Impact du fardeau virtuel de la dette sur le taux de change réel d'équilibre des pays en développement
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.
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- 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.
- Daniel Cohen & Jeffrey Sachs, 1991. "Growth and External Debt Under Risk of Debt Repudiation," NBER Chapters, in: International Volatility and Economic Growth: The First Ten Years of The International Seminar on Macroeconomics, pages 437-472 National Bureau of Economic Research, Inc.
- Daniel Cohen & Jeffrey Sachs, 1985. "Growth and External Debt Under Risk of Debt Repudiation," NBER Working Papers 1703, National Bureau of Economic Research, Inc.
- Devarajan, Shantayanan & Lewis, Jeffrey D & Robinson, Sherman, 1993. "External Shocks, Purchasing Power Parity, and the Equilibrium Real Exchange Rate," World Bank Economic Review, World Bank Group, vol. 7(1), pages 45-63, January.
- Khalid Sekkat & Aristomène Varoudakis, 1998.
"Exchange-Rate Management and Manufactured Exports in Sub-Saharan Africa,"
OECD Development Centre Working Papers
134, OECD Publishing.
- Sekkat, Khalid & Varoudakis, Aristomene, 2000. "Exchange rate management and manufactured exports in Sub-Saharan Africa," Journal of Development Economics, Elsevier, vol. 61(1), pages 237-253, February.
- 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.
- Paul Krugman, 1987. "Adjustment in the World Economy," NBER Working Papers 2424, National Bureau of Economic Research, Inc.
- Joannes Mongardini, 1998. "Estimating Egyptâ€™s Equilibrium Real Exchange Rate," IMF Working Papers 98/5, International Monetary Fund.
- 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.
- 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.
- Ganelli, Giovanni, 2005.
"The new open economy macroeconomics of government debt,"
Journal of International Economics,
Elsevier, vol. 65(1), pages 167-184, January.
- Giovanni Ganelli, 2002. "The New Open Economy Macroeconomics of Government Debt," Trinity Economics Papers 200214, Trinity College Dublin, Department of Economics.
- Ganelli, Giovanni, 2003. "The New Open Economy Macroeconomics of Government Debt," Royal Economic Society Annual Conference 2003 83, Royal Economic Society.
- 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.
- Helene Poirson Ward & Luca A Ricci & Catherine A Pattillo, 2002.
"External Debt and Growth,"
IMF Working Papers
02/69, International Monetary Fund.
When requesting a correction, please mention this item's handle: RePEc:wpa:wuwpma:0501014. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (EconWPA)
If references are entirely missing, you can add them using this form.