The other costs of high debt in poor countries : growth, policy dynamics, and institutions

This paper has been partially funded by the Norwegian Trust Fund. The World Bank does not accept responsibility for the accuracy or completeness of this publication. Any judgments expressed are those of World Bank staff or consultants and do not necessarily reflect the views of the Management or the Board of Executive Directors or the governments they represent. 1 This paper was written at the request of, and with the financial support of, the HIPC Unit of the World Bank. All opinions and judgments made in this paper are solely those of the authors and do not reflect the views of the World Bank or its Executive Directors. The authors thank Alicia Bannon, William Cline, Brian Deese, Steve Radelet, David Roodman, and several anonymous reviewers for their comments.