Management and sustainability of external debt: A focus on the emerging economies of Africa

Review of Development Finance - Tập 1 - Trang 184-206 - 2011
Stella Muhanji1,2, Kalu Ojah1
1University of Witwatersrand, Private Bag 98, Wits, Johannesburg 2050, South Africa
2Kabarak University, Private Bag 20157, Kabarak, Kenya

Tài liệu tham khảo

Ajayi, I., 1997. An analysis of external debt and capital flight in the severely indebted low income countries in Sub-Saharan Africa. IMF Working Paper, 97/68. Akyüz, Y., 2007. Debt sustainability in emerging markets: a critical appraisal. DESA Working Paper No. 61. Asiedu, 2006, Foreign direct investment in Africa: the role of natural resources, market size, government policy, institutions and political stability, World Economy, 29, 63, 10.1111/j.1467-9701.2006.00758.x Boyce, 1992, The revolving door? External debt and capital flight: a Philippine case study, World Development, 20, 335, 10.1016/0305-750X(92)90028-T Boyce, 2001, Is Africa a net creditor? New estimates of capital flight from severely indebted Sub-Saharan African countries, 1970–1996, Journal of Development Studies, 38, 27, 10.1080/00220380412331322261 Caliari, A., 2006. The new World Bank/IMF debt sustainability framework: a human development assessment. A CIDSE Background Paper. Cassimon, 2007, Theory, practice and potential of debt for development swaps in the Asian and Pacific Region, Economic Systems, 31, 12, 10.1016/j.ecosys.2006.12.003 Chauvin, N., Kraay, A., 2005. What has 100 billion dollars worth of debt relief done for low-income countries? <http://papers.ssrn.com/sol3/papers.cfm?abstract_id=818504&download=yes>. Claessens, 1990, The debt Laffer curve: some estimates, World Development, 18, 1671, 10.1016/0305-750X(90)90062-3 Clements, B., Bhattacharya, R., Nguyen, T.Q., 2003. External debt, public investment, and growth in low-income countries. IMF Working Paper, 03/249. Cohen, 1993, Low investment and large LDC debt in the 1980s, American Economic Review, 83, 437 Easterly, 2002, How did heavily indebted poor countries become heavily indebted? Reviewing two decades of debt relief, World Development, 30, 1677, 10.1016/S0305-750X(02)00073-6 Easterly, 2005, What did structural adjustments adjust? The association of policies and growth with repeated IMF and World Bank adjustment loans, Journal of Development Economics, 76, 1 Ferrarini, 2008, Proposal for a contingency debt sustainability framework, World Development, 36, 2547, 10.1016/j.worlddev.2008.02.002 Fosu, 1999, The external debt burden and economic growth in the 1980s: evidence from Sub-Saharan Africa, Canadian Journal of Development Studies, 20, 307, 10.1080/02255189.1999.9669833 Gumisai, 2001, Whither the debt? Despite HIPC, African countries still struggle with heavy debt payments, Africa Recovery, 15 IMF (2000). Debt- and reserve-related indicators of external vulnerability. <http://www.imf.org/external/np/pdr/debtres/debtres.pdf>. IMF, World Bank, 2006. Applying debt sustainability framework for low-income countries post debt relief. <http://www.imf.org/external/np/pp/eng/2006/110606.pdf>. Iyoha, M., 1999. External debt and economic growth in Sub-Saharan African countries: an econometric study. African Economic Research Consortium Research Paper 90. Kaufmann, D., Kraay, A., Mastruzzi, M., 2008. Governance matters VIII: aggregate and individual governance indicators 1996–2008. World Bank Policy Research Working Paper, 4978. Judson, 1999, Estimating dynamic panel data models: a guide for macroeconomists, Economic Letters, 65, 9, 10.1016/S0165-1765(99)00130-5 Loser, C.M., 2004. External debt sustainability: guidelines for low- and middle-income countries. G-24 Discussion Paper Series. <http://www.unctad.org/en/docs/gdsmdpbg2420042_en.pdf>. Manasse, 2009, Rules of thumb for sovereign debt crises, Journal of International Economics, 78, 192, 10.1016/j.jinteco.2008.12.002 Manasse, P., Roubini, N., Schimmelpfennig, S., 2003. Predicting sovereign debt crises. <http://www.vfs.ca/papers/schimmelpfennig.pdf>. Muhanji, 2011, External shocks and persistence of external debt in open vulnerable economies: the case of Africa, Economic Modelling, 28, 1615, 10.1016/j.econmod.2011.02.020 Mwega, F., Rwegasira, D., 2003. Public debt and macroeconomic management in Sub-Saharan Africa, United Nations. Ndikumana, 2004, Additionality of debt relief and debt forgiveness, and implications for future volumes of official assistance, International Review of Economics and Finance, 13, 325, 10.1016/j.iref.2003.11.008 Ndikumana, 1998, Congo's odious debt: external borrowing and capital flight in Zaire, Development and Change, 29, 195, 10.1111/1467-7660.00076 Ndikumana, 2003, Public debts and private assets: explaining capital flight from Sub-Saharan African countries, World Development, 31, 107, 10.1016/S0305-750X(02)00181-X Pattillo, C., Poirson, H., Ricci, L., 2002. External debt and growth. IMF. <http://www.wider.unu.edu/conference/conference_2001_2/parallel%20papers/2_/_pattillo.pdf>. Sachs, 1985, External debt and macroeconomic performance in Latin America and East Asia, Brookings Papers on Economic Activity, 2, 523, 10.2307/2534445 Semmler, 2000, Critical debt and debt dynamics, Journal of Economic Dynamics and Control, 24, 1121, 10.1016/S0165-1889(99)00039-1 Senhadji, A., 1997. Sources of debt accumulation in a small open economy. IMF Working Paper, 97/146. Senhadji, 2003, External shocks and debt accumulation in a small open economy, Review of Economic Dynamics, 6, 207, 10.1016/S1094-2025(02)00015-7 UNCTAD/UNDP, 1996. Trade and development report. Geneva, United Nations. Wooldridge, 2002 Yang, J., Nyberg, D., 2009. External debt sustainability in HIPC completion point countries: an update. IMF Working Paper, 09/128.