This article examines the mechanics and attributes of concerted debt reduction agreements that offer creditors a choice between exit and relending options. The menu approach sets prices for different choices that implement a decentralized equilibrium. When banks can commit to choose from the...

We assess the dynamics behind the high net resource transfers by donors and creditors to Sub-Saharan African countries. Analyzing the determinants of overall net transfers for a panel of 37 recipient countries in 1978--98, we find that country policies mattered little. Donors--especially...

External debt depresses investment and lowers economic growth below its potential through its negative effect on liquidity and expected profitability. These effects can pull a country into a downward spiral in which both the debtor country and creditors lose. This article considers the...

Authors assess the dynamics behind the high net resource transfers by donors and creditors to Sub-Saharan African countries. Analyzing the determinants of overall net transfers for a panel of 37 recipient countries in 1978-98, Authors find that country policies mattered little. Donors especially...

The inability of political actors to make credible promises to broad segments of society--a previously unexplored determinant of civil war--causes both elected and unelected governments to pursue public policies that leave citizens worse off and more prone to revolt. Noncredible political actors...

The inability of political actors to make credible promises to broad segments of society—a previously unexplored determinant of civil war—causes both elected and unelected governments to pursue public policies that leave citizens worse off and more prone to revolt. Noncredible political...

We use a "natural experiment” in media markets in Benin to examine the impact of community radio on government responsiveness to citizens. Contrary to prior research on the impact of mass media, in this experiment government agents do not provide greater benefits to citizens whose exposure to...

This article introduces a large new cross-country database, the database of political institutions. It covers 177 countries over 21 years, 1975-95. The article presents the intuition, construction, and definitions of the different variables. Among the novel variables introduced are several...