Working Paper: CEPR ID: DP16413
Authors: Kim Oosterlinck; Ugo Panizza; Mark Weidemaier; Mitu Gulati
Abstract: This article introduces the Haitian Independence Debt of 1825 to the odious debt and sovereign debt literatures. We argue that the legal doctrine of odious debt is surprisingly and perhaps indefensibly narrow possibly because of historical contingency rather than any underlying logic or principle. The story of the Haitian Independence Debt of 1825 serves as an illustrative case study. In the context of telling that story, we provide estimates of the evolution of Haiti’s external debt-to-GDP ratio over 1825-2020, and discuss the implications of the independence debt for the economy of Haiti. We conclude by discussing the implications of Haiti’s Independence Debt for the doctrine of odious debt and the possibilities for Haiti to recover compensation.
Keywords: Haiti; Odious Debt; Debt and Growth
JEL Codes: G15; H63; K34; O54
Edges that are evidenced by causal inference methods are in orange, and the rest are in light blue.
| Cause | Effect |
|---|---|
| Haitian independence debt (H63) | Haiti's economic growth (O54) |
| Haitian independence debt (H63) | Haiti's economic trajectory (N96) |
| Haitian independence debt (H63) | institutional failures in Haiti (H84) |
| Haitian independence debt (H63) | cycle of poverty and underdevelopment (F63) |
| Haitian independence debt (H63) | long-term economic burden (H60) |
| Haitian independence debt (H63) | Haiti's GDP today (N16) |