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Debt-for-Nature Swaps: Ein Finanzierungsinstrument zur Entschuldung und zum Umweltschutz in der Dritten Welt?

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Amelung, T. Debt-for-Nature Swaps: Ein Finanzierungsinstrument zur Entschuldung und zum Umweltschutz in der Dritten Welt?. Credit and Capital Markets – Kredit und Kapital, 25(2), 295-321. https://doi.org/10.3790/ccm.25.2.295
Amelung, Torsten "Debt-for-Nature Swaps: Ein Finanzierungsinstrument zur Entschuldung und zum Umweltschutz in der Dritten Welt?" Credit and Capital Markets – Kredit und Kapital 25.2, 1992, 295-321. https://doi.org/10.3790/ccm.25.2.295
Amelung, Torsten (1992): Debt-for-Nature Swaps: Ein Finanzierungsinstrument zur Entschuldung und zum Umweltschutz in der Dritten Welt?, in: Credit and Capital Markets – Kredit und Kapital, vol. 25, iss. 2, 295-321, [online] https://doi.org/10.3790/ccm.25.2.295
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Debt-for-Nature Swaps: Ein Finanzierungsinstrument zur Entschuldung und zum Umweltschutz in der Dritten Welt?

Amelung, Torsten

Credit and Capital Markets – Kredit und Kapital, Vol. 25 (1992), Iss. 2 : pp. 295–321

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Article Details

Publisher Name
Duncker & Humblot
DOI
https://doi.org/10.3790/ccm.25.2.295
Language
Multiple languages
Pages
27

