The debt problems of poor countries are receiving unprecedented attention. Both federal and non-governmental organizations alike have been campaigning for debt

Theoretical models predict that countries with unchanged long-run savings preferences will respond to debt relief by running up new debts or by running down ass

Theoretical models predict that countries with unchanged long-run savings preferences will respond to debt relief by running up new debts or by running down ass

Includes bibliographical references.

The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many