The perceived lack of conclusive quantitative evidence on the macroeconomic effects of debt relief in low-income countries has generally blurred the image of debt relief efforts and left the issues of its effectiveness and efficiency open to debate and dispute. This thesis seeks to shed more light on the subject by providing some further empirical evidence. This objective is achieved by performing an empirical investigation of two effects of debt relief. First, the study examines the debt relief-new borrowing relationship in a multivariable regression framework. The results that emerge suggest that, on average, debt relief can be beneficial in reducing the future new borrowing of Highly Indebted Poor Countries (HIPCs). This conclusion, to some extent, is in line with the goals of HIPCs debt relief initiatives in reducing external debt burdens of those countries to sustainable levels. However, it presents a challenge to the views of William Easterly on the ???perverse incentive effects??? of ???continuing waves??? of debt relief that are said to lead to further debt accumulation of a similar magnitude to replace old cancelled debt. Second, the analysis explores the influence of debt relief on domestic investment behaviour in developing countries. Debt relief is found to have a positive effect on domestic investment in countries with good policy environments. This result suggests that debt relief would be more effective in promoting domestic investment if it were more cautiously conditioned on sound policy frameworks.

Thesis (Ph. D.)--University of Washington, 1982. / Vita. Bibliography: leaaves 249-256.

The recent financial crisis and subsequent sovereign debt distress in the eurozone has reinvigorated the debate over bailouts and sovereign debt restructuring. This paper analyzes the effectiveness of two approaches to debt management in addressing the practical challenges of debt workouts, particularly in relation to developing countries: a contractual approach and a sovereign bankruptcy approach. The paper uses an economic analysis of private law to analyze optimal solutions to those problems and proposes a flexible approach to debt restructuring. Drawing on theoretical research and experience from professionals in the technical aspects of the debt markets, the paper merges traditional solutions with the law and development concept of “odious debt”. It argues that potential legal elaborations of the concept of odious debt, shaped by a contractual approach, presents loan sanctions as an effective ex ante solution to contemporary problems of sovereign debt management a current climate of global sovereign debt distress.

The recent financial crisis and subsequent sovereign debt distress in the eurozone has reinvigorated the debate over bailouts and sovereign debt restructuring. This paper analyzes the effectiveness of two approaches to debt management in addressing the practical challenges of debt workouts, particularly in relation to developing countries: a contractual approach and a sovereign bankruptcy approach. The paper uses an economic analysis of private law to analyze optimal solutions to those problems and proposes a flexible approach to debt restructuring. Drawing on theoretical research and experience from professionals in the technical aspects of the debt markets, the paper merges traditional solutions with the law and development concept of “odious debt”. It argues that potential legal elaborations of the concept of odious debt, shaped by a contractual approach, presents loan sanctions as an effective ex ante solution to contemporary problems of sovereign debt management a current climate of global sovereign debt distress.

Thesis (Ph. D.)--University of Chicago, Dept. of Economics, August 2001. / Includes bibliographical references. Also available on the Internet.

Thesis (Ph. D.)--University of Washington, 2001. / Vita. Includes bibliographical references (leaves 120-125).

Zugl.: München, University, Diss., 2009.

Thesis (Ph. D.)--York University, 1999. Schulich School of Business. / Typescript. Includes bibliographical references. Also available on the Internet. MODE OF ACCESS via web browser by entering the following URL: http://wwwlib.umi.com/cr/yorku/fullcit?pNQ43429.

Thesis (Ph.D.)--Virginia Commonwealth University, 2009. / Prepared for: Dept. of Psychology. Title from title-page of electronic thesis. Bibliography: leaves 99-106.

published_or_final_version / Business / Doctoral / Doctor of Philosophy