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El-Khoury, Gabi. "Public debts of Arab countries: selected indicators". Contemporary Arab Affairs 10, nr 2 (1.04.2017): 321–24. http://dx.doi.org/10.1080/17550912.2017.1311104.
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This statistical file is concerned with the issue of public debts in Arab countries. It assumes that public debt is a key source to fund the budget deficit in most Arab countries, and the rising public debt, particularly external debt, is increasingly becoming a concern for several countries in the region due to the pressure debt servicing might impose on these countries, which basically suffer an uncomfortable primary balance, in addition to the impact of crises in the region. Table 1 provides indicators on domestic public debts with ratios of debts to GDP, while Table 2 gives figures of external public debts with debt ratios to GDP. Table 3 provides estimates of total public debts with their ratios to GDP, while Tables 4 and 5 show figures of external public debt service, ratios of debt servicing to exports of goods and services and external public debt service ratios to Arab governments’ revenues respectively.
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Le, Thai Hong, i Lan Trinh Thi Phan. "Examining the Non-Linear Impact of External Debt on Economic Convergence". Journal of Economic Integration 37, nr 3 (15.09.2022): 377–422. http://dx.doi.org/10.11130/jei.2022.37.3.377.
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This article investigates the impact of external debt on economic convergence in 201 economies from 1990 to 2020. Panel data collected from the fiscal space database of the World Bank are analyzed using the conditional beta convergence framework. Results show that external debt negatively affects growth and there is no evidence to support the non-linear association. However, external debt influences the convergence speed in an inverted-U-shaped fashion. The economic convergence speeds up as the level of indebtedness increases to a threshold above which the convergence slows down as the level of foreign debts continues to increase. We also disaggregate external debt into its six sub-components and discover the non-linear effects of private debts and debts denominated in domestic currency on the convergence process.
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MAGOMEDVALIEV, M. I. "ВНЕШНИЙ ДОЛГ США И РОССИИ: СРАВНИТЕЛЬНЫЙ АНАЛИЗ". Экономика и предпринимательство, nr 2(151) (31.05.2023): 185–87. http://dx.doi.org/10.34925/eip.2023.151.2.035.
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Public debt is an important aspect of the world's financial system, and its state has an impact on countries' economy. The article examines the evolution of the Russian Federation's and the United States' public external debt management, as well as the current state of the Russian Federation's and the United States' external public debts, as well as a comparison of the Russian Federation's and the United States' public debts. Государственный долг является важным аспектом мировой финансовой системы, и его состояние оказывает влияние на экономику стран. В статье рассматривается эволюция управления государственным внешним долгом Российской Федерации и США, а также текущее состояние внешнего государственного долга Российской Федерации и США, и сравнение Государственных долгов.
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Reinhart, Carmen M., i Kenneth S. Rogoff. "From Financial Crash to Debt Crisis". American Economic Review 101, nr 5 (1.08.2011): 1676–706. http://dx.doi.org/10.1257/aer.101.5.1676.
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Newly developed historical time series on public debt, along with data on external debts, allow a deeper analysis of the debt cycles underlying serial debt and banking crises. We test three related hypotheses at both “world” aggregate levels and on an individual country basis. First, external debt surges are an antecedent to banking crises. Second, banking crises (domestic and those in financial centers) often precede or accompany sovereign debt crises; we find they help predict them. Third, public borrowing surges ahead of external sovereign default, as governments have “hidden domestic debts” that exceed the better documented levels of external debt. (JEL E44, F34, F44, G01, H63, N20)
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Alonge, Funmilayo Bukola, i Clement Olatunji Olaoye. "The Effects of Public Debt Financing: A Multi-state Perspective". Archives of Business Research 10, nr 9 (21.09.2022): 112–18. http://dx.doi.org/10.14738/abr.109.12851.
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This paper investigates the relation between public debt financing and government expenditure. Using year and states fixed effect estimation, we find that the amount owed by federating states propels government spending. While external debts have a significant and positive association with public expenditure, domestic debts have positive effect, though not significantly different from zero, on government expenditure. The study recommends that policymakers in the public sector should widen external debts than domestic debts because its influence governments’ recurrent and capital expenditure.
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Tsvirko, S. E. "PROBLEMS OF PUBLIC DEBT MANAGEMENT SYSTEM IN RUSSIA". Strategic decisions and risk management, nr 6 (25.10.2014): 56–63. http://dx.doi.org/10.17747/2078-8886-2013-6-56-63.
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The problems of the Russia’s debt management are revealed. Evolution of the public debts’ problem of the Russian Federation including the question of its interaction with private debts is discussed. Risks in debt sphere are analyzed. Specific features of the Russian economy such as the dependence on world energy prices, low efficiency of public expenditures, rapid growth of internal public debts and external quasi-sovereign and private debts are defined. Principles of debt management and areas of improvement in the system of Russia’s debt management were defined.
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Adebayo, Adedokun, i Okorie Ukafor Ukafor. "Macroeconomic Instability in Nigeria; Examining the Roles of External Debts". International Journal of Research and Scientific Innovation XI, nr V (2024): 1098–116. http://dx.doi.org/10.51244/ijrsi.2024.1105074.
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This study investigates the effects of external debts on the index of macroeconomic instability, which incorporate multiple macroeconomic indicators in a single index, so as to present a more robust findings as against the studies in the literature which investigates the effects of debts on each of the macroeconomic variables on individual bases. After generating the single index of instability, the study employed the Autoregressive Distributed Lag (ARDL) for the analysing under four different models which interchange four different measures of external debts. The results show that external debt stock to GDP ratio exerts negative effects on macroeconomic instability in the short and long run. Debt-to-export ratio is not significant on macroeconomic instability both in the short and long run. It is also established that debt-to-revenue has negative and significant impact on macroeconomic instability in the short run, but not in the long-run. In contrast, the results show that debt service-to-revenue exerts a positive and significant effects on macroeconomic instability both in the short and long-run. This implies that increase in the proportion of revenues that are expended on debt servicing worsen macroeconomic instability in Nigeria both in the short and long run.
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Kukel, Galina. "World Experience in Regulating External Debt in Conditions of Financial and Economic Instability". Modern Economics 32, nr 1 (20.04.2022): 48–53. http://dx.doi.org/10.31521/modecon.v32(2022)-06.
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Abstract. Introduction. This article is devoted to the state of public global public debt and new approaches towards its regulation in both developed and developing countries. The theoretical and methodological bases of effective external debt management are considered in the paper. Globalization of the world economy and finance has led to increasing of funds raised in the international debt market and strengthened its part in the system of world finance. Purpose. The subject of this research is public debt in different groups of countries. Analysis of the situation with global public debt and the peculiarities of its regulation is necessary to learn positive foreign experience for its possible application. The following factors of significant increase of public debt are outlined: severe reduction of economic activity and decline in government revenue; increase of public spending, including related to anti-crisis measures; growing primary deficit, and this, the need to increase borrowings. The countries with low and middle income additionally face significant capital outflows from their financial markets, devaluation of national currencies, and difficulties with debt refinancing. Results. The article examines the problem of the external debts growth of different countries, dynamics and modern structure of the global external debts and efforts made by the international institutions and national regulators in order to tighten control over operations in the international debt market. The author comes to conclusion that an aggravation of the problem of external debts globalization hampers the restoration of stability and sustainable growth of the modern world economy. The main tasks performed in the process of public debt management are determined. The means of debt management, in particular, the mechanisms for restructuring public debts, are determined. The paper reviews the organizations involved in the restructuring of public debt. Conclusions. The obtained results can be used for further prospective studies of external debt management mechanisms taking into account world practice, as well as for the implementation of debt policy instruments in the crisis period.
