Birdsall, NancyClaessens, StijnDiwan, Ishac2014-02-262014-02-262003-09World Bank Economic Reviewhttps://hdl.handle.net/10986/17182Authors assess the dynamics behind the high net resource transfers by donors and creditors to Sub-Saharan African countries. Analyzing the determinants of overall net transfers for a panel of 37 recipient countries in 1978-98, Authors find that country policies mattered little. Donors especially bilateral donors actually made greater transfers to countries with high debt, largely owed to multilateral creditors, when policies were 'bad'. Authors conclude that comprehensive debt relief has the potential, though not the certainty, to restore selectivity in support of good policies. That would make development assistance more effective going forward and increase public support in donor countries.en-USCC BY-NC-ND 3.0 IGOACCUMULATION OF DEBTACTUAL DEBTAID EFFECTIVENESSARREARSBANK POLICYBILATERAL DONORSBORROWINGBUDGET SURPLUSCLAIMCLASS OF CREDITORCLASSES OF CREDITORSCOMMERCIAL CREDITORCOMMERCIAL CREDITORSCOMMERCIAL DEBTCREDITORCREDITOR BEHAVIORCREDITOR CLASSCREDITORSCREDITWORTHINESSDEBTDEBT ACCUMULATIONDEBT BUILDUPDEBT BURDENDEBT BURDENSDEBT CATEGORIESDEBT CATEGORYDEBT CLASSIFICATIONDEBT CLASSIFICATIONSDEBT COMPOSITIONDEBT DATADEBT DISBURSEMENTSDEBT FORGIVENESSDEBT LEVELSDEBT OVERHANGDEBT PROBLEMDEBT PROBLEMSDEBT REDUCTIONDEBT REDUCTION PROGRAMDEBT RELIEFDEBT RESCHEDULINGDEBT RESTRUCTURINGDEBT SERVICEDEBT SERVICE PAYMENTSDEBT SERVICE REDUCTIONDEBT SERVICE RELIEFDEBT SERVICINGDEBT STOCKDEBT STOCK VARIABLEDEBT STOCKSDEBT TRAPDEBTORDEBTOR CLASSESDEBTORSDEBTSDEFAULTSDEFICITSDEPENDENTDEVELOPMENT ASSISTANCEDEVELOPMENT BANKDISBURSEMENTSDONOR RESOURCESDUMMY VARIABLEDUMMY VARIABLESECONOMIC ACTIVITYECONOMIC GROWTHECONOMIC POLICIESECONOMIC REFORMEQUAL AMOUNTEXISTING DEBTEXTERNAL DEBTFACE VALUEFACE VALUE OF DEBTFINANCIAL LIBERALIZATIONFISCAL DEFICITSFOREIGN AIDFUTURE DEBTGLOBAL DEVELOPMENT FINANCEGRANT PROGRAMSGROSS DOMESTIC PRODUCTHIGH DEBTHIGH DEBTSHIGHLY INDEBTED COUNTRIESINCOME SHOCKSINDEBTEDINDEBTED COUNTRIESINDEBTED POOR COUNTRIESINDEBTEDNESSINFLATIONINSTITUTIONAL CAPACITYINSTITUTIONAL ENVIRONMENTINSTITUTIONAL ENVIRONMENTSINTEREST PAYMENTINTEREST PAYMENTSINTERNATIONAL BANKINTERNATIONAL DEVELOPMENTINTERNATIONAL ECONOMICSINTERNATIONAL FINANCEINTERNATIONAL FINANCIAL STATISTICSINVESTMENT BANKJUDGMENTLEVELS OF DEBTLEVERAGELOW DEBTMACRO-IMBALANCESMISREPORTINGMONETARY FUNDMULTILATERAL CREDITORSMULTILATERAL DEBTMULTILATERAL DEBTSOLD DEBTOUTSTANDING STOCKPOLICY ENVIRONMENTPOLICY RESPONSEPORTFOLIOPOSITIVE COEFFICIENTPOSITIVE COEFFICIENTSPRESENT VALUEPRESENT VALUE OF DEBTPRINCIPAL REPAYMENTPRIVATE CREDITORSPRIVATIZATIONPUBLIC POLICYRECIPIENT COUNTRIESRECIPIENT COUNTRYREPAYMENTSRETURNRULE OF LAWSOVEREIGN DEBTSTOCK OF DEBTTAXTAX REVENUESTOTAL DEBTTOTAL DEBT STOCKJournal ArticleWorld Bank10.1596/17182