Title
An assessment of debt-for-education swaps: case studies on swap initiatives between Germany and Indonesia and between Spain and El Salvador An assessment of debt-for-education swaps: case studies on swap initiatives between Germany and Indonesia and between Spain and El Salvador
Author
Faculty/Department
Institute of Development Policy and Management
Publication type
article
Publication
Oxford ,
Subject
Economics
Source (journal)
Comparative education. - Oxford
Volume/pages
47(2011) :2 , p. 139-156
ISSN
0305-0068
ISI
000291640100002
Carrier
E
Target language
English (eng)
Full text (Publishers DOI)
Affiliation
University of Antwerp
Abstract
A decade has passed since participants in the World Education Forum committed themselves to achieve, by 2015, the six Education for All (EFA) goals under the Dakar Framework for Action. Despite significant progress, some of the goals are likely to be missed by a large margin. Besides the absence of a well co-ordinated multi-donor approach in education, another major problem is the lack of funds: the EFA financing gap in low-income countries is now estimated at around $16 billion annually. This article zooms in on debt swaps as one particular instrument of innovative financing. More specifically it assesses the macro-economic impacts of debt-for-education swaps and their relation to the aid approach now advocated by the donor community. It does so on the basis of theoretical insights from debt relief and case studies on recent swap initiatives between Germany and Indonesia and between Spain and El Salvador. Our conclusions are mixed. On the one hand, typical debt swaps suffer from macro-economic flaws and, in view of competition amongst sectors, have limited potential in narrowing the EFA deficit. On the other hand, our case studies suggest that debt-for-education swaps can be engineered to better comply with the needs of recipient ownership and could in the future address deserving niche problems.
E-info
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