Author Details

Torsten Amelung, Kiel

References

  1. Amelung, Torsten (1989): Zur Rettung der tropischen Regenwälder: Eine kritische Bestandsaufnahme der wirtschaftspolitischen Lösungsvorschläge. Die Weltwirtschaft, Nr. 2, 152 - 165.  Google Scholar
  2. Amelung, Torsten, Mehltretter, Thorsten (1986a): Early Warning Systems for LDCs  Google Scholar
  3. Where do we stand? Kiel Advanced Studies Working Papers No. 48, Advanced Studies in international Economic policy Research, Kiel Institute of World Economics, January 1986.  Google Scholar
  4. Amelung, Torsten, Mehltretter, Thorsten (1986b): Early Warning Systems in Light of the International Debt Crisis. Konjunkturpolitik, Vol. 32, Nr.5, 257 - 281.  Google Scholar
  5. Amelung, Torsten, Diehl, Markus (1991): Tropical Forest Areas as a Resource Base for Economic Development. Interim Report of a Study commissioned by Greenpeace e.V., Hamburg, February 1991.  Google Scholar
  6. Bedarff, H., Holznagel, B., Jakobeit, C. (1991): Debt-for-Nature Swaps - Möglichkeiten und Grenzen eines Schuldentausches gegen Naturschutzverpflichtungen in Entwicklungsländern. Zeitschrift für Angewandte Umweltforschung, 4, 81 - 87.  Google Scholar
  7. Borregaard, Nicola, Meyer, Hermann (1988): Debt-for-Nature Swaps A Control Theoretical Approach to Compensation Payments. Kiel Advanced Studies Working Papers No.137, Advanced Studies in international Economic policy Research, Kiel Institute of World Economics, October 1988.  Google Scholar
  8. Enquête-Kommission (EK) zum Schutz der Erdatmosphäre (1990): Schutz der tropischen Wälder. Deutscher Bundestag, 11. Wahlperiode, Drucksache 11/7220, 24.5.1990, Bonn.  Google Scholar
  9. Hansen, S. (1989): Debt-for-Nature Swaps: Overview and Discussion of Key Issues. Ecological Economics, Vol.1, 77 - 93.  Google Scholar
  10. Institutional Investor Magazin (1981) (1988): Country Ratings, New York.  Google Scholar
  11. Krugman, Paul (1988): Financing vs. Forgiving a Debt Overhang. Journal of Development Economics, 29, 253 - 268.  Google Scholar
  12. Oberndörfer, D. (1988): Schutz der tropischen Regenwälder durch Entschuldung. Perspektiven und Orientierungen (Schriftenreihe des Bundeskanzleramtes), Bd. 5, München.  Google Scholar
  13. Page (1989): Debt-for-Nature Swaps -Experience gained, Lessons learned. International Environment Affairs, 1, 275 - 288.  Google Scholar
  14. Rauscher, M. (1990): The Optimal Use of Environmental Resources by an Indebted Country. Journal of Institutional and Theoretical Economics, Vol. 1446, No. 3, 500 -517.  Google Scholar
  15. Reilly, W. K. (1990): Debt-for-Nature Swaps: The Time Has Come. International Environmental Affairs, Vol. 2, No. 2, 134 - 139.  Google Scholar
  16. Ruitenbeek, H. J. (1990): The Rainforest Supply Price: A Step Towards Estimating a Cost Curve for Rainforest Conservation. London School of Economics, Development Economics Research Programme, Working Paper No. 29, London.  Google Scholar
  17. Sachs, J. (1988): The Debt Overhang of Developing Countries. In: Macedo and Findlay (Eds.): Debt, Growth and Stabilization: Essays in Memory of Carlos Alejandro, Oxford: Blackwell.  Google Scholar
  18. Schreiber, H. (1989): Debt-for-Nature Swaps: The Time Has Come. International Environmental Affairs, Vol. 2, No. 2, 134 - 139.  Google Scholar
  19. Siebert, H. (1985): Economics of the Resource-Exporting Country. Greenwich, Conn.  Google Scholar
  20. Tammes, G. J. (1990): Debt-for-Nature Conservation: What Limits their Further Growth? International Environmental Affairs, 2, 153 - 159.  Google Scholar
  21. Wagner, R. B. (1990): Doing More with Debt-for-Nature Swaps. International Environmental Affairs, 2, 160 - 165.  Google Scholar
  22. World Bank: World Development Report, various issues, Washington, D.C.  Google Scholar
  23. Amelung, Torsten (1989): Zur Rettung der tropischen Regenwälder: Eine kritische Bestandsaufnahme der wirtschaftspolitischen Lösungsvorschläge. Die Weltwirtschaft, Nr. 2, 152 – 165.  Google Scholar
  24. Amelung, Torsten, Mehltretter, Thorsten (1986a): Early Warning Systems for LDCs  Google Scholar
  25. Where do we stand? Kiel Advanced Studies Working Papers No. 48, Advanced Studies in international Economic policy Research, Kiel Institute of World Economics, January 1986.  Google Scholar
  26. Amelung, Torsten, Mehltretter, Thorsten (1986b): Early Warning Systems in Light of the International Debt Crisis. Konjunkturpolitik, Vol. 32, Nr.5, 257 – 281.  Google Scholar
  27. Amelung, Torsten, Diehl, Markus (1991): Tropical Forest Areas as a Resource Base for Economic Development. Interim Report of a Study commissioned by Greenpeace e.V., Hamburg, February 1991.  Google Scholar
  28. Bedarff, H., Holznagel, B., Jakobeit, C. (1991): Debt-for-Nature Swaps – Möglichkeiten und Grenzen eines Schuldentausches gegen Naturschutzverpflichtungen in Entwicklungsländern. Zeitschrift für Angewandte Umweltforschung, 4, 81 – 87.  Google Scholar
  29. Borregaard, Nicola, Meyer, Hermann (1988): Debt-for-Nature Swaps A Control Theoretical Approach to Compensation Payments. Kiel Advanced Studies Working Papers No.137, Advanced Studies in international Economic policy Research, Kiel Institute of World Economics, October 1988.  Google Scholar
  30. Enquête-Kommission (EK) zum Schutz der Erdatmosphäre (1990): Schutz der tropischen Wälder. Deutscher Bundestag, 11. Wahlperiode, Drucksache 11/7220, 24.5.1990, Bonn.  Google Scholar
  31. Hansen, S. (1989): Debt-for-Nature Swaps: Overview and Discussion of Key Issues. Ecological Economics, Vol.1, 77 – 93.  Google Scholar
  32. Institutional Investor Magazin (1981) (1988): Country Ratings, New York.  Google Scholar
  33. Krugman, Paul (1988): Financing vs. Forgiving a Debt Overhang. Journal of Development Economics, 29, 253 – 268.  Google Scholar
  34. Oberndörfer, D. (1988): Schutz der tropischen Regenwälder durch Entschuldung. Perspektiven und Orientierungen (Schriftenreihe des Bundeskanzleramtes), Bd. 5, München.  Google Scholar
  35. Page (1989): Debt-for-Nature Swaps -Experience gained, Lessons learned. International Environment Affairs, 1, 275 – 288.  Google Scholar
  36. Rauscher, M. (1990): The Optimal Use of Environmental Resources by an Indebted Country. Journal of Institutional and Theoretical Economics, Vol. 1446, No. 3, 500 -517.  Google Scholar
  37. Reilly, W. K. (1990): Debt-for-Nature Swaps: The Time Has Come. International Environmental Affairs, Vol. 2, No. 2, 134 – 139.  Google Scholar
  38. Ruitenbeek, H. J. (1990): The Rainforest Supply Price: A Step Towards Estimating a Cost Curve for Rainforest Conservation. London School of Economics, Development Economics Research Programme, Working Paper No. 29, London.  Google Scholar
  39. Sachs, J. (1988): The Debt Overhang of Developing Countries. In: Macedo and Findlay (Eds.): Debt, Growth and Stabilization: Essays in Memory of Carlos Alejandro, Oxford: Blackwell.  Google Scholar
  40. Schreiber, H. (1989): Debt-for-Nature Swaps: The Time Has Come. International Environmental Affairs, Vol. 2, No. 2, 134 – 139.  Google Scholar
  41. Siebert, H. (1985): Economics of the Resource-Exporting Country. Greenwich, Conn.  Google Scholar
  42. Tammes, G. J. (1990): Debt-for-Nature Conservation: What Limits their Further Growth? International Environmental Affairs, 2, 153 – 159.  Google Scholar
  43. Wagner, R. B. (1990): Doing More with Debt-for-Nature Swaps. International Environmental Affairs, 2, 160 – 165.  Google Scholar
  44. World Bank: World Development Report, various issues, Washington, D.C.  Google Scholar

