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Debt Relief for Low-Income Countries: Is it Effective and Efficient?

In: International Finance and the Developing Economies

Author

Listed:
  • Graham Bird

    (University of Surrey)

  • Alistair Milne

Abstract

In recent years religious bodies, campaigning groups, and parts of the media have made a strong moral case for debt relief, accusing creditors of imposing an excessive burden of debt on low-income countries and thereby forcing them to cut back in other areas of government expenditure such as education and health, with deleterious effects on poverty reduction and economic growth. The case for debt relief is also made from the other side of the political spectrum, most notably in the recent report of the International Financial Institution Advisory Commission sponsored by the US Congress (the ‘Meltzer’ report) which amongst other measures called for complete debt cancellation by the IMF and other IFIs.

Suggested Citation

  • Graham Bird & Alistair Milne, 2004. "Debt Relief for Low-Income Countries: Is it Effective and Efficient?," Palgrave Macmillan Books, in: International Finance and the Developing Economies, chapter 15, pages 273-288, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-59984-0_15
    DOI: 10.1057/9780230599840_15
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    Cited by:

    1. Freytag, Andreas & Pehnelt, Gernot, 2009. "Debt Relief and Governance Quality in Developing Countries," World Development, Elsevier, vol. 37(1), pages 62-80, January.
    2. 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.
    3. Cordella, Tito & Missale, Alessandro, 2013. "To give or to forgive? Aid versus debt relief," Journal of International Money and Finance, Elsevier, vol. 37(C), pages 504-528.
    4. HEPP, Ralf, 2010. "CONSEQUENCES OF DEBT RELIEF INITIATIVES IN THE 1990s," Applied Econometrics and International Development, Euro-American Association of Economic Development, vol. 10(1).
    5. Chung‐Hua Shen & Hsing‐Hua Hsu, 2022. "The determinants of Asian banking crises—Application of the panel threshold logit model," International Review of Finance, International Review of Finance Ltd., vol. 22(1), pages 248-277, March.
    6. Gravier-Rymaszewska, Joanna, 2012. "How Aid Supply Responds to Economic Crises: A Panel VAR Approach," WIDER Working Paper Series 025, World Institute for Development Economic Research (UNU-WIDER).
    7. Powell, Robert & Bird, Graham, 2010. "Aid and Debt Relief in Africa: Have They Been Substitutes or Complements?," World Development, Elsevier, vol. 38(3), pages 219-227, March.
    8. Graham Bird, 2004. "Growth, poverty and the IMF," Journal of International Development, John Wiley & Sons, Ltd., vol. 16(4), pages 621-636.
    9. Green, Keith, 2005. "The fragile panacea of debt relief for developing countries," MPRA Paper 18098, University Library of Munich, Germany.
    10. Ferrarini, Benno, 2008. "Proposal for a Contingency Debt Sustainability Framework," World Development, Elsevier, vol. 36(12), pages 2547-2565, December.
    11. Lisandro Abrego & Doris C. Ross, 2002. "Debt Relief under the HIPC Initiative: Context and Outlook for Debt Sustainability and Resource Flows," WIDER Working Paper Series DP2002-44, World Institute for Development Economic Research (UNU-WIDER).
    12. Marchesi, Silvia & Missale, Alessandro, 2013. "Did High Debts Distort Loan and Grant Allocation to IDA Countries?," World Development, Elsevier, vol. 44(C), pages 44-62.
    13. Joanna Gravier-Rymaszewska, 2012. "How Aid Supply Responds to Economic Crises: A Panel VAR Approach," WIDER Working Paper Series wp-2012-025, World Institute for Development Economic Research (UNU-WIDER).
    14. Nicolas Depetris Chauvin & Aart Kraay, 2005. "What Has 100 Billion Dollars Worth of Debt Relief Done for Low- Income Countries?," International Finance 0510001, University Library of Munich, Germany.
    15. Johansson, Pernilla, 2008. "Debt Relief, Investment and Growth," Working Papers 2008:11, Lund University, Department of Economics.
    16. Presbitero, Andrea F., 2008. "The Debt-Growth Nexus in Poor Countries: A Reassessment," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 2, pages 1-28.
    17. Sanford, Jonathan E., 2004. "IDA Grants and HIPC Debt Cancellation: Their Effectiveness and Impact on IDA Resources," World Development, Elsevier, vol. 32(9), pages 1579-1607, September.
    18. Guido Tubaldi, 2018. "The HIPC initiative and its impact on health and education expenditures," Global Politics Review, Global Politics Review, vol. 4(1), pages 6-30, October.
    19. Ms. Sandra Marcelino & Ms. Ivetta Hakobyan, 2014. "Does Lower Debt Buy Higher Growth? The Impact of Debt Relief Initiatives on Growth," IMF Working Papers 2014/230, International Monetary Fund.
    20. Johansson, Pernilla, 2010. "Debt Relief, Investment and Growth," World Development, Elsevier, vol. 38(9), pages 1204-1216, September.
    21. Ralf Hepp, 2005. "Can Debt Relief Buy Growth?," International Finance 0510003, University Library of Munich, Germany.
    22. repec:unu:wpaper:wp2012-25 is not listed on IDEAS
    23. Mayr, Karin, 2010. "Optimal Deficit and Debt in the Presence of Foreign Aid," World Development, Elsevier, vol. 38(1), pages 19-27, January.
    24. Gunter, Bernhard G. & Rahman, Jesmin & Wodon, Quentin, 2008. "Robbing Peter to Pay Paul? Understanding Who Pays for Debt Relief," World Development, Elsevier, vol. 36(1), pages 1-16, January.
    25. William Akoto, 2013. "Do countries strategically improve their institutions to access increased debt relief?," Economics Bulletin, AccessEcon, vol. 33(2), pages 1185-1192.

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