External Debt and Growth:
This paper assesses the non linear impact of external debt on growth using a large panel data set of 93 developing countries over 1969-98. Results are generally robust across different econometric methodologies, regression specifications, and different debt indicators. For a country with average ind...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2002
|
| Schriftenreihe: | IMF Working Papers
Working Paper No. 02/69 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Zusammenfassung: | This paper assesses the non linear impact of external debt on growth using a large panel data set of 93 developing countries over 1969-98. Results are generally robust across different econometric methodologies, regression specifications, and different debt indicators. For a country with average indebtedness, doubling the debt ratio would reduce annual per capita growth by between half and a full percentage point. The differential in per capita growth between countries with external indebtedness (in net present value) below 100 percent of exports and above 300 percent of exports seems to be in excess of 2 percent per annum. For countries that are to benefit from debt reduction under the current HIPC initiative, per capita growth might increase by 1 percentage point, unless constrained by other macroeconomic and structural economic distortions. Our findings also suggest that the average impact of debt becomes negative at about 160-170 percent of exports or 35-40 percent of GDP. The marginal impact of debt starts being negative at about half of these values. High debt appears to reduce growth mainly by lowering the efficiency of investment rather than its volume |
| Beschreibung: | 1 Online-Ressource (48 p) |
| ISBN: | 1451849079 9781451849073 |
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| illustrated | Not Illustrated |
| index_date | 2024-07-03T20:13:22Z |
| indexdate | 2024-07-10T09:35:30Z |
| institution | BVB |
| isbn | 1451849079 9781451849073 |
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| series2 | IMF Working Papers |
| spelling | Poirson, Hélène Verfasser aut External Debt and Growth Poirson, Hélène Washington, D.C International Monetary Fund 2002 1 Online-Ressource (48 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 02/69 This paper assesses the non linear impact of external debt on growth using a large panel data set of 93 developing countries over 1969-98. Results are generally robust across different econometric methodologies, regression specifications, and different debt indicators. For a country with average indebtedness, doubling the debt ratio would reduce annual per capita growth by between half and a full percentage point. The differential in per capita growth between countries with external indebtedness (in net present value) below 100 percent of exports and above 300 percent of exports seems to be in excess of 2 percent per annum. For countries that are to benefit from debt reduction under the current HIPC initiative, per capita growth might increase by 1 percentage point, unless constrained by other macroeconomic and structural economic distortions. Our findings also suggest that the average impact of debt becomes negative at about 160-170 percent of exports or 35-40 percent of GDP. The marginal impact of debt starts being negative at about half of these values. High debt appears to reduce growth mainly by lowering the efficiency of investment rather than its volume Online-Ausg Pattillo, Catherine A. Sonstige oth Ricci, Luca Antonio Sonstige oth http://elibrary.imf.org/view/IMF001/02258-9781451849073/02258-9781451849073/02258-9781451849073.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Poirson, Hélène External Debt and Growth |
| title | External Debt and Growth |
| title_auth | External Debt and Growth |
| title_exact_search | External Debt and Growth |
| title_exact_search_txtP | External Debt and Growth |
| title_full | External Debt and Growth Poirson, Hélène |
| title_fullStr | External Debt and Growth Poirson, Hélène |
| title_full_unstemmed | External Debt and Growth Poirson, Hélène |
| title_short | External Debt and Growth |
| title_sort | external debt and growth |
| url | http://elibrary.imf.org/view/IMF001/02258-9781451849073/02258-9781451849073/02258-9781451849073.xml |
| work_keys_str_mv | AT poirsonhelene externaldebtandgrowth AT pattillocatherinea externaldebtandgrowth AT riccilucaantonio externaldebtandgrowth |