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Publications (11)
Working Paper
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This paper considers how the conditionality inherent in HIPC debt relief should be constituted to promote pro-poor policies. There are two dimensions to this. First, the extent to which the policies proposed are pro-poor. Second, the potential for releasing resources for pro-poor expenditures. The...
Working Paper
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– Theoretical Reappraisal of the HIPC Initiative
The objective of this paper is to examine debt dynamics of highly indebted poor countries (HIPCs) and identify key factors responsible for their protracted debt crisis. For this purpose, we first evaluate economic conditions of debt sustainability in the context of the intertemporal borrowing model...
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– Is there a Case for Debt Relief?
This paper investigates whether, and to what extent, the uncertainty with respect to the annual debt service payments may adversely affect economic growth of the group of highly indebted poor countries (HIPCs). We find supportive evidence for this hypothesis. Based on these results, we conclude that...
Working Paper
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– Arbitration as the Alternative to Present, Unsuccessful Debt Strategies
After analysing present, unsuccessful strategies of granting too little too late, a fair, transparent arbitration process (FTAP) on debts modelled after the principles of US Chapter 9 insolvency for debtors with governmental powers (municipalities) is needed. It would respect debtors’ sovereignty...
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– Context and Outlook for Debt Sustainability and Resource Flows
This paper analyses debt relief efforts by creditors to alleviate the debt burden of low-income countries. The Heavily Indebted Poor Countries (HIPC) Initiative builds on traditional debt relief, and for the first time involves relief on multilateral debt. It seeks to reduce debt to sustainable...
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– Analytical History of HIPC Debt Sustainability Targets
This paper traces the origins of HIPC debt sustainability targets. These targets are interpreted as ‘switching values’, below which countries are expected to avoid debt service problems, but as such, they do not take into account that countries encounter debt problems for a variety of reasons and at...
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– Communities, Entrepreneurs, and States
Africa has become synonymous with conflict. There were armed conflicts in 16 of Africa's 54 countries in 1999. For Africa to recover, communities must reconstruct, private sectors must revitalize, and states must transform themselves. Aid donors, NGOs, and international business can do much to help...
Working Paper
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A critical task is to construct a development state-a set of democratically-accountable institutions capable of effective policy design and implementation. The new state agenda is ambitious and resource intensive. It cannot therefore be achieved unless the fiscal crisis of the African state is...
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– Mozambique's Experience
Mozambique has now enjoyed eight years of peace after a 16-year war that massively damaged the economy, caused over a million deaths, and displaced more than 3 million people. This paper aims to improve our understanding of how rural societies reconstruct using the district of Sussundenga in Manica...
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Reconstructing Africa's war damaged economies is an urgent task. This is especially so in a group of countries - Angola, Eritrea, Ethiopia, Guinea-Bissau, and Mozambique - which must also complete their economic and political transition from state socialism. Somalia, which shares their common...
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