Determinants of Third World Mineral-Oil Economies External Debt
Looney, Robert E.
MetadataShow full item record
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.
Journal of Economic Development, December 1987.Refereed Journal Article
Showing items related by title, author, creator and subject.
Fredericksen, Peter C.; Looney, Robert E. (1995);This paper examines how investment, the military burden, and military expenditures as a share of the central government budget have affected economic growth for a sample of developing countries in the 1980s. Factor analysis ...
Ejaz, Atif (Monterey, CA; Naval Postgraduate School, 2018-12);The Saudi–Iranian rivalry forms one of the most important components of the security dynamics of the Middle East. The rivalry has intensified with each country toiling to undermine the other. This dynamic directly affects ...
Furman, James Housley, Jr. (Monterey, California: Naval Postgraduate School, 2016-03);Much has been written about Chinese enterprise in sub-Saharan Africa, most bad and some good, which is mainly due to the profit-driven approach, where aid distribution is tied to trade, directly or indirectly. The United ...