Yıl 2015, Cilt: 4 Sayı : 3 Sayfalar 0 - 0 2015-09-29
EXTERNAL DEBT AND ECONOMIC GROWTH: NEW EVIDENCE FOR AN OLD DEBATE
Aylin Soydan,Serap Bedir
9 261

Öz This study aims to contribute to the understanding of the impact of external debt on economic growth by using the data for moderately indebted middle-income countries over the period of 1985-2013. The paper employs a relatively recent panel analysis technique, the common correlated effects (CCE) framework, which considers cross-sectional dependence and heterogeneity implications in the data. Our overall findings suggest a negative linear effect of external debt for the panel despite some exceptions in the country-specific results. In the panel results, the impact of external indebtedness occurs through the debt stock rather than a direct impact of liquidity constraint represented by a debt service variable.

Anahtar Kelimeler

• Arnone, M.; Bandiera, L. and Presbitero, A.F. (2005) “External Debt Sustainability: Theory and Empirical Evidence”, Catholic University of Milan (Piacenza) Working Paper, No. 33, December.
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Yayımlanma Tarihi 29 Eylül 2015
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Yayımlanma Tarihi : 29 Eylül 2015


Makalenin Yazarları
Aylin Soydan
Serap Bedir