IMF Paper: Debt overhang or debt irrelevance?

The IMF Working Paper 'Debt overhang or debt irrelevance? Revisiting the debt growth link' published December 2005 asks whether Highly Indebted Poor Countries (HIPCs) suffer from a debt overhang. Is debt relief going to improve their growth rates, it questions.

To answer these important questions, the authors look at how the debt-growth relationship varies with indebtedness levels and other country characteristics in a panel of developing countries. Their findings suggest that there is a negative

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