Determinants of Third World Mineral-Oil Economies External Debt
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Authors
Looney, Robert E.
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Advisors
Date of Issue
1987-12
Date
1987-12
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Abstract
Third World mineral economies have experienced consider·
able problems in recent years in servicing their external debt.
The question asked in this paper is whether or not these economies
are inherently more prone to defaults and reschedulings
than developing countries in general, and if so for what reason.
The main thesis of the paper is that developing countries
have not been uniform in their accumulation of debt, and that
in fact the mineral-oil economies have borrowed in internation·
al markets for reasons quite different from those of other devel·
oping countries. Furthermore, they have used their debt in ways
distinctively different from non-mineral/oil countries. The
analysis undertaken in the study tends to confirm these patterns.
It appears that mineral-oil countries have not only higher
levels of debt per level of gross domestic product than other
developing countries, but have in many ways used this debt
more productively. Thus it appears that the relatively large
number of defaults experienced by this group of countries appears
to be as much the fault of the international financial community
as of the countries themselves.
Type
Article
Description
Journal of Economic Development, December 1987.
Refereed Journal Article
Refereed Journal Article
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Citation
Looney, R.E., "Determinants of Third World Mineral-Oil Economies External Debt," Journal of Economic Development, December 1987.
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This publication is a work of the U.S. Government as defined in Title 17, United States Code, Section 101. Copyright protection is not available for this work in the United States.