GNP GROWTH AND FOREIGN INDEBTEDNESS IN MIDDLE-INCOME DEVELOPING COUNTRIES

Panayiotis C. Afxentiou

29 citations0/0 files storedInternational Economic Journal

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Global Financial Crisis and Policies Economic Theory and Policy Fiscal Policies and Political Economy

Abstract

In this paper Granger causality between GNP growth and foreign indebtedness is examined in middle-income developing countries over the period 1971–1988. The evidence for a foreign debt overhang is found to be stronger in two out of four cases when debt service and interest service ratios are used as indicators of indebtedness. The results would have been statistically stronger if several countries had not rescheduled their debts. Based on these results, which indirectly point to an overall mismanagement of foreign resources by borrowing countries, a valid argument can be made for country-specific writedowns of debt. [F 34]

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References

1969Investigating Causal Relations by Econometric Models and Cross-spectral Methods 1989How Sovereign Debt Has Worked 1990Cleaning up Third World Debt Without Getting Taken to the Cleaners 1986International Debt: Systemic Risk and Policy Response.1990A Strategy for Efficient Debt Reduction 1990Organizing Debt Relief: The Need for a New Institution 1989Developing country debt and the world economy 1987Origins of the developing countries' debt crisis

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