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The Efficiency of Foreign Borrowing: The Case of Poland

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  • Prokop, Jacek
  • Baranowska-Prokop, Ewa

Abstract

The main objective of this paper is to examine the efficiency of foreign investment borrowing by Poland in the 1970s. That decade was of particular significance in the post-war history of Central and Eastern Europe. For the first time after the World War II, Poland – a major country in the socialist block – opened up to western economies by increasing foreign trade and by taking loans to finance the imports of modern technology and investments. Since there has been a major disagreement about the economic impact of the loans, we make an attempt to resolve this controversy. The considerations are conducted in a macroeconomic model. Based on the econometric analysis, we conclude that the efficiency of foreign investment borrowing was relatively high. It means that the policy of using external sources to finance economic growth was fully justified.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 44976.

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Date of creation: 2012
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Handle: RePEc:pra:mprapa:44976

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Keywords: foreign borrowing; efficiency of foreign debts; international indebtedness;

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  1. Presbitero, Andrea F., 2006. "The debt-growth nexus in poor countries: a reassessment," Proceedings of the German Development Economics Conference, Berlin 2006, Verein für Socialpolitik, Research Committee Development Economics 22, Verein für Socialpolitik, Research Committee Development Economics.
  2. G�ran Therborn & K.C. Ho, 2009. "Introduction," City, Taylor & Francis Journals, Taylor & Francis Journals, vol. 13(1), pages 53-62, March.
  3. Jacek Prokop, 1991. "Dynamics of International Debt Overhang with Two Lender Banks," Discussion Papers, Northwestern University, Center for Mathematical Studies in Economics and Management Science 946, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  4. Siti Daud & Jan Podivinsky, 2011. "Debt–Growth Nexus: A Spatial Econometrics Approach for Developing Countries," Transition Studies Review, Springer, Springer, vol. 18(1), pages 1-15, September.
  5. Shuanglin Lin & Kim Sosin, 2001. "Foreign debt and economic growth," The Economics of Transition, The European Bank for Reconstruction and Development, The European Bank for Reconstruction and Development, vol. 9(3), pages 635-655, November.
  6. Mamoru Kaneko & Jacek Prokop, 1993. "A game theoretical approach to the international debt overhang," Journal of Economics, Springer, Springer, vol. 58(1), pages 1-24, February.
  7. Spanos,Aris, 1986. "Statistical Foundations of Econometric Modelling," Cambridge Books, Cambridge University Press, Cambridge University Press, number 9780521269124.
  8. Jacek Prokop, 1991. "Duration of Debt Overhang with Two Lender Banks," Discussion Papers, Northwestern University, Center for Mathematical Studies in Economics and Management Science 949, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  9. Hélène Poirson & Luca Antonio Ricci & Catherine A. Pattillo, 2002. "External Debt and Growth," IMF Working Papers 02/69, International Monetary Fund.
  10. Jeffrey D. Sachs, 2002. "Resolving the Debt Crisis of Low-Income Countries," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 33(1), pages 257-286.
  11. Prokop, Jacek, 1995. "Organized debt buybacks: No cure for free riding?," Journal of Development Economics, Elsevier, Elsevier, vol. 47(2), pages 481-496, August.
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