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External Debt Sustainability: Theory and Empirical Evidence

Arnone, Marco; Bandiera, Luca; Presbitero, Andrea - EconWPA - 2005

This paper is a review of the different approaches on external debt sustainability. The Heavily Indebted Poor Country (HIPC) Initiative was launched to assure a permanent exit from debt dependence. However, the IMF-World Bank program is not without faults, in particular for what concerns debt...

Persistent link: https://www.econbiz.de/10005556649

How Did Malawi Accumulate External Debt

Stambuli, P. Kalonga - EconWPA - 2003

Further to investigation of how Malawi accumulated external debts amounting to $2.7 billion, without a corresponding growth in the economy, exports capability or poverty reduction this paper much of the borrowing contracted during 1973-82 was consumed by balance of payments deficits caused by...

Persistent link: https://www.econbiz.de/10005062708

Paris Club Debt Relief, Traditional Frameworks and Implications for Poor Country Debt

Stambuli, P. Kalonga - EconWPA - 2003

This paper examines economic rationale and efficiency effects of proposals directed at alleviating debt problems of poor countries. Key to the investigation is determination of whether proposed mechanisms tackle fundamental causes of the debt crisis. The paper finds that despite the enthusiasm...

Persistent link: https://www.econbiz.de/10005408158

Impact du fardeau virtuel de la dette sur le taux de change réel d'équilibre des pays en développement

XSENE, Babacar - EconWPA - 2005

The main objective of this paper is to study the relationship between external public debt and equilibrium real exchange rate in developing countries. Using a extension of Obstfeld & Rogoff (1995) model we show that debt overhang tend to appreciate real exchange rate in the long run (Krugman...

Persistent link: https://www.econbiz.de/10005126240

A non-linear Macroeconometric Impact Model of External Debt Cancellation in Severely Indebted Low Income Country (SILIC) Economies

thesis, P. Kalonga Stambuli PhD - EconWPA - 2003

On the basis of models I developed to simulate mathematical relationships between external debt and fiscal and balance of payments variables my thesis evaluates whether debt cancellation will overcome the debt overhang and crowding out effects of external debt and allow Severely Indebted Low...

Persistent link: https://www.econbiz.de/10005408182

A better way to account for fiat money at the Central Bank

Colignatus, Thomas - EconWPA - 2005

Proper monetary accounting rules are: (1) Central Banks should conform to the practice of the US Federal Reserve to distinguish its Balance Sheet from its Statement of Conditions. (2) Fiat money should not appear as a liability in a Balance Sheet. (3) The Central Bank should not record more...

Persistent link: https://www.econbiz.de/10005408128

Health Expenditures Under the HIPC Debt Initiative

Hepp, Ralf - EconWPA - 2005

on per capita health expenditure in a sample of developing countries while controlling for other factors used in the … literature. I find that debt relief has – at the margin – little or no effect on health expenditure in countries that are … classified as HIPC. The level of health expenditures in HIPC countries, however, is significantly higher than in other developing …

Persistent link: https://www.econbiz.de/10005062697

What does motivate lending and aid to the HIPCs?

Missale, Alessandro; Marchesi, Silvia - EconWPA - 2004

We examine both grants and net loans made to low income countries during the last two decades to understand the main reasons that motivated the behaviour of both donors and creditors. We find that the total amount of transfers to HIPCs, as compared to non-HIPCs, have been increasing with their...

Persistent link: https://www.econbiz.de/10005125525

THE BALANCE OF PAYMENTS AS A MONETARY PHENOMENON:AN ECONOMETRIC CASE STUDY OF NIGERIA

NWAOBI, GODWIN CHUKWUDUM - EconWPA - 2003

THE THRUST OF THIS PAPER HAS BEEN TO INVESTIGATE THE THEORETICAL PROPOSITION OF THE MONETARY APPROACH TO THE THEORY OF BALANCE OF PAYMENTS ADJUSTMENT MECHANISM. THE ESSENCE OF THE APPROACH IS A CONSISTENT INSISTENCE THAT BALANCE OF PAYMENTS IS A MONETARY AND NOT A REAL PHENOMENON AS POSITED BY...

Persistent link: https://www.econbiz.de/10005408148

A Simple Proposal for a 'Debt-Sensitive Stability Pact'

Saraceno, Francesco; Monperrus-Veroni, Paola - EconWPA - 2004

The main rationale for fiscal policy rules is the concern for long term sustainability of public finances, that in a monetary union may affect the other members. Among many other criticisms, the Stability and Growth Pact (SGP) has been seen as contradictory or incomplete because it focuses on...

Persistent link: https://www.econbiz.de/10005125005