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Sovereign Debt at the CrossroadsChallenges and Proposals for Resolving the Third World Debt Crisis$
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Chris Jochnick and Fraser A. Preston

Print publication date: 2006

Print ISBN-13: 9780195168006

Published to Oxford Scholarship Online: May 2006

DOI: 10.1093/0195168003.001.0001

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Helping the Poor to Help Themselves: Debt Relief or Aid?

Helping the Poor to Help Themselves: Debt Relief or Aid?

Chapter:
(p.174) 8 HELPING THE POOR TO HELP THEMSELVES: DEBT RELIEF OR AID?
Source:
Sovereign Debt at the Crossroads
Author(s):

Serkan Arslanalp

Peter Blair Henry

Publisher:
Oxford University Press
DOI:10.1093/0195168003.003.0009

This chapter discusses the central economic question of debt relief: does debt relief work to promote economic growth? This seemingly straightforward question — often taken for granted by debt campaigners — merits closer attention to ensure that relief bears constructive and sustainable outcomes. It is argued that debt relief is highly effective at promoting growth in countries suffering from a “debt overhang”, where reducing debt levels will stimulate investment and net resource transfers from abroad, but less effective in countries where infrastructure is weak and where net resource transfers are already positive.

Keywords:   debt relief, poor countries, economic growth, debt overhang, developing countries

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