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Le financement de la croissance par endettement extérieur

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  • Patrick Artus

Abstract

[fre] Le financement de la croissance par endettement extérieur. . Nous illustrons, à l'aide d'un modèle théorique simple avec générations imbriquées, les risques que peut présenter le financement de l'accumulation de capital par recours à l'investissement étranger ou à l'endettement extérieur. Nous examinons les effets du risque, des possibilités de retrait des investisseurs étrangers, de variations des taux d'intérêt, sur le niveau d'investissement et le bien-être. Nous analysons le danger d'effets pervers passant par le taux de change. Nous regardons finalement si l'évolution économique du Mexique durant les dernières années confirme ou non les enseignements du modèle théorique. [eng] Financing growth by foreign debt. . We illustrate, using a simple theoretical model with overlapping generations, the potential risks associated with the use of foreign investment or of foreign debt to finance growth. We examine the effects of risk, of the possible withdrawal of foreign investors, of changes in interest rates, on the level of investment and on welfare. We analyse if there is a danger of perverse effects channeled by exchange rate changes. We finally compare the economic evolution of Mexico during the recent years and the findings of the theoretical model.

Suggested Citation

  • Patrick Artus, 1998. "Le financement de la croissance par endettement extérieur," Revue Économique, Programme National Persée, vol. 49(1), pages 165-179.
  • Handle: RePEc:prs:reveco:reco_0035-2764_1998_num_49_1_409970
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    References listed on IDEAS

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    1. Aizenman, Joshua, 1997. "Capital Markets Integration, Volatility, and Persistence," Journal of Macroeconomics, Elsevier, vol. 19(2), pages 217-236, April.
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    3. Sergio Rebelo & Carlos A. Vegh, 1995. "Real Effects of Exchange-Rate-Based Stabilization: An Analysis of Competing Theories," NBER Chapters,in: NBER Macroeconomics Annual 1995, Volume 10, pages 125-188 National Bureau of Economic Research, Inc.
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    Cited by:

    1. Sonia Zouari & Faouzi Sboui, 2004. "Investissements directs étrangers et processus de désendettement dans le contexte de mondialisation : le cas de la Tunisie," Documents de travail 98, Groupe d'Economie du Développement de l'Université Montesquieu Bordeaux IV.

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