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  1. Effects of political institutions on the external debt-economic growth nexus in Africa
    Author: Nounamo, Yann; Asongu, Simplice; Ndieupa, Henri Njangang; Tadadjeu, Sosson
    Published: [2021]
    Publisher:  African Governance and Development Institute, [Yaoundé]

    The main contribution of this study is the determination of an endogenous threshold of institutional quality, beyond which external debt would affect economic growth differently. The focus is on 14 countries of the African Franc zone over the period... more

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 524
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    The main contribution of this study is the determination of an endogenous threshold of institutional quality, beyond which external debt would affect economic growth differently. The focus is on 14 countries of the African Franc zone over the period 1985-2015. Based on the panel Smooth Threshold Regression model, the results reveal that the relationship between external debt and economic growth is based on institutional quality. It is found that the level of indebtedness at which the effect of external debt on economic growth becomes negative is higher in countries with lower levels of corruption and high levels of democracy. This means that poor institutional quality prevents a country from taking full advantage of its credit opportunities. Thus, the more countries become democratic, the more debt helps finance economic growth. These results are robust to sensitivity analysis and Generalized Method of Moments estimation.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/244192
    Series: AGDI working paper ; WP/21, 017
    Subjects: external debt; political institutions; economic growth
    Scope: 1 Online-Ressource (circa 10 Seiten)
  2. Currency depreciations in emerging economies: a blessing or a curse for external debt management?
    Author: Fisera, Boris; Menbere Workie Tiruneh; Hojdan, David
    Published: 2021
    Publisher:  Institute of Economic Studies, Faculty of Social Sciences, Charles University in Prague, Prague

    We investigate the long-term effect of domestic currency depreciation on the external debt for a panel of 41 emerging economies over the years 1999-2019. Using heterogenous panel cointegration methods, we find that domestic currency depreciation... more

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 167
    Inter-library loan:
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    We investigate the long-term effect of domestic currency depreciation on the external debt for a panel of 41 emerging economies over the years 1999-2019. Using heterogenous panel cointegration methods, we find that domestic currency depreciation leads to an increase in external debt to GDP ratio over the long-term and it reduces the sustainability of external debt. This is particularly the case for larger depreciations, while smaller depreciations might reduce the external debt burden over the long-term for more developed emerging economies. Poorer emerging economies face a greater increase in external debt burden following domestic currency depreciation. We also find that higher exchange rate volatility and the use of floating exchange rates contributes to an increase in external debt burden over the long-term. Consequently, our results suggest that for emerging economies, having more volatile and floating exchange rates reduces the sustainability of external debt. We find asymmetrical effects of exchange rate depreciation on external debt: higher central bank independence limits the effect of currency depreciation on external debt, while higher financial development and illicit financial flows augment the effect of depreciation on external debt.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/247373
    Series: IES working paper ; 2021, 6
    Subjects: external debt; exchange rate; currency depreciation; exchange rate volatility; exchange rate regime; DFE estimator; PMG estimator
    Scope: 1 Online-Ressource (circa 51 Seiten), Illustrationen
  3. Revisiting limits and pitfalls of QE in emerging markets
    Author: Dăianu, Daniel; Alupoaiei, Alexie; Kubinsch, Matei
    Published: November 2021
    Publisher:  National Bank of Romania, [Bucureşti]

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Occasional papers / National Bank of Romania ; no. 34
    Subjects: currency substitution; debt monetization; emerging economies; external debt; financial crisis; fiscal policy; inflation; monetary policy; pandemic shock; Quantitative Easing (QE); reserve currency
    Scope: 1 Online-Ressource (circa 35 Seiten), Illustrationen
  4. The impact of foreign capital inflows on poverty in Vietnam
    an empirical investigation
    Author: Magombeyi, Mercy Tsitsi; Odhiambo, Nicholas M.
    Published: [2021]
    Publisher:  University of South Africa, [Pretoria]

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: UNISA economic research working paper series ; 2021, 20 (October 2021)
    Subjects: autoregressive distributed lag (ARDL); external debt; foreign direct investment; poverty; Vietnam
    Scope: 1 Online-Ressource (circa 36 Seiten), Illustrationen
  5. Growth led by government expenditure and exports
    public and external debt stability in a supermultiplier model
    Author: Morlin, Guilherme Spinato
    Published: [2021]
    Publisher:  Università di Siena, [Siena]

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    Location:
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Quaderni del Dipartimento di economia politica e statistica ; n. 862 (ottobre 2021)
    Subjects: Sraffian supermultiplier; Thirlwall’s Law; demand-led growth; public debt; external debt
    Scope: 1 Online-Ressource (circa 30 Seiten), Illustrationen