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What are the Channels Through Which External Debt Affects Growth?
Pattillo, Catherine A. - 2006
This paper investigates the channels through which debt affects growth, specifically whether debt affects growth … effects of debt on the different sources of growth. We use a large panel dataset of 61 developing countries over the period … 1969-98. Results indicate that the negative impact of high debt on growth operates both through a strong negative effect on …
Persistent link: https://www.econbiz.de/10012783237
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Imf-Supported Programs and Income Convergence in Low-Income Countries
Pradhan, Tejesh - 2019
Continuing the empirical debate on the effects of IMF-supported programs on participatingcountries' macroeconomic performance, we focus on the issue of whether these programsaccelerate conditional ß-convergence among low-income countries (LICs). We use anunbalanced panel dataset for 85 LICs...
Persistent link: https://www.econbiz.de/10012892911
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IMF-Supported Programs in Low Income Countries : Economic Impact Over the Short and Longer Term
Mumssen, Christian - 2014
This paper studies the short and longer-term impact of IMF engagement in Low-Income Countries (LICs) over nearly three decades. In contrast to earlier studies, we focus on a sample composed exclusively of LICs and disentangle the different effects of IMF longer-term engagement and short-term...
Persistent link: https://www.econbiz.de/10013054693
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Development in Africa
Pelizzo, Riccardo; Kinyondo, Abel; Nwokora, Zim - 2018
The purpose of the chapter is to analyze Africa's economic successes in the past half century, to understand not only what made it possible but also and more importantly what risk factors may eventually bring it to an end or compromise it. While it may not be possible for Africa to alter, for...
Persistent link: https://www.econbiz.de/10011794986
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Debt maturity without commitment
Niepelt, Dirk - 2008
I analyze how lack of commitment affects the maturity structure of sovereign debt. Governments balance benefits of …- term debt affects default and rollover decisions by subsequent policy makers. The equilibrium maturity structure is shaped … by revenue losses on inframarginal units of debt that reflect the price impact of these decisions. The model predicts an …
Persistent link: https://www.econbiz.de/10003882305
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In the wake of the crisis : dealing with distressed debt across the transition region
Haas, Ralph de; Knobloch, Stephan - 2010
This article reviews the origin and spread of the distressed debt problem in the transition region. We argue that while … the crisis was triggered abroad, the current high level of distressed debt in various transition countries mainly reflects … home-grown vulnerabilities. As in the West, the root causes of the debt problem were abundant and cheap funding and a …
Persistent link: https://www.econbiz.de/10003928000
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Stochastic optimal control modeling of debt crises
Stein, Jerome L. - 2003
What is an optimal or a sustainable external debt - for a country, region or sector? How should one monitor and … evaluate debt to preclude a crisis? We use stochastic optimal control/dynamic programming to derive an optimal debt. The … explain the implications of DP. An explicit example is the US Agricultural debt crisis. …
Persistent link: https://www.econbiz.de/10011509487
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Is there a debt-threshold effect on output growth?
Chudik, Alexander; Mohaddes, Kamiar; Pesaran, M. Hashem; … - 2015
This paper studies the long-run impact of public debt expansion on economic growth and investigates whether the debt … for a universally applicable threshold effect in the relationship between public debt and economic growth, once we account … negative long-run effects of public debt build-up on output growth. Provided that public debt is on a downward trajectory, a …
Persistent link: https://www.econbiz.de/10011292965
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Targeted Subordination of Official Sector Debt
Buchheit, Lee C. - 2015
If Greece's debt is unsustainable, and most observers (including the IMF) seem to think it is, the country's only …
Persistent link: https://www.econbiz.de/10013019311
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Debt, inflation and growth : robust estimation of long-run effects in dynamic panel data models
Chudik, Alexander; Mohaddes, Kamiar; Pesaran, M. Hashem; … - 2013
This paper investigates the long-run effects of public debt and inflation on economic growth. Our contribution is both … over the 1965-2010 period, we find significant negative long-run effects of public debt and inflation on growth. Our … results indicate that, if the debt to GDP ratio is raised and this increase turns out to be permanent, then it will have …
Persistent link: https://www.econbiz.de/10010212372