Heavy indebtedness and debt service payments, indicated by debt magnitudes and shares to national budgets, revenues, or outputs, mean that spending for public infrastructure and basic services is crowded out, even as they entail more borrowings in order to timely meet debt obligations. The failure to reduce indebtedness, improve national revenues, and raise incomes has contributed to the economic decrepitude of the Philippines. Debt relief is neces-sary to pull the country out of such a state of affairs.
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number
16553.
Find related papers by JEL classification: F34 - International Economics - - International Finance - - - International Lending and Debt Problems O53 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East O10 - Economic Development, Technological Change, and Growth - - Economic Development - - - General H60 - Public Economics - - National Budget, Deficit, and Debt - - - General B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General O20 - Economic Development, Technological Change, and Growth - - Development Planning and Policy - - - General
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Michael Kremer & Seema Jayachandran, 2002.
"Odious Debt,"
NBER Working Papers
8953, National Bureau of Economic Research, Inc.
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