LDC Debt: Forgiveness, Indexation, and Investment Incentives
比较了不同指数化方案在促进债务减免和减少发展中国家债务积压导致的投资抑制方面的效果，发现内生变量指数化存在道德风险，而外生变量指数化可避免该问题。
We compare different indexation schemes in terms of their ability to facilitate forgiveness and reduce the investment disincentives associated with the large LDC debt overhang. Indexing to an endogenous variable (e.g., a country's output) has a negative moral hazard effect on investment. This problem does not arise when payments are linked to an exogenous variable such as commodity prices. Nonetheless, indexing payments to output may be useful when debtors know more about their willingness to invest than lenders. We also reach new conclusions about the desirability of default penalties under asymmetric information.