Why heavily indebted poor countries have failed to pay back their debt? An empirical investigation

This paper, in using cross-section pooled logit, probit, and fixed-effects logit models, empirically explores the main factors affecting the rescheduling of contractual debt-service payments by heavily indebted poor countries (HICPs) in the late 1980s and the 1990s. The results seem to suggest that HIPCs past external debt, per-capita income level, GDP growth rate, trade openness, foreign-currency reserves, and capital inflows are core factors affecting debt servicing