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Boshra Ghaly, Sherine. "Financialization and external debts in the MENA region: Dynamic forecasting of Egypt’s external debts". المجلة العلمیة للإقتصاد و التجارة 52, nr 3 (1.10.2022): 513–40. http://dx.doi.org/10.21608/jsec.2022.260530.
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Ahsan, Diya Abdul Hussain. "The External Debt Problem of Developing Countries". Business Inform 10, nr 513 (2020): 36–49. http://dx.doi.org/10.32983/2222-4459-2020-10-36-49.
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The article is aimed at researching the problem of external debt of developing countries. The current status of external debt of developing countries is analyzed. The growing demand for investors, combined with the growing number of firms looking to take on large debts, has led to a deterioration in underwriting standards and the credit quality of such loans. The grounded relevance of the use of borrowing resources today is not necessarily a bad thing, even on the contrary – it is one of the most effective ways to stimulate the growth of the economy. When these resources are used targeted and efficiently, they generate more revenue for the borrower. But this gets worse when loans are used inefficiently, that is when they stimulate excessive consumption rather than bring in additional benefits. The author concluded that the reasons for the current fears began long before the crisis of 2008. A debt is not a bad instrument if it is used to finance investments that make a profit or create assets that are worth more than the debt itself. It’s hard to find such data, but if we trace the tendency of global growth and compare it to the tendency of debt accumulation, we’ll see that doesn’t happen. Therefore, it seems that the situation is out of control, i.e., debts continue to accumulate, excessive accumulation of loan portfolios increases, and low interest rates imply the survival of companies and countries. This leads to liquid risks with the expiration of the debt repayment period. Governments have been addicted to increased loans – none of the more developed economies could cope with a possible tightening of monetary policy. This means that when the time comes to severely lower the credit shoulder, economic growth will suffer. Central banks, in turn, find themselves trapped because maintaining such loose monetary policy and a high credit shoulder poses a risk of forming the price bubbles. It is determined that while rates remain at current low levels, investors will be looking for a bigger return, which means taking more risk – this, in turn, could trigger the «butterfly effect», causing destruction to the entire financial system.
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Лариса Ивановна, Волова. "THE PECULIARITY OF THE LEGAL NATURE OF INTERNATIONAL DEBT LAW". NORTH CAUCASUS LEGAL VESTNIK 1, nr 1 (marzec 2022): 100–106. http://dx.doi.org/10.22394/2074-7306-2022-1-1-100-106.
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In this article, the author examines important problematic issues of international debt law as an institution of international financial law: he determines the trends of development now and in the future of international legal norms, rules, standards. Leadership in the field under consideration. The article provides an assessment of acceptable ways to solve the debt problem at the universal level. The author suggests ways to more effectively restructure the external debts of states, taking into account their legislation and contractual practice. The evaluation of documents related to the management of external debts of States is given.
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Foganholi, Lucas Borante, Rogério Eduardo Garcia, Danilo Medeiros Eler, Ronaldo Celso Messias Correia i Celso Olivete Junior. "Supporting Technical Debt Cataloging with TD-Tracker Tool". Advances in Software Engineering 2015 (17.09.2015): 1–12. http://dx.doi.org/10.1155/2015/898514.
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Technical debt (TD) is an emergent area that has stimulated academic concern. Managers must have information about debt in order to balance time-to-market advantages and issues of TD. In addition, managers must have information about TD to plan payments. Development tasks such as designing, coding, and testing generate different sorts of TD, each one with specific information. Moreover, literature review pointed out a gap in identifying and accurately cataloging technical debt. It is possible to find tools that can identify technical debt, but there is not a described solution that supports cataloging all types of debt. This paper presents an approach to create an integrated catalog of technical debts from different software development tasks. The approach allows tabulating and managing TD properties in order to support managers in the decision process. It also allows managers to track TD. The approach is implemented by TD-Tracker tool, which can integrate different TD identification tools and import identified debts. We present integrations between TD-Tracker and two external tools, used to identify potential technical debts. As part of the approach, we describe how to map the relationship between TD-Tracker and the external tools. We also show how to manage external information within TD-Tracker.
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Phiri, Millicent Mubiana, i Borniface Namushi Tembo. "Analysis of how Economic Growth in Developing Countries is Influenced by Public Borrowing: A Case Study of Rwanda". American Journal of Finance and Business Management 1, nr 1 (4.07.2022): 1–10. http://dx.doi.org/10.58425/ajfbm.v1i1.20.
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Purpose: This study sought to analyze how economic growth in developing countries is influenced by public borrowing referencing on Rwanda as a case study.
Methodology: The study used time series data from 1980 to 2018. The study used domestic debt and external debt to analyze how it influences Rwanda’s Gross Domestic Product (GDP). To achieve this objective, secondary data was collected from the National Bank of Rwanda and the debt office in Rwanda. The study employed multiple regression model to identify the relationship between the dependent variable (GDP) and the independent variables (domestic debt and external debt). The t-test was used to confirm the formulated hypotheses at the 5% significance level.
Findings: The study found out that a positive relationship exists between IMF Loan and Rwanda’s gross domestic product, while a negative relationship exists between domestic debts and Rwanda’s gross domestic product, which violates the Keynesian theory of public debt.
Conclusion: The study concludes that both domestic and external debt significantly affect economic growth in Rwanda.
Recommendation: The study recommend that developing countries should develop a good structure of Debt Management Office including a plan for capacity building in order to make its proper debt strategy analysis without external support. The study also recommend developing countries to reduce reliance on internal borrowing to reduce competition between citizens and the government which can reduced economic growth. Furthermore, the study recommend developing countries to account for public debts and ensure that such debts are solely acquired for economic purposes rather that political purposes.
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Phiri , Millicent Mubiana, i Borniface Namushi Tembo . "Statistics of Economic Growth in Developing Countries: A Case Study of Rwanda". Journal of Statistics and Mathematical Concepts 1, nr 1 (27.02.2023): 55–65. http://dx.doi.org/10.58425/jsmc.v1i1.126.
