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The Dynamic Implications of Debt Relief for Low-Income Countries
Mr.Ales BulirAlma Romero-BarrutietaJose Daniel Rodríguez-Delgado
出版International Monetary Fund, 2011-07-01
主題Business & Economics / Finance / Financial Risk ManagementBusiness & Economics / Economics / MacroeconomicsBusiness & Economics / Public Finance
ISBN14552937179781455293711
URLhttp://books.google.com.hk/books?id=Tk4ZEAAAQBAJ&hl=&source=gbs_api
EBookSAMPLE
註釋The effects of debt relief on incentives to accumulate debt, consume, and invest are an important concern for donors and recipients. Using a dynamic stochastic general equilibrium model of a small open economy with a minimum consumption 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 likely to have only a temporary impact on the level of debt in low-income countries, while being associated with more consumption and less invesment. The long-run debt-to-GDP ratio is estimated to be about twice as high with debt relief than without it.