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External debt and economic reform : does a pain reliever delay the necessary treatment?
Vamvakidis, Athanasios (Author)

URLURL - Presentation file, Visit http://www.imf.org/external/pubs/ft/wp/2007/wp0750.pdf New window

Abstract
Recent literature argues that conflict in shifting adjustment costs between different socioeconomic groups delays necessary reforms and finds that such reforms often follow economic crises. This paper expands these models by including external borrowing by the private sector and shows that this may lead to a further delay in economic reform. Empirical evidence based on a large panel of developing and emerging economies supports this argument and shows that the result is slower economic growth. External financing sometimes acts like a "pain reliever," postponing the much needed "treatment" of a "sick" economy by reform.

Language:English
Keywords:dežele v razvoju, javni dolg, družbenoekonomski odnosi, državna pomoč, reforme, ekonomski razvoj, ekonomska rast, developing countries, public debt, socio-economic relations, state aid, reforms, economic development, economic growth
Work type:Not categorized (r6)
Organization:EF - Faculty of Economics
Year:2007
Publisher:International Monetary Fund
Number of pages:27 str.
Place:Washington
UDC:330.34
COBISS.SI-ID:17264358 Link is opened in a new window
Views:302
Downloads:111
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