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Gnp Growth And Foreign Indebtedness In Middle-Income Developing Countries

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PANAYIOTIS C. AFXENTIOU
Abstract

In this paper Granger causality between GNP growth and foreign indebtedness is examined in middle-income developing countries over the period 197l--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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Article provided by Korean International Economic Association in its journal International Economic Journal.

Volume (Year): 7 (1993)
Issue (Month): 3 (October)
Pages: 81-92
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Handle: RePEc:taf:intecj:v:7:y:1993:i:3:p:81-92

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  1. Paul R. Krugman, 1989. "Private Capital Flows to Problem Debtors," NBER Chapters, in: Developing Country Debt and Economic Performance, Volume 1: The International Financial System, pages 299-330 National Bureau of Economic Research, Inc. [Downloadable!]
    Other versions:
  2. Rudiger Dornbusch, 1989. "Debt Problems and the World Macroeconomy," NBER Chapters, in: Developing Country Debt and Economic Performance, Volume 1: The International Financial System, pages 331-358 National Bureau of Economic Research, Inc. [Downloadable!]
    Other versions:
  3. Rudiger Dornbusch, 1988. "Our LDC Debts," NBER Working Papers 2138, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
    • Rudiger Dornbusch & Thomas S. Johnson & Anne O. Krueger, 1988. "Our LDC Debts," NBER Chapters, in: The United States in the World Economy, pages 161-214 National Bureau of Economic Research, Inc. [Downloadable!]
  4. Peter H. Lindert & Peter J. Morton, 1989. "How Sovereign Debt Has Worked," NBER Chapters, in: Developing Country Debt and Economic Performance, Volume 1: The International Financial System, pages 39-106 National Bureau of Economic Research, Inc. [Downloadable!]
    Other versions:
    • Peter H. Lindert & Peter J. Morton, 1989. "How Sovereign Debt Has Worked," NBER Chapters, in: Developing Country Debt and the World Economy, pages 225-236 National Bureau of Economic Research, Inc. [Downloadable!]
  5. Foxley, Alejandro, 1987. "Latin American development after the debt crisis," Journal of Development Economics, Elsevier, vol. 27(1-2), pages 201-225, October. [Downloadable!] (restricted)
  6. Granger, C W J, 1969. "Investigating Causal Relations by Econometric Models and Cross-Spectral Methods," Econometrica, Econometric Society, vol. 37(3), pages 424-38, July. [Downloadable!] (restricted)
  7. Kenen, Peter B, 1990. "Organizing Debt Relief: The Need for a New Institution," Journal of Economic Perspectives, American Economic Association, vol. 4(1), pages 7-18, Winter. [Downloadable!] (restricted)
  8. Cline, William R, 1985. "International Debt: From Crisis to Recovery?," American Economic Review, American Economic Association, vol. 75(2), pages 185-90, May. [Downloadable!] (restricted)
  9. Wiesner, Eduardo, 1985. "Latin American Debt: Lessons and Pending Issues," American Economic Review, American Economic Association, vol. 75(2), pages 191-95, May.
  10. Sachs, Jeffrey D, 1990. "A Strategy for Efficient Debt Reduction," Journal of Economic Perspectives, American Economic Association, vol. 4(1), pages 19-29, Winter. [Downloadable!] (restricted)
  11. Ranis, Gustav, 1987. "Latin American debt and adjustment," Journal of Development Economics, Elsevier, vol. 27(1-2), pages 189-199, October. [Downloadable!] (restricted)
  12. Miguel Urrutia & Anne O. Krueger, 1989. "Remarks on Country Studies," NBER Chapters, in: Developing Country Debt and the World Economy, pages 212-222 National Bureau of Economic Research, Inc. [Downloadable!]
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