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Impact du fardeau virtuel de la dette sur le taux de change réel d'équilibre des pays en développement

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  • Babacar XSENE

    (PARIS DAUPHINE UNIVERSITY)

Abstract

The main objective of this paper is to study the relationship between external public debt and equilibrium real exchange rate in developing countries. Using a extension of Obstfeld & Rogoff (1995) model we show that debt overhang tend to appreciate real exchange rate in the long run (Krugman (1979), Sargent & Wallace (1989)). The relationship between debt overhang and real exchange rate is obtaining with endogeneity of economic growth.

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File URL: http://128.118.178.162/eps/mac/papers/0501/0501014.pdf
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Bibliographic Info

Paper provided by EconWPA in its series Macroeconomics with number 0501014.

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Length: 27 pages
Date of creation: 09 Jan 2005
Date of revision:
Handle: RePEc:wpa:wuwpma:0501014

Note: Type of Document - pdf; pages: 27
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Web page: http://128.118.178.162

Related research

Keywords: Public debt; debt overhang; real exchange rate; new open macro economics ; growth;

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References

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  1. Ghura, Dhaneshwar & Grennes, Thomas J., 1993. "The real exchange rate and macroeconomic performance in Sub-Saharan Africa," Journal of Development Economics, Elsevier, vol. 42(1), pages 155-174, October.
  2. Cohen, Daniel & Sachs, Jeffrey, 1986. "Growth and external debt under risk of debt repudiation," European Economic Review, Elsevier, vol. 30(3), pages 529-560, June.
  3. Ganelli, Giovanni, 2005. "The new open economy macroeconomics of government debt," Journal of International Economics, Elsevier, vol. 65(1), pages 167-184, January.
  4. Khalid Sekkat & Aristomene Varoudakis, 2000. "Exchange rate management and manufactured exports in Sub-Saharan Africa," ULB Institutional Repository 2013/7342, ULB -- Universite Libre de Bruxelles.
  5. Virginie Coudert, 1999. "Comment definir un taux de change d'equilibre pour les pays emergents ?," Economie Internationale, CEPII research center, issue 77, pages 45-66.
  6. Joannes Mongardini, 1998. "Estimating Egypt's Equilibrium Real Exchange Rate," IMF Working Papers 98/5, International Monetary Fund.
  7. Hélène Poirson & Luca Antonio Ricci & Catherine A. Pattillo, 2002. "External Debt and Growth," IMF Working Papers 02/69, International Monetary Fund.
  8. Cohen, Daniel, 1995. "Large external debt and (slow) domestic growth a theoretical analysis," Journal of Economic Dynamics and Control, Elsevier, vol. 19(5-7), pages 1141-1163.
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