| Popis: |
The impacts of various economic and institutional factors transcend the borders of a country and flow over to adjacent countries. Past research has found that there are spatial spillovers in economic growth, development of institutions, governance quality and institutional quality. This paper conducts a study on the direct and indirect effects of debt relief from the Heavily Indebted Poor Country (HIPC) Initiative and the Multilateral Debt Relief Initiative (MDRI) programs, which are created by the IMF and the World Bank to provide debt relief to qualifying countries. Using the Spatial Durbin Model (SDM), this study shows that there are negative spatial spillovers associated with these debt relief programs. |
