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The Political Economy of National Debt Burdens, 1970--2000

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  • Irfan Nooruddin

Abstract

Why did developing country governments find themselves mired in high debt by the end of the twentieth century? This paper develops a theoretical framework to understand the relationship between political institutions, resource wealth, and debt burdens. Hypotheses generated are tested on a time-series cross-section data set of developing countries from 1970--2000. Three main findings are reported: oil wealth has a positive relationship with debt; this relationship is weakly conditional on the country's regime type; and the relationship is independent of general commodity price volatility. The paper concludes with a discussion of the implications of this research for our understanding of the ‘resource curse.’

Suggested Citation

  • Irfan Nooruddin, 2008. "The Political Economy of National Debt Burdens, 1970--2000," International Interactions, Taylor & Francis Journals, vol. 34(2), pages 156-185, June.
    • Handle: RePEc:taf:ginixx:v:34:y:2008:i:2:p:156-185
    DOI: 10.1080/03050620802083228
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    Cited by:

    1. Monoj Kumar Majumder & Mala Raghavan & Joaquin Vespignani, 2020. "Commodity price volatility, external debt and exchange rate regimes," CAMA Working Papers 2020-110, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    2. Monoj Kumar Majumder & Mala Valliammai Raghavan & Joaquin L. Vespignani, 2021. "Impact of commodity price volatility on external debt: the role of exchange rate regimes," Applied Economics, Taylor & Francis Journals, vol. 53(57), pages 6626-6640, December.
    3. Matthew R DiGiuseppe & Colin M Barry & Richard W Frank, 2012. "Good for the money," Journal of Peace Research, Peace Research Institute Oslo, vol. 49(3), pages 391-405, May.

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