Growth and external debt
AbstractThis paper surveys the literature on external debt which has developed over the past decade. Initially this literature emphasized the intertemporal nature of the balance of payments, and reflected the view that balance of payments movements were an equilibrium phenomenon reflecting either transitory disturbances or permanent transfers of capital towards the poor countries. Subsequently the literature emphasized the risk of debt repudiation and focused on a theory of optimal credit ceilings imposed on a sovereign debtor. The third stage analysed the effect of a `debt overhang' on domestic investment, and the final stage analysed how sovereign debt could be best reduced.
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Bibliographic InfoPaper provided by CEPREMAP in its series CEPREMAP Working Papers (Couverture Orange) with number 9302.
Length: 34 pages
Date of creation: 1993
Date of revision:
Other versions of this item:
- F34 - International Economics - - International Finance - - - International Lending and Debt Problems
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