Theoretical and empirical foundations of HIPC debt sustainability targets
追溯了重债穷国债务可持续性目标的起源，指出这些目标作为“切换值”未考虑各国债务问题的多样性，并质疑其分析基础，对政策制定者和研究者有参考价值。
This article traces the origins of HIPC (Heavily Indebted Poor Country) debt sustainability targets. These targets are interpreted as ‘switching values’, below which countries are expected to avoid debt service problems but, as such, they do not take into account that countries encounter debt problems for a variety of reasons and at different levels of debt. It is likely that the ‘true’ switching value of the debt-to-export ratio of many HIPCs lie below the present target. Regarding the ‘fiscal window’ of the HIPC initiative, the lack of analytical basis for a 250 per cent target for the debt-torevenue ratio is noted, and the problems raised by the joint ‘openness-revenue’ condition are discussed. The article concludes that the sustainability targets, as presently applied, are not well supported in analytical terms.