Abstract

Debt-for-Nature Swaps: An Instrument for Environmental Projection and Debt Reduction in the Third World?

The increasing environmental degradation in many developing countries has been partly traced back to the high degree of indebtedness in these countries. Accordingly, so-called debt-for-nature swaps (DNS) have been implemented which comprise an exchange of environmental protection for foreign debt relief. However, their impact in terms of debt reduction has been negligible. The further expansion of DNS has been hindered by the lack of financial capacity of the funding agencies and by the limitations of the secondary markets. On top of that, it is not yet clear whether a debt reduction generally creates incentives for environmental protection. In theory, an increase in indebtedness can cause a decline of environmental degradation given an initial high level of indebtedness. As the case of deforestation of rain forests shows, neither a positive nor a negative relationship between environmental degradation and indebtedness can be confirmed. This has important implications for the assessment of DNS and other similar transfers to developing countries. Such arrangements should not be settled without conditionalities, since a mere reduction of indebtedness does not guarantee an improvement of environmental quality in the respective country.

Table of Contents

Section Title Page Action Price
Torsten Amelung: Debt-for-Nature Swaps:\rEin Finanzierungsinstrument zur\rEntschuldung und zum Umweltschutz\rin der Dritten Welt? 295
I. Einleitung 295
II. Bisherige Erfahrungen mit DNS 296
III. Die Beziehung zwischen Auslandsverschuldung und Umweltzerstörung 304
IV. Der empirische Zusammenhang zwischen Umweltschutz und Auslandsverschuldung 311
V. Zusammenfassung und Schluß 315
Literaturverzeichnis 319
Zusammenfassung: Debt-for-Nature Swaps: Ein Finanzierungsinstrument zur Entschuldung und zum Umweltschutz in der Dritten Welt? 320
Summary: Debt-for-Nature Swaps: An Instrument for Environmental Projection and Debt Reduction in the Third World? 321
Résumé: Debt-for-Nature-Swaps: Un instrument de financement en vue du désendettement et de la protection de l'environnement dans les pays du tiers monde? 321

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