Deuda Externa, Crecimiento y Sostenibilidad
Autor(a) principal: | |
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Data de Publicação: | 2004 |
Tipo de documento: | Artigo |
Idioma: | spa |
Título da fonte: | Revista de Economia Política |
Texto Completo: | http://old.scielo.br/scielo.php?script=sci_arttext&pid=S0101-31572004000200203 |
Resumo: | ABSTRACT The paper presents a model intended to define and discuss the sustainability of external debts in “emergent markets”. The first sustainability condition is the existence of a maximum in the debt-output ratio. With some simple behavior hypotheses, it is shown that sustainability depends on the initial debt-exports ratio, the rate of growth of exports and the country-risk premium. An endogenous country-risk premium gives room for multiple equilibrium. The model allows the discussion of vulnerability vis-à-vis financial shocks and the propensity of the economy to jump to unsustainable paths. The first sustainability condition is not a stringent one. Two additional sustainability conditions are added: a positive rate of growth and a minimum in the domestic absorption-output ratio. The discussion of multiple equilibrium, vulnerability and the potential instability of sustainability is then extended. |
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Revista de Economia Política |
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Deuda Externa, Crecimiento y SostenibilidadSustainabilityexternal debtgrowthABSTRACT The paper presents a model intended to define and discuss the sustainability of external debts in “emergent markets”. The first sustainability condition is the existence of a maximum in the debt-output ratio. With some simple behavior hypotheses, it is shown that sustainability depends on the initial debt-exports ratio, the rate of growth of exports and the country-risk premium. An endogenous country-risk premium gives room for multiple equilibrium. The model allows the discussion of vulnerability vis-à-vis financial shocks and the propensity of the economy to jump to unsustainable paths. The first sustainability condition is not a stringent one. Two additional sustainability conditions are added: a positive rate of growth and a minimum in the domestic absorption-output ratio. The discussion of multiple equilibrium, vulnerability and the potential instability of sustainability is then extended.Centro de Economia Política2004-06-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersiontext/htmlhttp://old.scielo.br/scielo.php?script=sci_arttext&pid=S0101-31572004000200203Brazilian Journal of Political Economy v.24 n.2 2004reponame:Revista de Economia Políticainstname:EDITORA 34instacron:EDITORA_3410.1590/0101-31572004-1622info:eu-repo/semantics/openAccessFRENKEL,ROBERTOspa2020-06-12T00:00:00Zoai:scielo:S0101-31572004000200203Revistahttps://centrodeeconomiapolitica.org.br/repojs/index.php/journalONGhttps://centrodeeconomiapolitica.org.br/repojs/index.php/journal/oai||cecilia.heise@bjpe.org.br1809-45380101-3157opendoar:2020-06-12T00:00Revista de Economia Política - EDITORA 34false |
dc.title.none.fl_str_mv |
Deuda Externa, Crecimiento y Sostenibilidad |
title |
Deuda Externa, Crecimiento y Sostenibilidad |
spellingShingle |
Deuda Externa, Crecimiento y Sostenibilidad FRENKEL,ROBERTO Sustainability external debt growth |
title_short |
Deuda Externa, Crecimiento y Sostenibilidad |
title_full |
Deuda Externa, Crecimiento y Sostenibilidad |
title_fullStr |
Deuda Externa, Crecimiento y Sostenibilidad |
title_full_unstemmed |
Deuda Externa, Crecimiento y Sostenibilidad |
title_sort |
Deuda Externa, Crecimiento y Sostenibilidad |
author |
FRENKEL,ROBERTO |
author_facet |
FRENKEL,ROBERTO |
author_role |
author |
dc.contributor.author.fl_str_mv |
FRENKEL,ROBERTO |
dc.subject.por.fl_str_mv |
Sustainability external debt growth |
topic |
Sustainability external debt growth |
description |
ABSTRACT The paper presents a model intended to define and discuss the sustainability of external debts in “emergent markets”. The first sustainability condition is the existence of a maximum in the debt-output ratio. With some simple behavior hypotheses, it is shown that sustainability depends on the initial debt-exports ratio, the rate of growth of exports and the country-risk premium. An endogenous country-risk premium gives room for multiple equilibrium. The model allows the discussion of vulnerability vis-à-vis financial shocks and the propensity of the economy to jump to unsustainable paths. The first sustainability condition is not a stringent one. Two additional sustainability conditions are added: a positive rate of growth and a minimum in the domestic absorption-output ratio. The discussion of multiple equilibrium, vulnerability and the potential instability of sustainability is then extended. |
publishDate |
2004 |
dc.date.none.fl_str_mv |
2004-06-01 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://old.scielo.br/scielo.php?script=sci_arttext&pid=S0101-31572004000200203 |
url |
http://old.scielo.br/scielo.php?script=sci_arttext&pid=S0101-31572004000200203 |
dc.language.iso.fl_str_mv |
spa |
language |
spa |
dc.relation.none.fl_str_mv |
10.1590/0101-31572004-1622 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
text/html |
dc.publisher.none.fl_str_mv |
Centro de Economia Política |
publisher.none.fl_str_mv |
Centro de Economia Política |
dc.source.none.fl_str_mv |
Brazilian Journal of Political Economy v.24 n.2 2004 reponame:Revista de Economia Política instname:EDITORA 34 instacron:EDITORA_34 |
instname_str |
EDITORA 34 |
instacron_str |
EDITORA_34 |
institution |
EDITORA_34 |
reponame_str |
Revista de Economia Política |
collection |
Revista de Economia Política |
repository.name.fl_str_mv |
Revista de Economia Política - EDITORA 34 |
repository.mail.fl_str_mv |
||cecilia.heise@bjpe.org.br |
_version_ |
1754122480035823616 |