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Purpose: This study sought to analyze how economic growth in developing countries is influenced by public borrowing referencing on Rwanda as a case study. Methodology: The study used time series data from 1980 to 2018. The study used domestic debt and external debt to analyze how it influences Rwanda’s Gross Domestic Product (GDP). To achieve this objective, secondary data was collected from the National Bank of Rwanda and the debt office in Rwanda. The study employed multiple regression model to identify the relationship between the dependent variable (GDP) and the independent variables (domestic debt and external debt). The t-test was used to confirm the formulated hypotheses at the 5% significance level. Findings: The study found out that a positive relationship exists between IMF Loan and Rwanda’s gross domestic product, while a negative relationship exists between domestic debts and Rwanda’s gross domestic product, which violates the Keynesian theory of public debt. Conclusion: The study concludes that both domestic and external debt significantly affect economic growth in Rwanda. Recommendation: The study recommend that developing countries should develop a good structure of Debt Management Office including a plan for capacity building in order to make its proper debt strategy analysis without external support. The study also recommend developing countries to reduce reliance on internal borrowing to reduce competition between citizens and the government which can reduced economic growth. Furthermore, the study recommend developing countries to account for public debts and ensure that such debts are solely acquired for economic purposes rather that political purposes.
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Obravyt, Viktoriia, i Viktoriia Koilo. "Comparative analysis of internal and external national debt of Ukraine taking into account the impact factors". Public and Municipal Finance 6, nr 1 (5.04.2017): 46–56. http://dx.doi.org/10.21511/pmf.06(1).2017.05.
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In this paper, scientific and methodological approaches as for interpreting the notion “national debt of the country” as a whole are systematized, the essence of “internal national debt” and “external national debt” in particular is clarified. Critical analysis of the state and dynamics of the national debt of Ukraine during 2006-2015 was performed. Dynamics of the extent of internal and external national debt of the country was studied and their comparative analysis was performed. Detailed structure of both internal part of the debt and its external part is presented. With the help of correlation analysis, strength of correlation and directions of influence of different types of debts on the national budget of Ukraine in 2006-2015 was determined.
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ISIK, Nihat, i Efe Kilinc. "Do Defense Expenditures Increase External Debts?" Ekonomik Yaklasim 26, nr 97 (2015): 23. http://dx.doi.org/10.5455/ey.35800.
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Shah, Ansar Abbas, Rabia Younas, Khawaja Muhammad Junaid i Mazhar Iqbal. "Attaining Economic Growth Through Financial Development and External Debts: Evidence from Emerging Economies". Research Journal for Societal Issues 5, nr 1 (31.03.2023): 224–40. http://dx.doi.org/10.56976/rjsi.v5i1.58.
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Current study examines whether in emerging countries, financial development (FD) and external debts (EXD) has an impact on the economic growth (EG) collectively by focusing on two main debt theories i.e., debt overhang theory by Krugman & Debt-Laffer curve. Annual data on external debts (EXD), financial development (FD), trade openness, inflation, capital formation, debt servicing, population growth and economic growth are derived from the “World Development Indicators” (WDI) from the year 1980 to the year 2019 for the emerging countries: Brazil, China, Indonesia, Mexico, South Africa, Turkey, Nigeria, Pakistan, Poland, Russia, Thailand. Autoregressive distributed lag (ARDL) model is used to estimate the long-run relationships among the variables in the model, and the effect of EXD on EG is determined using the pool mean group (PMG) model. This study shows the negative and significant relationship between external debt (EXD) and GDP growth and positive and significant relationship is found between financial development (FD) and EXD in the long-run. Similarly, in the long-run, Debt servicing, trade openness and inflation have a significant and negative relationship with GDP growth While population growth and gross capital formation has significant and positive correlation with GDP growth.
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Bede Okeoma, OKOYE, i OBI Kenneth Onyebuchi. "Nexus between Public Debts, Poverty and Unemployment Rates in Nigeria: A Vector AutoRegression (VAR) Approach". International Journal of Management Studies and Social Science Research 04, nr 06 (2023): 116–27. http://dx.doi.org/10.56293/ijmsssr.2022.4532.
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Notwithstanding the upsurge in public debts, it is absurd and worrisome to note that socioeconomic indicators like poverty and unemployment have shown gloomy pictures in Nigeria. The absurd situation makes it unclear on the precise nexus between public debts and unemployment rate on the one hand and poverty rate on the other hand. Consequently, this paper analysed the nexus between public debts, poverty and unemployment in Nigeria. Secondary data of public debts (measured by internal and external debts), poverty and unemployment rates were obtained from the Central Bank of Nigeria statistical bulletin and National Bureau of Statistics during the period 1981-2021. Using an unrestricted vector auto-regression model, the study indicated that neither internal nor external debts had any significant impact on poverty; however, they influence the level of unemployment rates in Nigeria. Impliedly, most of the public debts incurred within the period of investigation were not growth-oriented and could partly be explained by the fact that most of the borrowings were mainly to finance trade deficits, which were mainly consumable goods. The paper recommended that the current debt-togross domestic product ratio of less than 20 percent should be sustained to ensure that debt remains within the internationally recommended threshold for developing economies like Nigeria. Also, future public borrowings should be targeted at specified productive sectors of the economy that would engender growth in the long-run in terms of job creation and poverty alleviation; this can be achieved via the procedure of tying every public borrowing to specific growth-driving project that are oriented towards job creation and alleviation of poverty
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Theresa, UDENWA, Agbonma, NWALA Nneka Maurie, ANDAH Ruth, NWEKE Godwin Onwuke, JACOB Zaccheaus i VINCENT Harrison. "Effect of External Debt on External Reserves in Nigeria". International Journal of Economics, Business and Management Research 07, nr 11 (2023): 01–18. http://dx.doi.org/10.51505/ijebmr.2023.71101.
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It is widely held that developing nations are constrained by insufficient funds to build basic infrastructure that would set the pace for capital formation and sustainable growth. Faced with shortfalls in revenue and the need to increase investment in public works, developing countries engage in deficit spending to bridge the gap in funding public expenditure. One source of deficit spending is external debts. This study investigates the effect of external debt on external reserves in Nigeria from the first quarter of 2009 to the fourth quarter of 2022. An ex post facto research design was adopted for the study. Quarterly time series data for external reserves, multilateral debt, and bilateral debt were collected from the Central Bank of Nigeria statistical bulletin and Debt Management Office reports. Philip Perron test was used to test the stationarity of the data and the Johansen cointegration test was utilized to determine the presence of a long-run relationship. Dynamic Ordinary Least Squares technique was used to test the effect of external debt on external reserves in Nigeria. The findings showed that multilateral debt has a significant effect on external reserves in Nigeria. However, bilateral debt has an insignificant effect on external reserves in Nigeria. The study recommends that the Nigerian government should strengthen its capacity in debt negotiation and contracting. This involves conducting comprehensive assessments of loan terms, interest rates, grace periods, and repayment schedules before accepting multilateral debt. Furthermore, the Ministry of Finance through the Debt Management Office should continue to improve its debt monitoring and evaluation mechanisms for bilateral loans. This involves establishing transparent processes to track the utilization and impact of borrowed funds.
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Uddin, Mohammad Main, Md Mamunar Rashid, Rabiul Islam i Humaira Begum. "Measuring the Connotations of Economic Variables with External Debts of Bangladesh". International Journal of Asian Social Science 12, nr 10 (23.09.2022): 379–95. http://dx.doi.org/10.55493/5007.v12i10.4618.
