sub-Saharan Africa has grown. There is some evidence that, since the late 1990s, debt relief has assumed a larger share of … recipient governments, especially in the form of debt relief. Donor harmonization, national ownership of development plans, and … sound policies on the part of the recipients are crucial for the aid to be effective in reducing poverty. …

We estimate ex post returns to emerging market debt by combining secondary-market prices with observed flows based on … bond. This reflects the combined effect of the 1980s debt crisis and much higher returns during 1989-2000. Annual returns … high-yield bonds. However, unlike returns on these bonds, emerging market debt returns do not seem significantly correlated …

This paper provides updated information on the external debt problem of sub-Saharan Africa. Between 1980 and 1990 the … region’s external debt more than tripled, to US$171 billion, while debt service payments and rescheduling rose by more than … 150 percent to US$20 billion. In addition, the region continues to qualify as severely debt-distressed. During the last …

debt relief and large positive net resource flows to HIPCs. It argues that, by substantially reducing HIPCs’ debt stocks … and debt service payments, the Initiative provides a solid basis for debt sustainability and room for increased social … spending. For poverty reduction, HIPC relief is important but broader international support is needed. The paper maintains that …

also studies the case in which the government conducts a voluntary debt restructuring to capture the capital gains from the … increase in its debt market value implied by a rule announcement. In addition, the paper shows how debt ceilings may reduce the …

Over the past three decades, large and persistent discrepancies between the annual change in public debt and the budget … deficit, so-called stock-flow adjustments, were a prominent feature of debt dynamics in many economies. The aim of this paper … stock-flow adjustments to increases in debt is likewise smaller in countries with above average fiscal transparency. This …

The effects of debt relief on incentives to accumulate debt, consume, and invest are an important concern for donors … requirement and an endogenous relief probability, we show that excessive debt accumulation is consistent with an anticipation of a … future debt relief. Simulations of the calibrated model using 1982-2006 Ugandan data suggest that debt-relief episodes are …