Working paper
Debt forgiveness: the case for hyper-incentive contracts
- Abstract:
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We review two proposals for debt forgiveness; the Highly Indebted Poor Country Initiative (HIPC) and the Jubilee 2000 Coalition Initiative (J2K). We then consider the workhorse model of debt forgiveness (Krugman 1988). We show that the workhorse model solution is a sub-optimal contract, where the incentive parameter is set without regard to the cost of effort. A fully-optimal debt-overhang contract is derived, with an incentive parameter greater than the marginal social benefit of extra effor...
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- Publication status:
- Published
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Authors
Bibliographic Details
- Publisher:
- University of Oxford Publisher's website
- Series:
- Department of Economics Discussion Paper Series
- Publication date:
- 2000-10-01
- Paper number:
- 37
Item Description
- Keywords:
- Pubs id:
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1144384
- Local pid:
- pubs:1144384
- Deposit date:
- 2020-12-15
Terms of use
- Copyright date:
- 2000
- Rights statement:
- Copyright 2000 The Author(s)
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