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|z 9781455293711
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|a Bulir, Ales.
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|a The Dynamic Implications of Debt Relief for Low-Income Countries /
|c Ales Bulir, Alma Romero-Barrutieta, Jose Daniel Rodriguez-Delgado.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2011.
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|a 1 online resource (26 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a 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.
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|a Mode of access: Internet
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|a Rodriguez-Delgado, Jose Daniel.
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|a Romero-Barrutieta, Alma.
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|a IMF Working Papers; Working Paper ;
|v No. 2011/157
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2011/157/001.2011.issue-157-en.xml
|z IMF e-Library
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