Lending to the Poorest Countries [E-Book]: A New Counter-Cyclical Debt Instrument / Daniel Cohen ... [et al]
Cohen, Daniel.
Djoufelkit-Cottenet, Hélène. / Jacquet, Pierre. / Valadier, Cécile.
Paris : OECD Publishing, 2008
45 p. ; 21 x 29.7cm.
OECD Development Centre Working Papers ; 269
Full Text
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245 0 0 |a Lending to the Poorest Countries  |h [E-Book]:  |b A New Counter-Cyclical Debt Instrument /  |c Daniel Cohen ... [et al] 
264 |a Paris :  |b OECD Publishing,  |c 2008  |e (OECD iLibrary) 
300 |a 45 p. ;  |c 21 x 29.7cm. 
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490 |a OECD Development Centre Working Papers ;  |v 269 
500 |a englisch 
520 3 |a One of the particular features of poor countries’ economies is their volatility, due mostly to their dependence on commodities. The paper shows that this volatility is a prime factor behind the debt crises of the poorest countries. It advocates the adoption by donors of a new lending instrument: the countercyclical loan (CCL). The key idea is to reduce the grace period of a typical concessional loan, from 10 to 5 years, and to keep the remaining grace periods as an asset that the country can draw upon, when a bad shock occurs. If no such bad shocks happen, or infrequently enough, the "floating grace" is redeemed to the country at the end of the loan as a repayment in advance without penalties. 
653 |a Development 
700 1 |a Cohen, Daniel. 
700 1 |a Djoufelkit-Cottenet, Hélène. 
700 1 |a Jacquet, Pierre. 
700 1 |a Valadier, Cécile. 
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