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Dropping the debt for the new millennium: is it such a good idea?

✍ Scribed by Tim Allen; Diana Weinhold

Publisher
John Wiley and Sons
Year
2000
Tongue
English
Weight
104 KB
Volume
12
Category
Article
ISSN
0954-1748

No coin nor oath required. For personal study only.

✦ Synopsis

This paper examines the economic analyses and popular rhetoric surrounding the debt relief initiatives of Jubilee 1999 0 and the World Bank[ 1 It is pointed out that simplistic calls to {drop the debt| may be counter!productive[ There is no point in just demonizing debt[ It has to be asked if debt cancellation is a particularly e}ective use of scarce aid resources[ A serious look at historical evidence is required[ In particular we consider the views of William Easterly on the adverse e}ects of continuing waves of debt relief on the governments of impoverished countries[ We provide a brief empirical analysis in a panel data set using _xed e}ects estimation[ Although our results are not consistent with Easterly|s\ many of the points that he and others have raised cannot simply be set aside[ Copyright Þ 1999 John Wiley + Sons\ Ltd[ During the 0889s\ developing country debt has been highlighted as never before[ The World Bank claims to have pioneered the new response\ which starts from the assumption that removing debt overhang is essential for the alleviation of world poverty[ However\ it has been the remarkable Jubilee 1999 Coalition that has suc! ceeded in capturing the headlines[ It has been hailed by a spokesperson of the World Bank as {one of the most e}ective lobbying campaigns I have ever seen| "Anthony Gaeta\ www[jubilee1999uk[org\ 08th April 1999#\ and it has probably helped push the Bank towards a more radical agenda than would otherwise have been possible[ As the turn of the millennium approached\ it seemed that almost everyone supported the Jubilee slogan {Drop the Debt|\ from Tony Blair and Bill Clinton\ to John Kenneth Galbraith\ Salman Rushdie\ Bono and the Pope[ Indeed\ it became di.cult for journalists wanting to cover the topic to _nd any dissenting voice[ The few who were willing to raise di.culties sometimes found themselves abused in radio and television studios by the campaign|s supporters\ often with the compliance of programme Correspondence to] Diana Weinhold\ DESTIN\ LSE\ Houghton Street\ London\ WC1A 1AE\ UK[ E!mail] d[weinholdÝlse[ac[uk 0 www[jubilee1999uk[org 1 www[worldbank[org 747 T[ Allen and D[ Weinhold

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