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• W12009263 abstract "ABSTRACT This study investigated the impact of foreign debt on the economic growth of 43 heavily indebted poor countries over ten-year period (1991-2001). The findings of this study revealed that foreign debt has a negative and insignificant impact on the economic growth of the surveyed countries. Although debt cancellation may be less effective in the long term, we still concur with the African proposals for debt cancellations suggested by Greenhill and Blackmore (2002) in the report of Jubilee research at the new economics foundation. INTRODUCTION Khor (1999) revealed that about 80 of underdeveloped countries (the majority of them are African and Latin American) fell into a debt trap and under the sway of the World Bank (WB) and the International Monetary Fund (IMF). According to WB (2002), the number of severely indebted countries is 88. Out of these 88 highly indebted countries, the WB and key governments considered 42 countries as Heavily Indebted Poor Countries (HIPCs). Before we assert that all types of foreign debt are good or bad cholesterol in the economy of the HIPCs, as described by Loungani and Razin (2001), it is appropriate to investigate the impact of foreign loans on the economic growth of these countries. Utilizing data set of 43 HIPCs over a ten-year period (1990-2000), this study has examined the effect of foreign loans on the economic development of these countries. We have added Pakistan to the 42 HIPCs because its external debt is $31.7 billion (more than 53% of its GDP) makes it eligible to be HIPC. In addition, its domestic debt at current exchange rates in a further $30 billion (50% of its GDP) makes its total domestic and external debt exceeds its GDP (Greenhill and Blackmore, 2002). HISTORICAL BACKGROUND OF HIPCS' DEBT CRISIS Polliewatch No. 37 (1999) outlined the history of the debt crisis including some recent positive developments, reforms providing quicker and deeper debt relief linking debt relief to poverty reduction, and a clear commitment from rich countries to provide new resources for debt relief. ORIGINS OF HIPCS' DEBT CRISIS The seeds of the debt crisis in poor countries were sown in the 1960's when many governments of underdeveloped countries pursued industrialization policies that were heavily dependent on imports. At the same time many countries developed policies that undermined their capacity to pay for these imports (e.g., over taxing farmers) so that production of export crops fell, creating a gap between imports and exports. To fill this gap, they borrowed money from abroad and by the 1970's they were verging on crisis (Khor, 1999). The crisis deepened during the 1970's with dramatic oil price hikes and associated high interest rates causing a global recession. Heavily indebted poor countries were faced with high oil import bills and falling prices for exports of commodities such as tea, cocoa and copper, with many countries losing half their national income. The problem was compounded in some countries by creditors lending for political reasons, with cold war western loans provided to friendly dictators such as Mobutu in Zaire and Mengistu in Ethiopia-loans used to buy weapons produced in the west or for unproductive projects with no benefit to the poor (IMF, 2002). Consequently, poor countries found that they are paying back increased debt whilst earning less, being, for all practical purposes, bankrupt. The growth of the debt crisis meant that most governments had to turn for help to the lenders of last resort (the IMF and the WB) for new loans to meet the finance payments on their original loans and to cover budget and trade deficits. Thus, these two institutions now wield considerable power in many poor countries (Joyner, 1998). By the late 1980's debt stocks were still rising in poor countries. Unpaid interest and the unpaid portion of loans were simply added to the remainder of loans as arrears. …" @default.
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• W12009263 date "2004-09-01" @default.
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• W12009263 title "ARE FOREIGN LOANS GOOD OR BAD CHOLESTEROL IN THE ECONOMIC GROWTH OF HIGHLY INDEBTED POOR COUNTRIES? CORROBORATIVE EVIDENCE" @default.
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