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This study ascertains the associations of the macroeconomic variables with external debts, the impacts of external debts on annual GDP, GDP growth, and per capita income, and the timing effects on the economic variables of Bangladesh. The analysis is inferential and eight hypotheses have been set and tested with the regression analysis. To complete the study, the chi-squared test and Durbin-Watson test have been used along with trends and growth analysis. The results of the study reveal that the budget deficit, current account deficit, and defense budget have a positive association with external debts. Furthermore, foreign direct investment, foreign exchange reserve, foreign remittance, and trade of balance have a negative association with external debts. The external debts have no negative impact on annual GDP, GDP growth, and per capita income. Finally, there is a significant timing effect on the economic variables of Bangladesh during the study period.
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Olasehinde, Ireti Olamide, i Olusesan Samuel Afolabi. "External Debts and Economic Growth: Evidence from Nigeria". Journal of Applied And Theoretical Social Sciences 5, nr 4 (29.12.2023): 381–97. http://dx.doi.org/10.37241/2023.98.
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This study examined the relationship between external debts and economic growth for sustainable capacity building in Nigeria, using annual time series data spanning from 1981 to 2022. Autoregressive Distributed Lag (ARDL) Bound technique, ARDL cointegration form and Granger causality were employed for the research analysis. The results of the study confirmed that there was evidence of long-run relationship among the variables employed in Nigerian economy. The study discovered that only foreign reserves (FRES) has positive and significant long-run impacts on economic growth (GDP). The results showed that none of the variables has significant short-run impacts on Nigerian economy growth. The Granger causality revealed that it is external debt and interest rate that granger caused economic growth (GDP), while (GDP) granger caused only openness of trade. A bidirectional causality was established between openness of trade and economic growth within the period of study. Based on the research findings, the study recommends that government should discontinue from taking unproductive loans and bonds in order to reduce excessive debt servicing in order to sustain capacity building at all levels and to encourage trade openness to boost internal and external trade in order to enhance sustainable growth and development of the country.
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Balyuk, I. "External Debt Problem and Global Financial Architecture". Review of Business and Economics Studies 6, nr 4 (30.12.2018): 18–29. http://dx.doi.org/10.26794/2308-944x-2018-6-4-18-29.
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Liberalisation of the global financial market in 90-s last century and early in XXI has resulted in increasing dependence of many countries (both advanced and developing ones) on external financing and significant growth of the sovereign external debts that has become a real threat to the stable development of the world economy. The paper is focusing on the problem of growing external debt of many countries. It has an analysis of the methods aimed at settling and managing the external debt by the state authorities. I paid special attention to the problem of predicting the possibility of the sovereign external debt default. The author concludes that an aggravation of the global external debt problem may become one of the main triggers of a deep financial and economic crisis not only in separate countries or a group of related countries but on a global scale.
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Enongene, Betrand Ewane, i Felix Mejame Etape. "Does External Debt Stocks Have an Asymmetric Effect on Inflation Dynamics in Cameroon? An Application of Nonlinear ARDLL". American Journal of Economics and Business Innovation 2, nr 2 (1.05.2023): 17–23. http://dx.doi.org/10.54536/ajebi.v2i2.1396.
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External debt is indispensable, especially in developing countries which usually face budget deficits to cover up their saving-investment gap. However, the effect of external debt on inflation depends on whether it is increasing or decreasing. Hence, this study aims to examine the effect of external debt stocks on inflation using World Bank data from 1980 to 2020 in Cameroon. The study makes use of non-linear ARDL to examine the positive and negative changes in external debt stocks and their effects on inflation. The results indicate a long-run increasing and decreasing asymmetry effect of external debts on inflation. Only the coefficient of positive external debt stock on inflation is positive and significant in the long run while in the short run, positive and negative external debt stocks respectively have a negative and positive significant impact on inflation. The study recommends that the government should be mindful of increasing external debt as it will become inflationary in the long run.
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Mensah, Lord, Godfred Bokpin i Eric Boachie-Yiadom. "External Debts, Institutions and Growth in SSA". Journal of African Business 19, nr 4 (22.03.2018): 475–90. http://dx.doi.org/10.1080/15228916.2018.1452466.
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MUPENDA, Olivier Munene. "IS SLOW ECONOMIC GROWTH ORIGINATING FROM THE TOTAL EXTERNAL DEBT STOCK IN DEMOCRATIC REPUBLIC OF CONGO?" Theoretical and Practical Research in the Economic Fields 12, nr 1 (3.07.2021): 5. http://dx.doi.org/10.14505/tpref.v12.1(23).01.
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Unsustainable debt reduces the productivity of a country. Ten years following its “1960 independence”, the Democratic Republic of Congo adopted policies that resorted to external finances while the world was at the peak of the 1970 Petro-dollar crisis. The following decade, in the 1980’s, with the fall in price of raw materials, the Democratic Republic of Congo was trapped in an unsustainable debt burden cycle that stagnated its economy and according to the World Bank data, reduced its GDP per Capita. The rise of active armed conflicts in the 1990’s and political unrest during the 2000's added pressures to resort to further financial support from external creditors, facilitating corruption and poverty in the process.
The inability to service debts leads to economic consequences. One of these consequences is reduction in productivity. With empirical evidence, our analysis will be looking at the Congolese productivity from independence in 1960 to the historical democratic transfers of power in late 2018 to understand the effects of external debts in its economic growth.
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Bosnjak, Marinko. "The public debt of the Republic of Serbia: The current situation and perspectives". Ekonomski anali 50, nr 164 (2005): 119–34. http://dx.doi.org/10.2298/eka0564119b.
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The paper deals with the internal and external debt situation of the Republic of Serbia based on the data relating to 2000 and 2004, issued by the Ministry of Finance, as well as the basic macroeconomic assumptions for the regular servicing of debts. The general results of this research indicate that the key institutional assumptions for the strengthening of annuity payment ability are consistent reforms and economic policies, and the key economic assumptions for debt repayment are economics growth, stability and reduction in the volume and changing the structure of government consumption. Investment and export growth which provides for growth in gross domestic product and income in foreign currency, which should be sufficient for debts repayment in the next five years, expressed in time periods as well as annuity payments per year, are the key significance for servicing of debts. Increase in economy efficiency, as well as the efficient use of resources obtained by credit facilities, are guaranties of maintaining the balance between volume and repayment capabilities of debts.
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Jude, Okonkwo Jisike, Anachedo Chima Kenneth, Okoye Nonso John i Ezeaku Chisom. "Sustainability of External Debt on Economic Growth: Econometric Evidence from Nigeria". Global Academic Journal of Economics and Business 4, nr 2 (4.04.2022): 33–41. http://dx.doi.org/10.36348/gajeb.2022.v04i02.001.
