The Politics of External Debt in Developing Countries
AbstractWe analyse the determinants of long term external debt for a large sample of developing countries. We ¯nd that, in addition to the stan- dard economic variables, institutional and socio-political variables are a key factor in explaining the level of external debt. Overall the re- sults point to an interpretation based on the presence of binding credit constraints. Such constraints are relaxed in the presence of high qual- ity of institutions and low political risk, while they are tightened when socio-political risk is higher.
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Bibliographic InfoPaper provided by University of Milano-Bicocca, Department of Economics in its series Working Papers with number 176.
Length: 23 pages
Date of creation: Dec 2009
Date of revision: Dec 2009
Find related papers by JEL classification:
- F34 - International Economics - - International Finance - - - International Lending and Debt Problems
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- Presbitero, Andrea F., 2007.
"The debt-growth nexus in poor countries: a reassessment,"
Economics Discussion Papers
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- Ozlem Ayvaz Kizilgol & Evren Ipek, 2014. "An Empirical Evaluation of the Relationship between Trade Openness and External Debt: Turkish Case," International Econometric Review (IER), Econometric Research Association, vol. 6(1), pages 42-58, April.
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