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External Debt Sustainability: Theory and Empirical Evidence

Arnone, Marco; Bandiera, Luca; Presbitero, Andrea - EconWPA - 2005

This paper is a review of the different approaches on external debt sustainability. The Heavily Indebted Poor Country (HIPC) Initiative was launched to assure a permanent exit from debt dependence. However, the IMF-World Bank program is not without faults, in particular for what concerns debt...

Persistent link: https://www.econbiz.de/10005556649

How Did Malawi Accumulate External Debt

Stambuli, P. Kalonga - EconWPA - 2003

Further to investigation of how Malawi accumulated external debts amounting to $2.7 billion, without a corresponding growth in the economy, exports capability or poverty reduction this paper much of the borrowing contracted during 1973-82 was consumed by balance of payments deficits caused by...

Persistent link: https://www.econbiz.de/10005062708

On Fixed and Variable Fiscal Surplus Rules

Basci, Erdem; Ekinci, Mehmet Fatih; Yulek, Murat - EconWPA - 2004

Fiscal rules are being increasingly used by both emerging and developed economies. This paper analyzes two alternative fiscal policy rules in terms of their impact on debt sustainability: a rule that fixes the ratio of primary surplus to GDP (“fixed surplus rule”) and one that sets the...

Persistent link: https://www.econbiz.de/10005412792

A better way to account for fiat money at the Central Bank

Colignatus, Thomas - EconWPA - 2005

Proper monetary accounting rules are: (1) Central Banks should conform to the practice of the US Federal Reserve to distinguish its Balance Sheet from its Statement of Conditions. (2) Fiat money should not appear as a liability in a Balance Sheet. (3) The Central Bank should not record more...

Persistent link: https://www.econbiz.de/10005408128

A non-linear Macroeconometric Impact Model of External Debt Cancellation in Severely Indebted Low Income Country (SILIC) Economies

thesis, P. Kalonga Stambuli PhD - EconWPA - 2003

On the basis of models I developed to simulate mathematical relationships between external debt and fiscal and balance of payments variables my thesis evaluates whether debt cancellation will overcome the debt overhang and crowding out effects of external debt and allow Severely Indebted Low...

Persistent link: https://www.econbiz.de/10005408182

A Unified Approach to Credit Crunches, Financial Instability, and Banking Crises

Peter, Goetz von - EconWPA - 2003

We link banking and asset prices in a simple monetary macroeconomic model. Our main innovation is to consider how wide …-spread default affects the banking system. We find that the interaction of credit, asset prices, and loan losses explains a complete … whether a capital crunch, financial instability, or a banking crisis occurs. But self-fulfilling capital crunches and banking …

Persistent link: https://www.econbiz.de/10005412610

What does motivate lending and aid to the HIPCs?

Missale, Alessandro; Marchesi, Silvia - EconWPA - 2004

We examine both grants and net loans made to low income countries during the last two decades to understand the main reasons that motivated the behaviour of both donors and creditors. We find that the total amount of transfers to HIPCs, as compared to non-HIPCs, have been increasing with their...

Persistent link: https://www.econbiz.de/10005125525

Health Expenditures Under the HIPC Debt Initiative

Hepp, Ralf - EconWPA - 2005

One of the goals of the Heavily Indebted Poor Countries (HIPC) debt initiative is to provide additional resources for basic health care to the population of eligible developing countries. In this paper I investigate the effect of debt relief on per capita health expenditure in a sample of...

Persistent link: https://www.econbiz.de/10005062697

THE BALANCE OF PAYMENTS AS A MONETARY PHENOMENON:AN ECONOMETRIC CASE STUDY OF NIGERIA

NWAOBI, GODWIN CHUKWUDUM - EconWPA - 2003

THE THRUST OF THIS PAPER HAS BEEN TO INVESTIGATE THE THEORETICAL PROPOSITION OF THE MONETARY APPROACH TO THE THEORY OF BALANCE OF PAYMENTS ADJUSTMENT MECHANISM. THE ESSENCE OF THE APPROACH IS A CONSISTENT INSISTENCE THAT BALANCE OF PAYMENTS IS A MONETARY AND NOT A REAL PHENOMENON AS POSITED BY...

Persistent link: https://www.econbiz.de/10005408148

Fear of disruption: a model of Markov-switching regimes for the Brazilian country risk conditional volatility

Une, Maurício Yoshinori; Portugal, Marcelo Savino - EconWPA - 2005

In the literature, little role is attributed to the country risk conditional volatility in the determination of the macroeconomic equilibrium in a developing small open economy (DSOE). This paper posits the prime hypothesis that, in the presence of multiple equilibria and self-fulfilling...

Persistent link: https://www.econbiz.de/10005556329

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