her foreign obligations in 1982. The paper investigates the evolutionary trend of LDC debt and the consequences for … disproportionate to the debt service capacities of developing countries. The collapse of commodity prices, high interest rates and …-finance maturing debt from fresh loans. The paper also observes that western bankers ignored signals of an imminent debt crisis and …

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 sustainability analysis. The aim of this work is to present the IMF …

ensure that interest rates payable on loans sufficiently compensated lenders for the erosion to the real value of the … after 1976 was transmitted worldwide and as a result, the rate of interest on Malawi debt rose (by 373%) from only 1.9% in …Further to investigation of how Malawi accumulated external debts amounting to $2.7 billion, without a corresponding …

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 primary surplus as a linear function of debt to GDP ratio (“variable surplus rule …”). A simple debt dynamics equation, incorporating real shocks, is constructed, and the probability of exceeding the …

eluded poor economies the bulk of whose debt is multilateral. By rescheduling small amounts of debt at market interest rates … large part of the debts of being multilateral. By providing funds to buy commercial debt, the IDA Debt Reduction Facility of … pace the IMF has substituted the drop in bilateral assistance, and also facilitated debt stock restructuring. By disbursing …

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 …

We postulate a new method of identifying debt which we call Debt Burden (DB). We claim that DB reveals the true debt … obligations of the fiscal authority. It is more accurate and transparent. Hence, DB would serve fiscal authority much better in …

wrong measure of government debt arises, distorting the requirements for policy making. …

of payments variables my thesis evaluates whether debt cancellation will overcome the debt overhang and crowding out … cancellation have also failed to improve debt service capacity, resulting in failure to meet current debt service obligations and …On the basis of models I developed to simulate mathematical relationships between external debt and fiscal and balance …

BALANCE OF PAYMENTS ADJUSTMENT MECHANISM. THE ESSENCE OF THE APPROACH IS A CONSISTENT INSISTENCE THAT BALANCE OF PAYMENTS IS A …