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External debt sustainability includes external debt stock, external debt service and external debt to export ratio while gross domestic product is used as a proxy for economic growth. This study adopted the descriptive ex-post facto research design and the time series data on the variables were gotten from the CBN statistical bulletin (2020) and the Nigerian Bureau of Statistics (2018). The data were analyzed using the Granger Causality Test and the Ordinary Least Square regression analysis. The findings of the study revealed that external debt has positive and significant relationship with economic growth while external debt service and external debt to export ratio both has a negative relationship with economic growth. The results of the Granger Causality test revealed that unidirectional causality (effect) was found flowing from external debt to exports ratio and external debt to economic growth while there was no causality found between external debt service and economic growth in Nigeria. The study recommended that the monetary authorities should ensure that external debt incurred would ultimately result in economic growth by judiciously allocating these debts to sectors that boost output productivity and that external debt policies decisions should be founded on sustainability indicators such as external debt to export ratio, ensuring that debt is maintained below established thresholds.
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Bublyk, Yevhen, Svitlana Brus i Oleksii Shpanel-Yukhta. "Prospects and obstacles to the restructuring of Ukraine’s external state obligations in the conditions of war". Ekonomìka ì prognozuvannâ 2022, nr 2 (30.06.2022): 7–28. http://dx.doi.org/10.15407/eip2022.02.007.
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The article analyzes the structure of Ukraine’s external debt liabilities for the period from 2011 to 2021 and in the period since the beginning of the full-scale invasion. It is determined that the amount of state external liabilities, taking into account projected data, may exceed 70% of this country’s GDP, which will become the dominant form of both attracting financial resources to the state budget and threatening the state security. The authors provide an assessment of the difficulties of restructuring the external debt in terms of the specific weight of the creditor and the weight of short-term payments for the period 2022-2023. It is concluded that at the beginning of 2022, the largest specific weight in the structure of external liabilities was the debt for issued securities for foreign markets and liabilities to international financial organizations and the EU. The main payments for them fall on the third quarters of 2022 and 2023 (3.0 and 3.6 billion USD, respectively), and the payment of interest accounts for 30% of total. The article considers possible mechanisms of write-off and restructuring of the state's external debts, taking into account international experience and with regard to the crises and military conflicts. The following mechanisms for write-off and restructuring of foreign debt are analyzed: Brady Plan for debt restructuring of developing countries; and debt relief programs for the poorest countries - HIPC (heavily indebted poor countries) and MDRI (The Multilateral Debt Relief Initiative). The authors identify the guidelines of work on minimizing Ukraine's external liabilities in 2022-2023. A conclusion is made regarding the initiation of negotiations on the restructuring and write-off of the external debt burden to ease the payments on external debts, including GDP warrants. Such a task should be carried out as soon as possible before the period of the largest payments and taking into account the existing support of the governments of leading foreign countries.
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Bublyk, Yevhen, Svitlana Brus i Oleksii Shpanel-Yukhta. "Prospects and obstacles to the restructuring of Ukraine’s external state obligations in the conditions of war". Economy and forecasting 2022, nr 2 (10.10.2022): 5–24. http://dx.doi.org/10.15407/econforecast2022.02.005.
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The article analyzes the structure of Ukraine’s external debt liabilities for the period from 2011 to 2021 and in the period since the beginning of the full-scale invasion. It is determined that the amount of state external liabilities, taking into account projected data, may exceed 70% of this country’s GDP, which will become the dominant form of both attracting financial resources to the state budget and threatening the state security. The authors provide an assessment of the difficulties of restructuring the external debt in terms of the specific weight of the creditor and the weight of short-term payments for the period 2022-2023. It is concluded that at the beginning of 2022, the largest specific weight in the structure of external liabilities was the debt for issued securities for foreign markets and liabilities to international financial organizations and the EU. The main payments for them fall on the third quarters of 2022 and 2023 (3.0 and 3.6 billion USD, respectively), and the payment of interest accounts for 30% of total. The article considers possible mechanisms of write-off and restructuring of the state's external debts, taking into account international experience and with regard to the crises and military conflicts. The following mechanisms for write-off and restructuring of foreign debt are analyzed: Brady Plan for debt restructuring of developing countries; and debt relief programs for the poorest countries - HIPC (heavily indebted poor countries) and MDRI (The Multilateral Debt Relief Initiative). The authors identify the guidelines of work on minimizing Ukraine's external liabilities in 2022-2023. A conclusion is made regarding the initiation of negotiations on the restructuring and write-off of the external debt burden to ease the payments on external debts, including GDP warrants. Such a task should be carried out as soon as possible before the period of the largest payments and taking into account the existing support of the governments of leading foreign countries.
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Daniłowska, Alina. "External financing of local governments’ expenditure in the rural areas in Poland". Zeszyty Naukowe SGGW w Warszawie - Problemy Rolnictwa Światowego 11, nr 3 (30.09.2011): 14–22. http://dx.doi.org/10.22630/prs.2011.11.3.38.
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The role of repayable sources in financing local governments’ expenditure in rural areas in Poland was examined. The analyses showed that during years 2005-2009 the expenditure of local governments in rural areas was rising. An especially high increase was observed in 2009. The shares of the investment expenditure in total expenditure were at 20% for 2005-2008 but in 2009 it rose noticeably. The local governments use credits, loans and municipal bonds for financing expenditure. Except for 2009, the ‘new’ credits and loans financed mainly repayment of ‘old credits’, only in 2009 less than 50% of ‘new credits’ value was used for repaying old debts. The debt of local governments in rural areas rose quickly but in examined years the payments of interest were not a problem and took less than 1% of budget incomes. In the future, it can change because of the expected increase of debts and, moreover, the interest rates could rise noticeably
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Chionyeka, Osuoha, Theresa Udenwa i Nneka Nwala. "EFFECT OF PUBLIC DEBTS ON PRIVATE-SECTOR INVESTMENT IN NIGERIA". International Journal of Advanced Research in Public Policy, Social Development and Enterprise Studies 4, nr 1 (25.03.2021): 96–111. http://dx.doi.org/10.48028/iiprds/ijarppsdes.v4.i1.08.
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This study empirically analyzed the effect of Public Debt and Private-Sector Investment in Nigeria (1986-2017). This study employed secondary data in the analysis. The study used the ordinary least square method (OLS) and Error Correction Model (ECM) tools of analysis in the investigation of the impact and relationship among the economic variables. The Ordinary Least Squares (OLS) and the Error Correction Models show that there is a strong relationship between Private Investment (PIVN)in Nigeria and Public Debt in Nigeria. Public Debt in Nigeria has a negative effect on the economy both in the short run and long run especially the Public Domestic Debt in Nigeria and Public External Debts in Nigeria. This is because the more government borrows from both the domestic and the external the more it crowds out investment especially the domestic debt crowds out private investment through lack of access to funds. The ECM result revealed that Public Debt Service in Nigeria has a positive effect on Private Investment (PIVN)in Nigeria, this is because when the government pays back loans or debts, it increases access to funds by the private investors thereby increasing the level of private investment in the country. Therefore, the study recommends that government should design a mechanism for effective and efficient Public Debt Service Management in Nigeria to increase access to funds by private investors and thereby increasing and enhancing Private Investment (PIVN) in Nigeria.
