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Projecting Debt Servicing Capacity of Developing Countries

Author

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  • Feder, Gershon
  • Just, Richard
  • Ross, Knud

Abstract

Analysis of the growth record of many economies indicates that foreign capital is an important factor in the process of economic development. For many developing countries, a continuing flow of foreign funds is necessary if desired growth targets are to be achieved. These funds are most likely to be in the form of loans rather than grants. This link between economicdevelopment and debt accumulation manifested itself in the enormous growth of less developed countries’ (LDCs) external indebtedness in recent years, especially after the oil crisis of 1973.

Suggested Citation

  • Feder, Gershon & Just, Richard & Ross, Knud, 1981. "Projecting Debt Servicing Capacity of Developing Countries," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 16(5), pages 651-669, December.
  • Handle: RePEc:cup:jfinqa:v:16:y:1981:i:05:p:651-669_00
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    1. Timur Han Gur, 2001. "A Country Risk Assessment Model and the Asian Crisis," Central Bank Review, Research and Monetary Policy Department, Central Bank of the Republic of Turkey, vol. 1(1), pages 49-68.
    2. Karim Hashmi, Rimsha & Qayyum, Abdul, 2016. "Estimating the Long-Run Creditworthiness of Pakistan," MPRA Paper 85553, University Library of Munich, Germany, revised 2017.
    3. Erdal Karagol & Selami Sezgin, 2004. "DO defence expenditures increase debt rescheduling in Turkey? probit model approach," Defence and Peace Economics, Taylor & Francis Journals, vol. 15(5), pages 471-480.
    4. Hernandez-Trillo, Fausto, 1995. "A model-based estimation of the probability of default in sovereign credit markets," Journal of Development Economics, Elsevier, vol. 46(1), pages 163-179, February.
    5. Woller, Gray M. & Phillips, Kerk, 1995. "LDC default probabilities and U.S. commercial banks: An empirical investigation," International Review of Economics & Finance, Elsevier, vol. 4(4), pages 333-352.
    6. Kelly, Trish, 1998. "Ability and Willingness to Pay in the Age of Pax Britannica, 1890-1914," Explorations in Economic History, Elsevier, vol. 35(1), pages 31-58, January.
    7. Ana-Maria Fuertes & Elena Kalotychou, 2004. "Forecasting sovereign default using panel models: A comparative analysis," Computing in Economics and Finance 2004 228, Society for Computational Economics.
    8. M. Kabir Hassan, 2001. "Financial Structure, Creditworthiness and Stock Market Development: A Cross-Country Analysis," Working Papers 0140, Economic Research Forum, revised 12 2001.
    9. Olusegun Ayodele Akanbi, 2016. "External debt accumulation in sub-Saharan African countries: how fast is safe?," International Journal of Sustainable Economy, Inderscience Enterprises Ltd, vol. 8(2), pages 93-110.
    10. Edward Chow, 1994. "Debt rescheduling and the choice between bonds and loans for LDCs' foreign debt," Open Economies Review, Springer, vol. 5(2), pages 139-157, March.
    11. Sotiris K. Staikouras, 2005. "Multinational Banks, Credit Risk, and Financial Crises : A Qualitative Response Analysis," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 41(2), pages 82-106, March.
    12. Hajivassiliou, V A, 1994. "A Simulation Estimation Analysis of the External Debt Crises of Developing Countries," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 9(2), pages 109-131, April-Jun.
    13. Ayse Karayalcin & Tugrul Temel, 1988. "Debt Servicing Capacity of Developing Countries and the Case of Turkey," Discussion Papers 8810, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
    14. Edward I. Altman & Herbert A. Rijken, 2011. "Toward a Bottom‐Up Approach to Assessing Sovereign Default Risk," Journal of Applied Corporate Finance, Morgan Stanley, vol. 23(1), pages 20-31, January.
    15. Sotiris Staikouras, 2004. "A chronicle of the banking and currency crises," Applied Economics Letters, Taylor & Francis Journals, vol. 11(14), pages 873-878.
    16. Altman, Edward & Rijken, Herbert, 2012. "Toward a bottom-up approach to assessing sovereign default risk: an update," Journal of Financial Transformation, Capco Institute, vol. 34, pages 19-29.
    17. Jakob De Haan & Clemens Siermann & Erna Van Lubek, 1997. "Political instability and country risk: new evidence," Applied Economics Letters, Taylor & Francis Journals, vol. 4(11), pages 703-707.
    18. Edward I. Altman & Herbert A. Rijken, 2013. "Sovereign default risk assessment," International Journal of Banking, Accounting and Finance, Inderscience Enterprises Ltd, vol. 5(1/2), pages 6-27.
    19. Jelena Laušev & Aleksandar Stojanović & Nataša Todorović, 2011. "Determinants Of Debt Rescheduling In Eastern European Countries," Economic Annals, Faculty of Economics, University of Belgrade, vol. 56(188), pages 7-31, January –.
    20. David McKenzie, 2001. "An Econometric analysis of IBRD creditworthiness," International Economic Journal, Taylor & Francis Journals, vol. 18(4), pages 427-448.
    21. Zeaiter, Hussein & El-Khalil, Raed, 2016. "Extreme bounds of sovereign defaults: Evidence from the MENA region," International Review of Economics & Finance, Elsevier, vol. 41(C), pages 391-410.
    22. Chakrabarti, Avik & Zeaiter, Hussein, 2014. "The determinants of sovereign default: A sensitivity analysis," International Review of Economics & Finance, Elsevier, vol. 33(C), pages 300-318.
    23. Yucel, Eray, 2011. "A Review and Bibliography of Early Warning Models," MPRA Paper 32893, University Library of Munich, Germany.
    24. Zeaiter, Hussein Zeaiter, 2013. "Sovereign Debt Defaults: Evidence using Extreme bounds Analysis," Working Papers 32/2013, Universidade Portucalense, Centro de Investigação em Gestão e Economia (CIGE).
    25. Somerville, R. A. & Taffler, R. J., 1995. "Banker judgement versus formal forecasting models: The case of country risk assessment," Journal of Banking & Finance, Elsevier, vol. 19(2), pages 281-297, May.

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