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Debt swaps for financing education: Exploration of new funding resources

Author

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  • Hiroshi Ito
  • Ryosuke Sekiguchi
  • Toshiyuki Yamawake
Abstract
As an innovative financial mechanism to explore additional funds for social development programs in developing countries, debt swaps for development, including debt-for-education swaps, became popular between the 1980s and 2000s. Their popularity, however, seems to have diminished since the beginning of the 2010s. This article describes debt swaps for development with a focus on debt-for-education swaps, explaining how they became popular, examining why they have lost momentum, and exploring whether debt-for-education swaps are a feasible option for funding social development programs. Despite recent economic recovery and growth worldwide, one of the key obstacles for achieving the United Nations’ Sustainable Development Goal 4—to ensure inclusive and equitable quality education and promote lifelong learning opportunities for all—remains inefficient funding for education programs in developing countries. Based on the findings, this article argues for the feasibility of debt-for-education swaps to seek funding with a number of conditions.

Suggested Citation

  • Hiroshi Ito & Ryosuke Sekiguchi & Toshiyuki Yamawake, 2018. "Debt swaps for financing education: Exploration of new funding resources," Cogent Economics & Finance, Taylor & Francis Journals, vol. 6(1), pages 1563025-156, January.
    • Handle: RePEc:taf:oaefxx:v:6:y:2018:i:1:p:1563025
    DOI: 10.1080/23322039.2018.1563025
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    File URL: http://hdl.handle.net/10.1080/23322039.2018.1563025
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    References listed on IDEAS

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    1. Danny Cassimon & Dennis Essers & Achmad Fauzi, 2014. "Indonesia's Debt-for-Development Swaps: Past, Present, and Future," Bulletin of Indonesian Economic Studies, Taylor & Francis Journals, vol. 50(1), pages 75-100, April.
    2. Cassimon, Danny & Prowse, Martin & Essers, Dennis, 2009. "The pitfalls and potential of debt-for-nature swaps: a US-Indonesian case study," IOB Working Papers 2009.07, Universiteit Antwerpen, Institute of Development Policy (IOB).
    3. Cassimon, Danny & Essers, Dennis & Renard, Robrecht, 2009. "An assessment of debt-for-education swaps. Case studies on swap initiatives between Germany and Indonesia and between Spain and El Salvador," IOB Working Papers 2009.03, Universiteit Antwerpen, Institute of Development Policy (IOB).
    4. Roy Culpeper & Nihal Kappagoda, 2016. "The new face of developing country debt," Third World Quarterly, Taylor & Francis Journals, vol. 37(6), pages 951-974, June.
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    Cited by:

    1. Howard Haughton & Jodie Keane, 2021. "Alleviating debt distress and advancing the sustainable development goals," Sustainable Development, John Wiley & Sons, Ltd., vol. 29(3), pages 528-536, May.
    2. Patrinos,Harry Anthony & Tanaka,Nobuyuki, 2024. "Education : Innovative Financing in Developing Countries," Education Working Papers 189695, The World Bank.

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