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Growth and external debt

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  • Cohen, Daniel

Abstract

This 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 Info

Paper provided by CEPREMAP in its series CEPREMAP Working Papers (Couverture Orange) with number 9302.

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Length: 34 pages
Date of creation: 1993
Date of revision:
Handle: RePEc:cpm:cepmap:9302

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Cited by:
  1. Sochirca, Elena & Afonso, Óscar & Gil, Pedro Mazeda, 2013. "Technological-knowledge bias and the industrial structure under costly investment and complementarities," Economic Modelling, Elsevier, Elsevier, vol. 32(C), pages 440-451.
  2. Kaminsky, Graciela L. & Pereira, Alfredo, 1996. "The debt crisis: lessons of the 1980s for the 1990s," Journal of Development Economics, Elsevier, Elsevier, vol. 50(1), pages 1-24, June.
  3. Gala, Paulo Sérgio de Oliveira Simões & Pereira, Luiz Carlos Bresser, 2008. "Why foreign savings fail to cause growth," Textos para discussão, Escola de Economia de São Paulo, Getulio Vargas Foundation (Brazil) 159, Escola de Economia de São Paulo, Getulio Vargas Foundation (Brazil).
  4. Maria Thompson, 2008. "Complementarities and costly investment in a growth model," Journal of Economics, Springer, Springer, vol. 94(3), pages 231-240, September.
  5. Pereira, Luiz Carlos Bresser & Nakano, Yoshiaki, 2002. "Economic Growth With Foreign Saving?," Textos para discussão, Escola de Economia de São Paulo, Getulio Vargas Foundation (Brazil) 118, Escola de Economia de São Paulo, Getulio Vargas Foundation (Brazil).
  6. Maria João Thompson, 2007. "Complementarities and Costly Investment in a One-Sector Growth Model," NIPE Working Papers, NIPE - Universidade do Minho 8/2007, NIPE - Universidade do Minho.
  7. Dijkstra, Geske & Hermes, Niels, 2001. "The Uncertainty of Debt Service Payments and Economic Growth of HIPCs: Is there a Case for Debt Relief?," Working Paper Series, World Institute for Development Economic Research (UNU-WIDER) UNU-WIDER Research Paper , World Institute for Development Economic Research (UNU-WIDER).
  8. Adrian Penalver, 2003. "Capital flows to emerging markets," Bank of England working papers, Bank of England 183, Bank of England.
  9. Maria João Ribeiro Thompson, 2003. "Complementarities, Costly Investment and Multiple Equilibria in a One-Sector Endogenous Growth Model," NIPE Working Papers, NIPE - Universidade do Minho 7/2003, NIPE - Universidade do Minho.

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