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The Politics of External Debt in Developing Countries

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  • Emilio Colombo

    ()

Abstract

We 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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File URL: http://dipeco.economia.unimib.it/repec/pdf/mibwpaper176.pdf
File Function: First version, 2009
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Bibliographic Info

Paper provided by University of Milano-Bicocca, Department of Economics in its series Working Papers with number 176.

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Length: 23 pages
Date of creation: Dec 2009
Date of revision: Dec 2009
Handle: RePEc:mib:wpaper:176

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Cited by:
  1. Presbitero, Andrea F., 2006. "The debt-growth nexus in poor countries: a reassessment," Proceedings of the German Development Economics Conference, Berlin 2006 22, Verein für Socialpolitik, Research Committee Development Economics.
  2. 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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