MACMILLAN Debt Relief for Poor Countries (Studies in Development Economics and Policy)

After a massive international campaign calling attention to the development impact of foreign debt, the Heavily Indebted Poor Countries (HIPC) initiative is now underway. But will the HIPC Initiative meet its high expectations? Will debt relief substantially raise growth? How do we make sure that debt relief benefits poor people? And how can we ensure that poor countries do not become highly indebted again? These are some of the key policy issues covered in this rigorous and independent analysis of debt, development, and poverty. Review 'It seems that with each new book it issues, UNU-WIDER further establishes its reputation as the intellectual leader among international organisations. This volume on debt is particularly outstanding. The chapters by the editors and their co-authors are quite impressive. The book should be read both by the novice and specialist.' - John Weeks, Professor of Development Economics, SOAS, University of London, UK 'The international financial institutions agreed to debt relief for the poorest countries, under pressure from the countries themselves and a vigorous NGO campaign. This extremely useful book provides in-depth analysis of the results of the debt relief contained in HIPC: they are positive, but small. Unfortunately, as the book demonstrates, HIPC debt relief will not provide the solution to the development problems of most poor countries.' - Frances Stewart, Director, Queen Elizabeth House, University of Oxford, UK 'Can debt relief be a powerful tool for advancing human rights, helping to save literally millions of lives, and for laying the foundations for economic growth, as its proponents often claim? In this pioneering volume, a group of economists challenge some of these unquestioned assumptions. Using empirical evidence, they concluded that: it is difficult to measure accurately the effect of debt relief on economic growth and poverty reduction; that the degree to which debt relief can contribute to poverty reduction largely depends on the existence of hospitable domestic and international policy environment; and that the quality of national institutions determine the effectiveness of debt relief on the ground. These are important and timely contributions that will deepen the debate on debt relief and poverty reduction.' - Fantu Cheru, Professor, School of International Service, American University, USA Synopsis After a massive international campaign calling attention to the development impact of foreign debt, the Heavily Indebted Poor Countries (HIPC) initiative is now underway. But will the HIPC Initiative meet its high expectations? Will debt relief substantially raise growth? How do we make sure that debt relief benefits poor people? And how can we ensure that poor countries do not become highly indebted again? These are some of the key policy issues covered in this rigorous and independent analysis of debt, development, and poverty. JEAN-CLAUDE BERTHLEMY Professor of Economics, University of Paris 1 Pantheon Sorbonne, France ARNE BIGSTEN Professor of Development Economics, G/teborg University, Sweden NANCY BIRDSALL Founding President, Center for Global Development, Washington, USA ABDUR R. CHOWDHURY Director, Economic Analysis Division, United Nations Commission for Europe, Geneva, Switzerland STIJN CLAESSENS Professor of International Finance, University of Amsterdam, The Netherlands ERA DABLA-NORRIS International Monetary Fund, USA ISHAC DIWAN Company Director for Ethiopia and Sudan, World Bank, USA BENNO FERRARINI Director of Economic Research at the World Trade Institute, Switzerland RASMUS HELTBERG World Bank, USA JRGEN LEVIN Research Fellow, rebo University, Sweden JOHN M. MATOVU International Monetary Fund, USA OLIVER MORRISSEY Director, Centre for Research in Economic Development and International Trade, University of Nottingham, UK MACHIKO NISSANKE Head of Economic Department, School of Oriental and African Studies, University of London,