unemployment, undue instability, and excess debt. …

opening, exchange rate policies, alternatives to debt financing and the role of the international financial institutions. The … 1991 and 2001, together with the lack of nationally coherent fiscal and development policies, led to a classic debt …

Limited liability debt financing of irreversible investments can affect investment timing through an entrepreneur …'s option value, even after compensating a lender for expected default losses. This non-neutrality of debt arises from an …'s use of debt. Intuitively, limited liability lowers downside risk for the entrepreneur by truncating the lower tail of …

This paper investigates underlying causes of the debt crisis that only surfaced with Mexico’s unilateral moratorium on … her foreign obligations in 1982. The paper investigates the evolutionary trend of LDC debt and the consequences for … understanding of the mechanics of debt accumulation as groundwork for further study of macroeconomics of debt and debt relief. The …

In the present paper we explicitly introduce interest payments and debt into a Kaleckian distribution and growth model … the equilibrium debt-capital-ratio are also analysed. It is shown, that the effects of interest variations on the … interest rate and the debt- capital-ratio. If the conditions for short-run ‘normal’ effects of interest rate variations are …

. Lavoie (1995) has proposed a Kaleckian ‘Minsky-Steindl-model’ of distribution and growth, incorporating the effects debt and … debt services have on short and long run capital accumulation. This attempt, however, can be extended because neither has … effects of debt and debt services are explicitly introduced, the effects of interest rate variations on the short and the long …

Reasonable levels of external debt that would help finance productive investment are expected to enhance economic … consequently affect poverty negatively. To investigate the effect of debt [domestic and external] and growth on poverty using the … per capita income approach, the study augments a growth and debt specifications based on conditional convergence by adding …

Between 1989 and 2003, low-income countries received $100 billion in debt relief. The stated objectives for much of … this debt relief have been to reduce debt overhang and to free up recipient government resources for development spending … that would otherwise have been used for debt service. In this paper we empirically assess the extent to which debt relief …