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Akmal Rizdky Nst, Maya Macia Sari, Alya Ramadhani, Bella Cyintia Maramis, Hafiza Khaira Nst i M. Rio Ghazali. "Analysis of factors affecting bad debts". World Journal of Advanced Research and Reviews 19, nr 1 (30.07.2023): 1202–5. http://dx.doi.org/10.30574/wjarr.2023.19.1.1439.
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The purpose of this study is to find out what factors cause bad debts. The results of this study show that from the accounts receivable report. The amount of bad debts is very high and continues to increase. The factors that cause bad debts are internal factors in the form of weak credit administration systems, weak credit supervision systems, weak credit information systems and irregularities or fraud committed during the credit implementation process. Where the rules, standards, and procedures that have been established are not carried out properly. In addition to internal factors, external factors are also the cause of the high number of bad debts, where these external factors are caused by a decline in economic conditions, business failures occupied, and partners who run away, causing the number of bad debts to be quite high.
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Irfan, Muhammad, Muhammad Waris Rao, Jawad Akbar i Ijaz Younis. "Impact of External Debt on Stock Market Performance and Economic Growth: Moderating Role of Capital Formation". Journal of Finance and Accounting Research 2, nr 1 (28.02.2020): 1. http://dx.doi.org/10.32350/jfar/0201/01.
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The main objective of this study is to ascertain the effect of external debt on economic growth and stock market performance in SAARC countries that included Pakistan, Sri Lanka, Bangladesh and India for the period spanning from 1992 to 2017. This study examines the effect of capital formation as a moderator. Using panel least square recreation analysis, we find a negative and significant association between economic growth and external debts. The inclusion of interaction tea reveals a positive moderation effect of capital formation on the relationship of external debt and economic growth. Our study suggest that the external debt is less favourable for the SAARC countries and that greater emphasis should be increased on capital formulation. Moreover, policies that enhance the national treasury base, increase exports, and make environment conducive for foreign direct investment should be introduced in SAARC countries. The governments of SAARC countries should look for the alternates of external debt for financing the fiscal deficit.
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Kausar, Syed Waqas Ali, Rizwan Ali i Tariq Ahmed Khan. "The Impact of Foreign Debt on the Economy of Pakistan". Global Economics Review VII, nr II (30.06.2022): 10–19. http://dx.doi.org/10.31703/ger.2022(vii-ii).02.
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From the Nineteen Eighties to the present, Pakistan's mounting debts have been the subject of debate and consideration by policy makers and economists. Unfortunately, foreign debt is one of the biggest significant issues which downsize Pakistan’s Economy. This study aimed to investigate the effects of external debt restructuring on the country's economic system. The objective was to study the various factors that affect Pakistan's economy, such as external debt, growth,saving, and foreign direct investment. Annual panel data was taken from the World Bank and used to manipulate the results. External debt is the main factor that harms the country's structured variable GDP, economic condition and growth as well. It has been concluded that Pakistan should consider debt forgiveness and invite foreign direct investment. Although exports are beneficial to the country's economy, they should be lifted to increase its financial system. The adverse effects of external debt on the boom are very apparent now a days.
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Agata, Masahiko. "Japan's Attitude Towards External Debts of Developing Countries". IDS Bulletin 21, nr 2 (kwiecień 1990): 71–74. http://dx.doi.org/10.1111/j.1759-5436.1990.mp21002020.x.
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Shiyalini, Sathanantham, i Kanesh Suresh. "The impact of public debt on domestic and foreign direct investments in developing market: An ARDL bounds testing approach". Corporate Law and Governance Review 4, nr 1 (2022): 8–18. http://dx.doi.org/10.22495/clgrv4i1p1.
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This research investigates the effect of the components of state government debts (domestic and external debts) on the various forms of investment (domestic investment and foreign direct investment — FDI) in Sri Lanka both in the short and long terms applying the ARDL bounds testing approach over the period, 1980–2020. The previous research has revealed that higher internal and external government borrowing lowers domestic investments in both the short and long terms, confirming the crowding-out effect of public debt on the volume of domestic investment of our country. The research discovered that internal debt accumulates FDI inflows in the short term, but it crowds out FDI when considering the long term. In contrast, foreign debt has a substantial inverse connection with FDI inflows in the short term, as expected, but it does not influence FDI in the long run. The findings also showed that higher lending rates of interest share a considerably inverted connection with domestic investments, but it does not have any impact on the long-term FDIs. However, in the short term, an increase in the rate of lending interest rate decreases the prospect of external financiers and crowds out the course of FDI in Sri Lanka. Further, the depreciation of the exchange rate decreases both domestic investment and the flow of FDI in the short-run, but it encourages both types of investments in the long run
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Tama, Hope Jacob, i Sule Habila. "Impact of External Debt on Economic Growth in Nigeria: 1986-2019". American Journal of Economics and Business Innovation 1, nr 3 (6.10.2022): 55–72. http://dx.doi.org/10.54536/ajebi.v1i3.570.
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The study examined the impact of external debts on economic growth in Nigeria between 1986 and 2019. The specific objectives of this study were to: examine the impact of external debt stock on economic growth in Nigeria; assess the impact of external debt servicing on economic growth in Nigeria and investigate the extent to which external debt interest has impacted on economic growth in Nigeria. It was discovered that debt is synonymous to underdevelopment, poverty, unemployment which has led to low living standard of the people and Nigeria’s huge debt stock has prevented it from embarking on higher domestic investment which would lead to higher growth and development which is a major problem to Nigeria. The findings shows that Nigeria’s economic growth has been adversely but significantly affected by rising external debt servicing and the study recommended that external debt should be effectively utilize for sustainable development and diversification of Nigeria’s economy will reduce the rate of external debt. The study adopted the ex-post facto research design being of secondary nature and was used to test the hypotheses. Descriptive Statistics, Unit Root Test, Co-integration, Auto-regressive Distributive Lag and Error Correction Mechanism estimates, were used to estimate and to test the impact of external debt on economic growth in Nigeria were demonstrated.
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Eichengreen, Barry, Poonam Gupta i Rishabh Choudhary. "The Taper This Time". Indian Public Policy Review 3, nr 1 (Jan-Feb) (14.01.2022): 1–17. http://dx.doi.org/10.55763/ippr.2022.03.01.001.
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On November 3, 2021, the Federal Open Market Committee announced that it would reduce the scale of its asset purchases by $15 billion a month starting immediately. Do emerging markets, such as India, need to prepare for a replay of the taper tantrum of 2013? We show that emerging markets, including India, have strengthened their external economic and financial positions since 2013. At the same time, fiscal deficits are much wider, and public debts are much heavier. As U.S. interest rates now begin moving up, servicing existing debts and preventing the debt-to-GDP ratio from rising still further will become more challenging. Either taxes have to be raised or public spending must be cut to generate additional revenues for debt servicing.
