Primo Braga, Carlos A.Domeland, DortePrimo Braga, Carlos A.Domeland, Dorte2012-03-192012-03-192009978-0-8213-7874-8https://hdl.handle.net/10986/2681Heavily indebted low-income countries benefited from significant debt relief over the past decade. Under the Heavily Indebted Poor Countries (HIPC) Initiative and the Multilateral Debt Relief Initiative (MDRI), assistance of about $117 billion in nominal terms had been committed to 35 HIPC as of end-April 2009. This debt relief represents about half of the 2007 Gross Domestic Product (GDP) of these countries, whose debt burden is expected to drop by more than 80 percent once full debt relief is granted. As a result of relief already provided, debt-service payments have plummeted and expenditures on pro-poor growth programs increased. The book is divided into four parts. Part one examines the design of debt-relief initiatives and provides evidence of its effect on education, health, and economic growth. Part two describes the risks and opportunities developing countries face following debt relief. It identifies how they can safeguard debt sustainability; describes the role of sovereign risk for private sector access to capital; and draws lessons from the experience of market-access countries on the links between sovereign debt and development. Part three examines the concept and various policy proposals of dealing with 'odious' debt. Part four looks at debt management, debt restructuring, and the interplay between debt and fiscal policies. It provides guidance on debut sovereign bond issues; examines the issuance and management of sub-national debt; describes the challenges of crafting fiscal policy and managing debt and oil revenues in a (temporarily) oil-rich country (the Republic of Congo); and draws lessons from Chile's experiences using debt swaps in the 1980s.CC BY 3.0 IGOACCESS TO CAPITALACCESS TO DEBTAMOUNT OF DEBTBAILOUTBALANCE OF PAYMENTSBALANCE SHEETBILATERAL CREDITORSBILATERAL DONORSBOND INDEXBOND ISSUANCESBOND ISSUESBOND SPREADSBONDSBUDGET CONSTRAINTCAPITAL FLOWSCAPITAL FORMATIONCAPITAL INFLOWSCAPITAL MARKETCAPITAL MARKETSCAPITALIZATIONCASH FLOWSCOMMERCIAL CREDITORCOMMERCIAL CREDITORSCOMMERCIAL DEBTCOMMODITY PRICECOMMODITY PRICESCONFLICTS OF INTERESTCONSUMER PRICE INDEXCONTINGENT LIABILITIESCOST TO BORROWERSCOUNTRY RISKCOVERAGE OF DEBTCREDIT AGENCIESCREDIT RATINGSCREDIT RISKCREDIT TRANCHECREDITORDEBTDEBT BURDENDEBT BURDEN OF LOW-INCOME COUNTRIESDEBT BURDENSDEBT CONVERSIONDEBT CONVERSIONSDEBT CRISESDEBT CRISISDEBT DATADEBT DECOMPOSITIONDEBT DYNAMICSDEBT FORGIVENESSDEBT INSTRUMENTSDEBT LEVELSDEBT MANAGEMENTDEBT MANAGEMENT