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Growth, Debt, and Sovereign Risk in a Small, Open Economy

Jagdeep S. BhandariNadeem Ul HaqueStephen J. Turnovsky

出版	World Bank Publications, 1989
URL	http://books.google.com.hk/books?id=86f3slZKPoMC&hl=&source=gbs_api
EBook	SAMPLE

註釋

This paper develops a macroeconomic model for a small, open, developing economy that borrows abroad - to study the dynamic interaction between debt and growth and the impacts of various policies and exogenous shocks on the rate of capital accumulation, the current account, and debt. Adjustment policies that increase productivity and efficient use of capital increase both growth and the stock of external debt - but the new level of debt may be sustainable in the long run.