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Kur, Keghter Kelvin, Chimezie O'Brian Abugwu, Chidozie Sunday Abbah i Ogochukwu Anyanwu. "Public debt and economic growth: What we know today about the Nigerian economy tomorrow". African Social Science and Humanities Journal 2, nr 4 (18.10.2021): 192–206. http://dx.doi.org/10.57040/asshj.v2i4.75.
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With the rising trend in Nigeria’s debt profile, this paper investigated public debt and its potential consequence on economic growth through its impact on investment. The study cut across 1981 to 2019 with data from World Bank Development Indicators (WDI) and Central Bank of Nigeria Statistical Bulletin. The Phillips-Perron unit root tested for stationarity, while the study estimated the model by adopting the Autoregressive distributed lag (ARDL) model. The long-run estimated results report that external debt and investment have a strong positive link with economic growth, while domestic debt and external debt service are inversely related to growth. In ascertaining the threshold level of investment, the estimated result suggests that investment of domestic debt should not fall below 25.41% to avoid an economic downturn. However, investing more than 24.55% of external debt will leave the economy in shambles. Further findings suggest that increased investment of domestic debt and external loans in Nigeria is a blessing and curse, respectively. Therefore, it is recommended that external debt investment be closely monitored to ensure optimal use so that such debts would not be diverted to personal gain.
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Kocha, Chukwunenye N., Marshal Iwedi i James Sarakiri. "The Dynamic Impact of Public External Debt on Capital Formation in Sub-Saharan Africa: The Pooled Mean Group Approach". Journal of Contemporary Research in Business, Economics and Finance 3, nr 4 (23.12.2021): 144–57. http://dx.doi.org/10.33094/26410265.2021.34.144.157.
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The increasing reliance on public external debt stocks in Africa and other developing countries has raised the question of debt sustainability, especially in the face of Covid-19, which has forced many counties (both developed and developing) into an unforeseen and unplanned recession. This study contributes to the literature on debt sustainability by examining the effect of public debt on capital formation in Sub-Saharan Africa (SSA) from 2000 to 2008 using the pooled mean group estimation approach. The debt variables considered are external debt stock, debt service on external debt, and interest payment on external debt. Consistent with the overhang theory, our results show that increasing external debt stock and interest payment on external debts only have a marginal impact on capital formation in the short run and exerts a serious negative effect in the long run. Our results also show that debt service burden has a positive effect on gross fixed capital formation in the long run. Therefore, we argue that despite being faced with a huge debt service burden resulting from large external debt stock, SSA countries are not neglecting investments in critical infrastructures needed to drive economic growth. However, we recommend that increasing government revenue base, minimizing economic waste associated with public expenditure, and intensifying negotiations for debt relief may be a plausible way out.
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Adebimpe Adekanbi, Omolara. "Level of Economic Development and National Policies in Mexico and Nigeria (1970-2018): A Comparative Analysis of Growth and Institutions". International Journal of Social Science Research and Review 7, nr 4 (8.04.2024): 114–48. http://dx.doi.org/10.47814/ijssrr.v7i4.1982.
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The research compares Mexico and Nigeria's growth and development disparities using Sen and Collier's frameworks by examining various factors. It aims to propose policies on interest rates, FDI, external debt, government spending on health, education, and welfare. Results highlight positive impacts on Mexico's GNI from external debt, government spending, and FDI, and in Nigeria, all variables except interest rates positively affect GNI. Key recommendations include reducing Nigeria's debt by investing in bonds, using domestic debts and for both countries; enhancing welfare through Progresa, transparency in expenditure using online reporting, and infrastructure; boosting income and employment in Mexico with knowledge transfer, innovation, and transport improvements; and addressing violence by alleviating poverty through proposed subsidy programs and anti-corruption measures.
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Akpan, M. S., A. Awujola i D. A. Impalure. "Public Debt and Private Domestic Investment in Nigeria: An Empirical Investigation". International Journal of Economics, Business and Management Research 07, nr 03 (2023): 157–72. http://dx.doi.org/10.51505/ijebmr.2023.7312.
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The Nigerian government has been borrowing hugely over the years to finance her budget. However, the patterns of spending have shown to be more on recurrent expenditure and servicing of debt. Such spending pattern tends to caused domestic investment to decline and sometimes unstable. The continuous increase in Nigeria’s public debts, it’s associated rising debt service and declining/unstable domestic investment, motivated this study. Consequently, the aim of the paper is to investigate how Nigeria’s public debts have impacted on the country’s private domestic investment using time series data from 1981 to 2021. The data were estimated using the Auto-distributed Lag Model (ARDL) and Error Correction Model (ECM) techniques of analysis. Cointegration test showed that long-run (or equilibrium) relationship exists between public debt and private domestic investment in Nigeria. Findings from the study revealed that public external debt and pubic domestic debt have negative relationship with private domestic investment, while public debt service has positive relationship with private domestic investment. The study concluded that public debt have significant impact on private domestic investment due to the joint result of the Wald test. The paper recommended that the Debt Management Office (DMO) of Nigeria who is vested with the management of the country’s debt should advice the federal government to minimize or discourage the collection of debts to fund her budget. Also, the funds borrowed should be channeled into investment on projects that will improve private domestic investment.
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Raffer, Kunibert. "Risks of Lending and Liability of Lenders". Ethics & International Affairs 21, nr 1 (marzec 2007): 85–106. http://dx.doi.org/10.1111/j.1747-7093.2007.00062.x.
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Risk and liability change the initially stipulated terms of contracts, overruling their otherwise binding nature. Risk encourages careful assessment of debtors' abilities to service debts. Errors and negligence in assessment, and even external shocks, make creditors suffer losses. Disregarding one's duty of care or professional standards, or engaging in tortious or illegal behavior makes actors liable to compensate for any resulting damage—a necessary systemic element of the framework markets need to function well. Neither mechanism was allowed to work properly in sovereign lending.This essay analyzes why risk and liability are necessary mechanisms of well-functioning markets, and discusses how risk can be handled. In the United States, inappropriate regulatory norms hindered providing against risk in the case of sovereign debt. The absence of liability—a market imperfection—has produced debts no decent legal system would recognize as legitimate domestic debt, thus aggravating the sovereign debt problem, and giving rise to concepts such as criminal, odious, and illegal debts. Discriminating sovereign debtors and disobeying the rule of law caused market distortions, resulting in not only grave damages to debtors, but also losses to creditors that the mechanisms risk and liability would have avoided. Finally, I briefly present proposals to repair these shortcomings in order to avoid the disasters of the past.
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Cornelisse, Peter A., i Elma Van De Mortel. "Public and Private Net Savings in Developing Countries: Some Empirical Tests for the Period 1972-88 (Distinguishedl Lecture)". Pakistan Development Review 31, nr 4I (1.12.1992): 431–47. http://dx.doi.org/10.30541/v31i4ipp.431-447.
