REP/2000-3:

Fiscal implications of debt and debt relief: Analytical issues in domestic debt relief

by Christopher Adam, Jan Willem Gunning and Richard Mash

This paper forms part of the background work for a DfID workshop on the Fiscal Implications of Debt and Debt Relief, held on 20 November 1998, and was presented in summary form at that workshop.

The full report is available as a pdf file (234KB).

Please also see the companion piece REP/2000-1 for Phase I of this project: 'Issues paper'.

Contents

• Introduction 
• Executive Summary
• Theme I: Domestic Debt, Monetary Policy and the Financial Sector
• Outline and Overview
• Domestic Debt: Size, Composition and Cost
• Domestic Debt and Domestic Interest Rates
• Domestic Debt and the Financial System
• Debt Relief and Private Sector Lending
• The Macroeconomics of Debt Relief: Long-Run and Transitional Effects
• Implementing Debt Relief: External versus Domestic Debt Reduction.
• Theme II: Distributional Issues in Debt Relief
• Distributional Effects of Debt Relief
• Interactions Between Public and Private Sector Debt
• Theme III: Debt Relief and Economic Shocks
• Can “Shock Absorbers” be Built into Debt Relief Programmes?
Appendix

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SFS 20 April 2000