This econometric study takes a simulation approach to investigate the impact of external debt on economic growth in sub-Saharan African countries using a small macroeconomic model estimated for 1970-1994. An important finding was the significance of debt overhang variables in the investment equation, suggesting that mounting external debt depresses investment through both a "disincentive" effect and a "crowding out" effect.
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Paper provided by African Economic Research Consortium in its series Papers with number
90.
Find related papers by JEL classification: O55 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Africa C10 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: General - - - General O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General F34 - International Economics - - International Finance - - - International Lending and Debt Problems