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The severe shocks that rocked the world economy in the 1970s and the ensuing efforts to adjust and to renew economic growth have had a profound effect on the economic literature. Especially the external and public debt problems which reached critical dimensions in many countries attracted much attention. Thus, in the field of macroeconomics financial issues have gained more prominence over the last two decades. Studies relating to the fiscal deficit have been particularly numerous. The critical size of national public debts, the contribution of the public debt to external debt, the reduced confidence in the state as the guide in socioeconomic development and the role of fiscal policy in adjustment processes are among the main reasons for this increased interest.
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Oladapo, Babalola Olatunji, i Awe Dayo Amos. "Investigating the Relationship between Debt Burden Servicing and Infrastructural Development in Nigeria." International Journal of Research and Innovation in Social Science VIII, IIIS (2024): 1400–1412. http://dx.doi.org/10.47772/ijriss.2024.803099s.
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This study evaluates debt burden and servicing as it relates to infrastructural development in Nigeria for the period 1992-2021. The study embraced annual time-series data and employed the Fully Modified Ordinary Least Squares (FMOLS) estimation techniques to examine the relationship between the variables. The findings revealed that there exist a positive and significant relationship between domestic debt and infrastructural development; as well as external debt and infrastructural development. The implication of the findings is that increases in domestic and external debt of the federal government leads to an increase in Infrastructural development. More so, a significant and strong relationship was established between infrastructural development, domestic debt, external debt and exchange rate, while all the dependent variables were found to be responsible for 81% variation in the state of infrastructural development in Nigeria. The study, therefore, concluded that domestic and external debt remains strong and active variables driving infrastructural development in Nigeria. It suggested that Public debt should be used for the purpose for which it was borrowed for and such, debts should be used on the basic infrastructural development that will help to improve on the business environment and economic output making for ease of repayment
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Oladapo, Babalola Olatunji, i Awe Dayo Amos. "Investigating the Relationship Between Debt Burden Servicing and Infrastructural Development in Nigeria." International Journal of Research and Innovation in Social Science VIII, IIIS (2024): 1466–79. http://dx.doi.org/10.47772/ijriss.2024.803103s.
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This study evaluates debt burden and servicing as it relates to infrastructural development in Nigeria for the period 1992-2021. The study embraced annual time-series data and employed the Fully Modified Ordinary Least Squares (FMOLS) estimation techniques to examine the relationship between the variables. The findings revealed that there exist a positive and significant relationship between domestic debt and infrastructural development; as well as external debt and infrastructural development. The implication of the findings is that increases in domestic and external debt of the federal government leads to an increase in Infrastructural development. More so, a significant and strong relationship was established between infrastructural development, domestic debt, external debt and exchange rate, while all the dependent variables were found to be responsible for 81% variation in the state of infrastructural development in Nigeria. The study, therefore, concluded that domestic and external debt remains strong and active variables driving infrastructural development in Nigeria. It suggested that Public debt should be used for the purpose for which it was borrowed for and such, debts should be used on the basic infrastructural development that will help to improve on the business environment and economic output making for ease of repayment
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UDENWA, Agbonma Theresa, NWALA, Nneka Maurie, AZA, Solomon, NWEKE i in. "Effect of Debt Servicing on External Reserves in Nigeria". International Journal of Economics, Business and Management Research 07, nr 12 (2023): 205–24. http://dx.doi.org/10.51505/ijebmr.2023.71213.
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The management of Nigeria's external reserves, a key indicator of the nation's financial health and ability to withstand economic shocks, is at the centre of this economic investigation. This study investigates the effect of debt servicing on external reserves in Nigeria from the first quarter of 2010 to the first quarter of 2023. An ex post facto research design was adopted for the study. Quarterly time series data for external reserves, external debt servicing, and domestic debt servicing were collected from the Central Bank of Nigeria statistical bulletin and Debt Management Office reports. Philip Perron test was used to test the stationarity of the data and the ARDL test was utilized to determine the presence of a long-run relationship. The Fully Modified Ordinary Least Squares technique was used to test the effect of debt servicing on external reserves in Nigeria. The findings showed that external debt servicing and domestic debt servicing have a significant effect on external reserves in Nigeria. The study recommends that the Nigerian government through the Debt Management Office should emphasize diversification in acquiring external debts by engaging with multiple creditors, including multilateral institutions, bilateral partners, and global financial markets. Also, a strong emphasis should be placed on enhancing domestic revenue mobilization efforts. This can be achieved through fair and effective tax policies, reducing tax evasion, and promoting investments in sectors(like the finance sector)that yield sustainable revenue streams. Increased domestic revenue can alleviate the need for extensive domestic borrowing, thereby reducing the strain on external reserves for domestic debt servicing.
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Dube, Zenzo Lusaba, i Cynthia Mapfudza. "Debt sustainability in fragile economies: the case of zimbabwe". Journal of Management and Science 10, nr 3 (30.09.2020): 29–32. http://dx.doi.org/10.26524/jms.10.10.
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Zimbabwe’s efforts to reduce domestic and external debt to lower levels remain futile. It continues to grow. In December 2018 domestic debt stood at 98% of GDP, external debt at 70%. It has accelerated the re-engagement with the World Bank, IMF, AfDB and EIB and bi-lateral creditors. The study sought to analyse the sustainability of the growth in Zimbabwe’s debt. The objectives were namely to identify the key fiscal and macroeconomic variables that influence public debt dynamics in Zimbabwe; assess the effects of unsustainable debt on economic growth and development in Zimbabwe; and to explore strategies of managing debt sustainability. Data was collected through in-depth interviews and questionnaires. The study concluded that Zimbabwe’s debt is not sustainable due to non concessionary debts, limited productivity and weak institutional frameworks. Government should conduct a comprehensive debt audit to determine legitimate and illegitimate public debt, strengthen institutions and regulatory framework.
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M.A., Isiaka, Adeosun O.T., Talabi A.A. i Lamidi L.O. "Relationship between Public Debt and Exports in Nigeria: A Granger Causality and Threshold Analysis Approach". African Journal of Social Sciences and Humanities Research 5, nr 5 (28.12.2022): 108–25. http://dx.doi.org/10.52589/ajsshr-axzif3kd.
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This paper examines the relationship between public debt and exports of Nigeria, ranging from the period 1981 to 2017. It analyses the trend of public debt and its measure of sustainability and how it relates to the export earnings of Nigeria. Granger causality was used to test the causality effect of public debts on Nigeria's exports (oil and non-oil exports). Also, threshold regression analysis was used to investigate the relationship between public debt and exports of Nigeria. Granger causality results show that the export of goods and services of Nigeria granger causes external debt while external debt does not granger cause the export of goods and services. Domestic debt has a statistically significant influence on exports of Nigeria, but a threshold exists for this to avoid the crowding-out effect and higher interest rate, which will influence exports negatively. Hence, for Nigeria as a nation to maintain the sustainability of its domestic debt in relation to exports, there is an existence of a maximum threshold limit of ₦6,538 billion, while external debt should be below ₦3,178 billion.
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Chakravarty, S. P. "Internal Conflicts and the External Debts of Latin America". Journal of Post Keynesian Economics 15, nr 4 (lipiec 1993): 589–607. http://dx.doi.org/10.1080/01603477.1993.11489961.
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