Determinants of Third World Mineral-Oil Economies External Debt
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.
Description
Journal of Economic Development, December 1987.
Refereed Journal Article
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