Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/52924 
Erscheinungsjahr: 
2001
Schriftenreihe/Nr.: 
WIDER Discussion Paper No. 2001/99
Verlag: 
The United Nations University World Institute for Development Economics Research (UNU-WIDER), Helsinki
Zusammenfassung: 
In this paper we discuss monetary and fiscal policy issues facing heavily-indebted poor countries (HIPCs) who receive debt reduction via the enhanced HIPC initiative. This debt relief program is distinguished from previous ones by its conditionality: freed resources must be used for poverty reduction. We argue that (i) this conditionality limits the extent to which the initiative relaxes the government’s lifetime budget constraint; (ii) depending on the response of monetary policy to an increase in social spending there could be a short-term increase in inflation in HIPC countries, and (iii) the keys to longrun fiscal sustainability in the HIPCs are significant fiscal reforms by their governments, and the effectiveness of their poverty reduction programs in raising Growth.
Schlagwörter: 
debt relief
HIPCs
conditionality
government budget constraint
JEL: 
E31
H63
O11
O23
ISBN: 
9291900214
Dokumentart: 
Working Paper

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