretical and empirical literature on the effectiveness of debt-for-nature swaps in promoting environmental protection. We present cross-national evidence that US bilateral debt-for-nature swaps are associated with less forest loss. Using a two-stage instrumental variable regression model to analyse a sample of 85 low- and middle-income countries from 2001 to 2014, we find that higher amounts of debt reduction and higher amounts of conservation funds generated as a result of such swaps are associated with lower rates of forest loss.

Suggested Citation

  • Jamie M. Sommer & Michael Restivo & John M. Shandra, 2020. "The United States, Bilateral Debt-for-Nature Swaps, and Forest Loss: A Cross-National Analysis," Journal of Development Studies, Taylor & Francis Journals, vol. 56(4), pages 748-764, April.
    • Handle: RePEc:taf:jdevst:v:56:y:2020:i:4:p:748-764
    DOI: 10.1080/00220388.2018.1563683
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    References listed on IDEAS

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    1. Cassimon, Danny & Prowse, Martin & Essers, Dennis, 2009. "The pitfalls and potential of debt-for-nature swaps: a US-Indonesian case study," IOB Working Papers 2009.07, Universiteit Antwerpen, Institute of Development Policy (IOB).
    2. Christopher F Baum, 2006. "An Introduction to Modern Econometrics using Stata," Stata Press books, StataCorp LP, number imeus, March.
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    1. Boly, Mohamed & Combes, Jean-Louis & Menuet, Maxime & Minea, Alexandru & Motel, Pascale Combes & Villieu, Patrick, 2022. "Can public debt mitigate environmental debt? Theory and empirical evidence," Energy Economics, Elsevier, vol. 111(C).
    2. Cardenas, J. C. & Jaramillo, F & León, D & López, M. & Rodríguez, M & Zuleta, H, 2021. "With a little help from my friends: Debt Renegotiation and Climate Change," Documentos de Trabajo 19732, Universidad del Rosario.
    3. Xiaoyi Jiang & Hao Cao, 2024. "Implementing the debt-for-nature swaps for marine protected areas: case studies from Seychelles and Belize," Palgrave Communications, Palgrave Macmillan, vol. 11(1), pages 1-9, December.
    4. Edward B. Barbier, 2022. "The Policy Implications of the Dasgupta Review: Land Use Change and Biodiversity," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 83(4), pages 911-935, December.

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