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Sources of Debt Accumulation in a Small Open Economy

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  • A. Senhadji Semlali
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    Abstract

    This paper analyzes the borrowing behavior of a small open economy of a developing country that relies heavily on imports for its capital formation and faces an upward-sloping supply function of foreign loans. Decision makers face uncertainty about the longevity of external shocks. That uncertainty generates forecast errors that lead to substantial debt accumulation. It is found that the assumption of an upward-sloping supply function of foreign loans, which is a more realistic formulation for developing countries than the usual perfect elasticity, offers an alternative to the Uzawa-type utility function for analyzing asset accumulation in the small open economy framework.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 97/146.

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    Length: 26
    Date of creation: 01 Oct 1997
    Date of revision:
    Handle: RePEc:imf:imfwpa:97/146

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