Scandinavian Working Papers in Economics

Working Papers in Economics,
University of Gothenburg, Department of Economics

No 176: Debt Relief and Adjustment Effort in a Multi Period Model

Sven Tengstam ()
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Sven Tengstam: Department of Economics, School of Economics and Commercial Law, Göteborg University, Postal: Box 640, SE 405 30 GÖTEBORG

Abstract: This paper shows that if the period following the granting of debt relief is taken into account, debt relief increases adjustment effort(investment), irrespective of whether there is an initial debt overhang or not.

Keywords: HIPC; Debt relief; Debt overhang; Investment; Incentives

JEL-codes: F34; H63; O11; O16

8 pages, September 12, 2005

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