Growth and external debt: a new perspective on the african and latin american tragedies
AbstractThis paper addresses two puzzles of the growth literature: the failure of standard growth equations to account for slow growth in Latin America and Africa; and the surprising failure of trade to explain growth when trade liberalization appears to play a significant role. The paper shows that: i) African growth is readily explained by macroeconomic mismanagement and low investment; ii) trade liberalization should be taken as a proxy for good âmacroeconomicâ management rather than a genuine measure of the effect of trade upon growth; and iii) poor growth in Latin America (which does not seem to be explained by the preceding feature) is explained well by a variable (constructed in the text) representing the likelihood of debt crisis.
Download InfoTo our knowledge, this item is not available for download. To find whether it is available, there are three options:
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
Bibliographic InfoPaper provided by CEPREMAP in its series CEPREMAP Working Papers (Couverture Orange) with number 9715.
Length: 17 pages
Date of creation: 1997
Date of revision:
Other versions of this item:
- Cohen, Daniel, 1997. "Growth and External Debt: A New Perspective on the African and Latin American Tragedies," CEPR Discussion Papers, C.E.P.R. Discussion Papers 1753, C.E.P.R. Discussion Papers.
- F34 - International Economics - - International Finance - - - International Lending and Debt Problems
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Petia Topalova & Dan Nyberg, 2010. "What Level of Public Debt Could India Target?," IMF Working Papers, International Monetary Fund 10/7, International Monetary Fund.
- Gul, Adnan, 2008. "Is external debt an effective way of bringing economic reforms?," MPRA Paper 10979, University Library of Munich, Germany.
- M. Wasiqur Rahman Khan & Haydory Akbar Ahmed, 2012. "Dynamics of foreign earnings, assistance and debt servicing in Bangladesh," International Journal of Development Issues, Emerald Group Publishing, Emerald Group Publishing, vol. 11(1), pages 74-84, April.
- Jeromin Zettelmeyer, 2006. "Growth and Reforms in Latin America," IMF Working Papers, International Monetary Fund 06/210, International Monetary Fund.
- Schclarek, Alfredo, 2004. "Debt and Economic Growth in Developing and Industrial Countries," Working Papers, Lund University, Department of Economics 2005:34, Lund University, Department of Economics.
- HÃ©lÃ¨ne Poirson & Luca Antonio Ricci & Catherine A. Pattillo, 2004. "What Are the Channels Through Which External Debt Affects Growth?," IMF Working Papers, International Monetary Fund 04/15, International Monetary Fund.
- Gul, Adnan, 2008. "Pakistan’s Public Debt: The shocks and aftershocks," MPRA Paper 11427, University Library of Munich, Germany.
- Hemantha Kumara & Nawalage S. Cooray, 2013. "Public Debt and Economic Growth in Sri Lanka: Is There Any Threshold Level for Pubic Debt?," Working Papers, Research Institute, International University of Japan EMS_2013_22, Research Institute, International University of Japan.
- Rolf Maier, 2005. "External Debt and Pro-Poor Growth," Macroeconomics, EconWPA 0504031, EconWPA.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Sébastien Villemot).
If references are entirely missing, you can add them using this form.