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The Politics of External Debt in Developing Countries

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Abstract

We analyse the determinants of long term external debt for a large sample of developing countries. We ¯nd that, in addition to the stan- dard economic variables, institutional and socio-political variables are a key factor in explaining the level of external debt. Overall the re- sults point to an interpretation based on the presence of binding credit constraints. Such constraints are relaxed in the presence of high qual- ity of institutions and low political risk, while they are tightened when socio-political risk is higher.

Suggested Citation

  • Emilio Colombo, 2009. "The Politics of External Debt in Developing Countries," Working Papers 176, University of Milano-Bicocca, Department of Economics, revised Dec 2009.
  • Handle: RePEc:mib:wpaper:176
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    File URL: http://dems.unimib.it/repec/pdf/mibwpaper176.pdf
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    Cited by:

    1. Presbitero, Andrea F., 2008. "The Debt-Growth Nexus in Poor Countries: A Reassessment," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy (IfW), vol. 2, pages 1-28.
    2. Abdul Waheed, 2017. "Determinants of External Debt: A Panel Data Analysis for Oil and Gas Exporting and Importing Countries," International Journal of Economics and Financial Issues, Econjournals, vol. 7(1), pages 234-240.
    3. Ozlem Ayvaz Kizilgol & Evren Ipek, 2014. "An Empirical Evaluation of the Relationship between Trade Openness and External Debt: Turkish Case," International Econometric Review (IER), Econometric Research Association, vol. 6(1), pages 42-58, April.

    More about this item

    JEL classification:

    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems

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