External Debt, Public Investment, and Growth in Low-Income Countries [electronic resource] Nguyen, Toan Quoc.

Nguyen, Toan Quoc.
Washington, D.C. : International Monetary Fund, 2003.
IMF eLibrary
IMF Working Papers; Working Paper No. 03/249.
IMF Working Papers; Working Paper No. 03/249
Government document
1 online resource (25 p.)
Local subjects:
Budget balance. (search)
Budget deficit. (search)
Budget deficits. (search)
Central government fiscal. (search)
Composition of public spending. (search)
Debt burden. (search)
Debt burdens. (search)
Debt crisis. (search)
Debt overhang. (search)
Debt problems. (search)
Debt reduction. (search)
Debt relief. (search)
Debt service. (search)
Debt service obligations. (search)
Debt service payments. (search)
Debt servicing. (search)
Debt stock. (search)
Debt stocks. (search)
Debt-relief. (search)
Debt-service. (search)
Debt-service obligations. (search)
Economic growth. (search)
Expenditure composition. (search)
External debt. (search)
External debt burden. (search)
External debt indicators. (search)
External debt service. (search)
External debt stock. (search)
External finance. (search)
External shocks. (search)
Fiscal affairs. (search)
Fiscal affairs department. (search)
Fiscal balance. (search)
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Fiscal sustainability. (search)
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Foreign aid. (search)
Foreign borrowing. (search)
Foreign capital. (search)
Foreign debt. (search)
General. (search)
Government debt. (search)
Government revenue. (search)
Government spending. (search)
Increase in debt service. (search)
Increase in health spending. (search)
International Lending and Debt Problems. (search)
Long-term debt. (search)
Long-term external debt. (search)
Net present value of debt. (search)
Public and publicly guaranteed. (search)
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Public sector debt. (search)
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Congo, Democratic Republic of the. (search)
This paper examines the channels through which external debt affects growth in low-income countries. Our results suggest that the substantial reduction in the stock of external debt projected for highly indebted poor countries (HIPCs) would directly increase per capita income growth by about 1 percentage point per annum. Reductions in external debt service could also provide an indirect boost to growth through their effects on public investment. If half of all debt-service relief were channeled for such purposes without increasing the budget deficit, then growth could accelerate in some HIPCs by an additional 0.5 percentage point per annum.
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Bhattacharya, Rina.
Clements, Benedict J.
Nguyen, Toan Quoc.
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