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Hiccups for HIPCs?

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Debt Reduction, Fiscal Adjustment, and Growth in Credit-Constrained Economies

Baldacci, Emanuele - 2013

This paper assesses the effects of fiscal consolidations associated with public debt reduction on medium-term output growth during periods of private debt deleveraging. The analysis covers 107 countries and 79 episodes of public debt reduction driven by discretionary fiscal adjustments during...