DEPARTMENTDEBT MANAGEMENT SYSTEMSDEBT MANAGERSDEBT OVERHANGDEBT POLICYDEBT PROBLEMDEBT PROBLEMSDEBT RATIOSDEBT REDUCTIONDEBT REDUCTIONSDEBT RELIEFDEBT RELIEF INITIATIVEDEBT RESCHEDULINGDEBT RESTRUCTURINGDEBT SERVICEDEBT SITUATIONDEBT STOCKDEBT STOCKSDEBT SUSTAINABILITYDEBT SUSTAINABILITY ANALYSISDEBT SWAPSDEBT-MANAGEMENT STRATEGIESDEBT-MANAGEMENT STRATEGYDEBT-RELIEFDEBT-SERVICEDEBT-SERVICE OBLIGATIONSDEBTORDEBTOR COUNTRIESDEBTOR COUNTRYDEBTOR GOVERNMENTDEBTOR GOVERNMENTSDEBTORSDEBTSDEBT­ REDUCTIONDEBT ­BURDENDEBT­ REDUCTIONDECENTRALIZATIONDEFAULT RISKDEFICITSDEVELOPING COUNTRIESDEVELOPMENT BANKDIRECT INVESTMENTDOMESTIC CAPITALDOMESTIC CAPITAL MARKETDOMESTIC DEBTDOMESTIC DEBT MARKETEMERGING ECONOMIESEMERGING MARKETSEQUITY ISSUANCEEQUITY ISSUANCESEVOLUTION OF DEBTEXCESSIVE DEBTEXCHANGE RATEEXPENDITURESEXPORT GROWTHEXPORTERSEXTERNAL BORROWINGEXTERNAL DEBTEXTERNAL DEBT BURDENEXTERNAL DEBT BURDENSEXTERNAL DEBT FINANCINGEXTERNAL DEBT MANAGEMENTEXTERNAL DEBT SITUATIONEXTERNAL FINANCINGEXTERNAL LOANSEXTERNAL OBLIGATIONSEXTERNAL PUBLIC DEBTEXTERNAL SHOCKSFINANCIAL CRISISFINANCIAL FLOWSFINANCIAL MARKETSFISCAL DEFICITSFISCAL POLICIESFISCAL POLICYFOREIGN CAPITALFOREIGN DEBTFOREIGN EXCHANGEFOREIGN INVESTORSGOVERNMENT DEBTGOVERNMENT EXPENDITUREGRACE PERIODGROSS DOMESTIC PRODUCTHUMAN DEVELOPMENTIMMUNIZATIONINDEBTED COUNTRIESINDEBTED COUNTRYINDEBTEDNESSINFORMATION SYSTEMSINITIAL DEBTINSTITUTIONAL INVESTORINTEREST RATEINTEREST RATESINTERNATIONAL BANKINTERNATIONAL CAPITALINTERNATIONAL CAPITAL MARKETSINTERNATIONAL DEVELOPMENTINTERNATIONAL FINANCIAL STATISTICSINVESTINGINVESTMENT FLOWSLENDERSLEVEL OF DEBTLIABILITYLIABILITY MANAGEMENTLIQUID ASSETSLIQUIDITYLIQUIDITY CRISESLIQUIDITY PROBLEMSLOANMACROECONOMIC POLICIESMACROECONOMIC STABILITYMARKET ACCESSMARKET COUNTRIESMARKET PRICEMONETARY FUNDMORAL HAZARDMULTILATERAL CREDITORSMULTILATERAL DEBTMULTILATERAL DEBT RELIEFNONPAYMENTODIOUS DEBTOIL PRICEOIL PRICESPOLICY RESPONSEPORTFOLIOPORTFOLIO FLOWSPRINCIPAL-AGENT PROBLEMPRIVATE CAPITALPRIVATE CAPITAL INFLOWSPRIVATE CREDITPUBLIC DEBTPUBLIC DEBT MANAGEMENTPUBLIC DEBT STOCKSPUBLIC FINANCESPUBLIC SECTOR DEBTPUBLIC SPENDINGREGULATORY FRAMEWORKRELIEF MECHANISMSRELIEF PACKAGEREPAYMENTREPAYMENT CAPACITYRESERVERESERVE MANAGEMENTRESERVESRISK AVERSIONSHORT MATURITIESSHORT-TERM DEBTSHORT-TERM LIQUIDITYSOFT BUDGET CONSTRAINTSOVEREIGN BONDSOVEREIGN BORROWERSSOVEREIGN DEBTSOVEREIGN DEBTSSOVEREIGN DEFAULTSOVEREIGN DEFAULTSSOVEREIGN ISSUERSSOVEREIGN RATINGSSOVEREIGN RISKSTOCK OF DEBTSTOCK-OF-DEBT OPERATIONSUPPLEMENTAL FINANCINGSWAPTRADITIONAL DEBT RELIEFTRADITIONAL DEBT-RELIEF MECHANISMSTREASURYWorld Bank10.1596/978-0-8213-7874-8