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Primary Commodity Dependence And Debt Problem In Less Developed Countries

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  • SWARAY, Raymond B.
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    Abstract

    Economists have proffered myriads of causes of the debt problem faced by less developed countries (LDCs). This paper uses the panel data technique to investigate the fundamental causes of the debt problem among primary commodity dependent LDCs. The results show a strong link between high levels of indebtedness and unfavourable terms of trade among commodity-dependent countries. Further results show that the degree of openness of the LDC’s economy also has a significant influence on its external debt level.

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    File URL: http://www.usc.es/economet/reviews/aeid548.pdf
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    Bibliographic Info

    Article provided by Euro-American Association of Economic Development in its journal Applied Econometrics and International Development.

    Volume (Year): 5 (2005)
    Issue (Month): 4 ()
    Pages:

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    Handle: RePEc:eaa:aeinde:v:5:y:2005i:4_8

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    1. Borensztein, Eduardo, 1990. "Debt overhang, credit rationing and investment," Journal of Development Economics, Elsevier, vol. 32(2), pages 315-335, April.
    2. Jonathan Eaton, 1987. "Public Debt Guarantees and Private Capital Flight," NBER Working Papers 2172, National Bureau of Economic Research, Inc.
    3. Hong Liang & C. John McDermott & Paul Cashin, 1999. "How Persistent Are Shocks to World Commodity Prices?," IMF Working Papers 99/80, International Monetary Fund.
    4. Alesina, Alberto F & Roubini, Nouriel, 1990. "Political Cycles in OECD Economies," CEPR Discussion Papers 470, C.E.P.R. Discussion Papers.
    5. Rogoff, Kenneth, 1990. "Symposium on New Institutions for Developing Country Debt," Journal of Economic Perspectives, American Economic Association, vol. 4(1), pages 3-6, Winter.
    6. Paul, Samuel & Mote, Vasant L, 1970. "Competitiveness of Exports: A Micro-level Approach," Economic Journal, Royal Economic Society, vol. 80(323), pages 895-909, December.
    7. Claessens, Stijn & Qian, Ying, 1991. "Risk management in sub-Saharan Africa," Policy Research Working Paper Series 593, The World Bank.
    8. Krueger, Anne O, 1987. "Debt, Capital Flows, and LDC Growth," American Economic Review, American Economic Association, vol. 77(2), pages 159-64, May.
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