By T. Addison, H. Hansen, F. Tarp
After a major overseas crusade calling realization to the improvement effect of international debt, the seriously Indebted terrible international locations (HIPC) initiative is now underway. yet will the HIPC Initiative meet its excessive expectancies? Will debt aid considerably elevate development? How can we ensure that debt reduction advantages bad humans? and the way will we make sure that bad nations don't turn into hugely indebted back? those are a few of the key coverage concerns lined during this rigorous and self reliant research of debt, improvement, and poverty.
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Extra resources for Debt Relief for Poor Countries
As we emphasized in the Introduction, an extensive evaluation of HIPC will need to be undertaken before 2010, in part because the development community will want to know whether the resources were well spent. Our volume highlights the methodological issues that arise. Our country studies provide templates of how the issues can be approached. To be successful any future HIPC evaluation must see action on two fronts now. First, accelerate efforts to improve data collection, not only Tony Addison, Henrik Hansen and Finn Tarp 21 at the household level (crucial, for example, in conducting benefitincidence analysis of the increased public spending arising from debt relief) but also in the reporting of central and local government spending across basic services.
In particular, policy changes are notoriously difficult to predict, which is why none of the abovementioned studies even attempts to do so. Moreover and perhaps more importantly, as the HIPC Initiative marks a structural break there is a risk that quantitative results based on data and models reflecting past behaviour may not adequately predict what happens after debt relief. g. to stabilize and improve the political situation in HIPCs). But in this case the predicted growth effects of the HIPC Initiative are probably in the lower range, and must be interpreted with care.
Point A represents autarky position, where a country has no access to international capital markets and both producers and consumers face the domestic interest rate r, which exceeds the world interest rate, r *. The slope of the budget line at point A is À(1 þ r), whereas that of the budget line at points B and C is À(1 þ r)*). With opening up to international borrowing, two effects emerge: (i) the country can divert resources to more future production at B, as it responds to the lower interest rate, r *; and (ii) the country enjoys higher current consumption at C, as the higher utility indifference curve through point C than the one through point A indicates.
Debt Relief for Poor Countries by T. Addison, H. Hansen, F. Tarp