Abstract Especially in resource rich countries with weak institutions of governance, the interests of governments often diverge from those of their citizens and creditors. Sovereign bond contracts can potentially help align these interests, to the benefit of all parties, by indexing payment obligations to improvements in the health and education of the issuer’s citizenry. To that end, this Article proposes a Human Development Bond (HDB) with a variable coupon schedule that both insures issuers against recessions and incentivizes them to encourage investment in human capital when economic growth is strong. The potential benefits of such an instrument can only be realized, however, with significant support from the international community. Moreover, further empirical research is needed to calibrate the HDB’s coupon schedule to provide well-timed and appropriately sized debt relief.

中文翻译：

---

人类发展债券能否降低资源诅咒的代理成本？

摘要特别是在治理机构薄弱的资源丰富的国家中，政府的利益常常与公民和债权人的利益背道而驰。主权债券合同可能通过将支付义务编入索引，以改善发行人的国民健康和教育水平，从而可能使这些利益符合各方利益。为此，本文提出了具有可变息票时间表的人类发展债券（HDB），可确保发行人免受经济衰退的影响，并在经济增长强劲时激励他们鼓励对人力资本的投资。但是，只有在国际社会的大力支持下，才能实现这种文书的潜在利益。而且，