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Growth and external debt: a new perspective on the african and latin american tragedies

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  • Cohen, Daniel

Abstract

This 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 ‘macroeconomic’ 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.

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Bibliographic Info

Paper provided by CEPREMAP in its series CEPREMAP Working Papers (Couverture Orange) with number 9715.

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Length: 17 pages
Date of creation: 1997
Date of revision:
Handle: RePEc:cpm:cepmap:9715

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Cited by:
  1. Jeromin Zettelmeyer, 2006. "Growth and Reforms in Latin America," IMF Working Papers 06/210, International Monetary Fund.
  2. Schclarek, Alfredo, 2004. "Debt and Economic Growth in Developing and Industrial Countries," Working Papers 2005:34, Lund University, Department of Economics.
  3. 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, vol. 11(1), pages 74-84, April.
  4. Petia Topalova & Dan Nyberg, 2010. "What Level of Public Debt Could India Target?," IMF Working Papers 10/7, International Monetary Fund.
  5. Rolf Maier, 2005. "External Debt and Pro-Poor Growth," Macroeconomics 0504031, EconWPA.
  6. Gul, Adnan, 2008. "Pakistan’s Public Debt: The shocks and aftershocks," MPRA Paper 11427, University Library of Munich, Germany.
  7. Gul, Adnan, 2008. "Is external debt an effective way of bringing economic reforms?," MPRA Paper 10979, University Library of Munich, Germany.
  8. Hélène Poirson & Luca Antonio Ricci & Catherine A. Pattillo, 2004. "What Are the Channels Through Which External Debt Affects Growth?," IMF Working Papers 04/15, International Monetary Fund.
  9. Hemantha Kumara & Nawalage S. Cooray, 2013. "Public Debt and Economic Growth in Sri Lanka: Is There Any Threshold Level for Pubic Debt?," Working Papers EMS_2013_22, Research Institute, International University of Japan.

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