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External Debt Histories of Ten Low-Income Developing Countries

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Author Info

  • Kevin Ross
  • R. Brooks
  • Robert Powell
  • Ydahlia A. Metzgen Quemarez
  • Doris C. Ross
  • Mariano Cortes
  • Saqib Rizavi
  • Benoit Ketchekmen
  • Francesca Fornasari
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    Abstract

    The external debt burden of many low-income developing countries has increased significantly since the 1970s. Developments in a sample of ten countries show that the main factors behind the buildup of debt were (1) exogenous (adverse terms of trade shocks or weather), (2) a lack of sustained macroeconomic adjustment and structural reforms, (3) nonconcessional lending arid refinancing policies of creditors, (4) inadequate debt management, and (5) political factors (civil war and social strife). Future policies should limit the need for external financing and create an environment conducive to diversifying export growth, managing debt more prudently, and basing economic projections on more cautious assumptions.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 98/72.

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    Length: 140
    Date of creation: 01 May 1998
    Date of revision:
    Handle: RePEc:imf:imfwpa:98/72

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    Cited by:
    1. Robert Powell, 2003. "Debt Relief, Additionality, and Aid Allocation in Low Income Countries," IMF Working Papers 03/175, International Monetary Fund.
    2. Easterly, William, 2002. "How Did Heavily Indebted Poor Countries Become Heavily Indebted? Reviewing Two Decades of Debt Relief," World Development, Elsevier, Elsevier, vol. 30(10), pages 1677-1696, October.
    3. Dumitriu, Ramona & Stefanescu, Razvan, 2013. "External debt management in Romania," MPRA Paper 52475, University Library of Munich, Germany, revised 25 Sep 2013.
    4. Benno Ferrarini, 2009. "Policy, vulnerability and the new debt sustainability framework," Journal of International Development, John Wiley & Sons, Ltd., vol. 21(7), pages 895-914.
    5. Ferrarini, Benno, 2008. "Proposal for a Contingency Debt Sustainability Framework," World Development, Elsevier, Elsevier, vol. 36(12), pages 2547-2565, December.
    6. Karlygash Kuralbayeva & David Vines, 2008. "Shocks to Terms of Trade and Risk-premium in an Intertemporal Model: The Dutch Disease and a Dutch Party," Open Economies Review, Springer, Springer, vol. 19(3), pages 277-303, July.
    7. Kuralbayeva, Karlygash & Vines, David, 2006. "Terms of Trade Shocks in an Intertemporal Model: Should We Worry about the Dutch Disease or Excessive Borrowing?," CEPR Discussion Papers, C.E.P.R. Discussion Papers 5857, C.E.P.R. Discussion Papers.
    8. Philippe Beaugrand & Montfort Mlachila & Boileau Loko, 2002. "The Choice Between External and Domestic Debt in Financing Budget Deficits," IMF Working Papers 02/79, International Monetary Fund.
    9. Abdur R. Chowdhury, 2010. "External Debt and Growth in Developing Countries: A Sensitivity and Causal Analysis," Working Papers id:3151, eSocialSciences.
    10. Paul Dunne & Sam Perlo-Freeman & Aylin Soydan, 2004. "Military expenditure and debt in small industrialised economies: A panel analysis," Defence and Peace Economics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 15(2), pages 125-132.
    11. Yan Sun, 2004. "External Debt Sustainability in HIPC Completion Point Countries," IMF Working Papers 04/160, International Monetary Fund.

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