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Theoretical Aspects of Growth in Developing Countries: External Debt Dynamics and the Role of Human Capital

Author

Listed:
  • Ichiro Otani

    (International Monetary Fund)

  • Delano Villanueva

    (International Monetary Fund)

Abstract

A simple aggregate growth model, capable of assessing the impact of macroeconomic policies on the long-term performance of a developing country, is formulated. The model emphasizes expenditures on the improvement of human capital and the dynamics of external debt, and it yields empirically testable hypotheses on the relative importance of various determinants of long-term growth performance. The analytical results have several implications relevant to strategies of economic growth.

Suggested Citation

  • Ichiro Otani & Delano Villanueva, 1989. "Theoretical Aspects of Growth in Developing Countries: External Debt Dynamics and the Role of Human Capital," IMF Staff Papers, Palgrave Macmillan, vol. 36(2), pages 307-342, June.
    • Handle: RePEc:pal:imfstp:v:36:y:1989:i:2:p:307-342
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    Citations

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    Cited by:

    1. Siti Daud & Jan Podivinsky, 2011. "Debt–Growth Nexus: A Spatial Econometrics Approach for Developing Countries," Transition Studies Review, Springer;Central Eastern European University Network (CEEUN), vol. 18(1), pages 1-15, September.
    2. Delano S Villanueva & Roberto S Mariano & Diwa C Guinigundo & Abbas Mirakhor, 2023. "Finance and Endogenous Growth," World Scientific Book Chapters, in: Economic Adjustment and Growth Theory and Practice, chapter 5, pages 96-118, World Scientific Publishing Co. Pte. Ltd..
    3. Delano S Villanueva & Roberto S Mariano & Diwa C Guinigundo & Abbas Mirakhor, 2023. "External Debt, Adjustment, and Growth," World Scientific Book Chapters, in: Economic Adjustment and Growth Theory and Practice, chapter 9, pages 222-249, World Scientific Publishing Co. Pte. Ltd..
    4. Dai, Meixing, 1992. "Growth, External Debt Constraints and Budgetary Policies," MPRA Paper 14001, University Library of Munich, Germany.
    5. Shodiya Olayinka Abideen & Sanyaolu Wasiu Abiodun & Ojenike Joseph Olushola & Ogunmefun Gbadebo Tirimisiyu, 2019. "Shareholder Wealth Maximization and Investment Decisions of Nigerian Food and Beverage Companies," Acta Universitatis Sapientiae, Economics and Business, Sciendo, vol. 7(1), pages 47-63, December.
    6. Ismail, Rahmah, 1999. "Long-Term Growth in Malaysia: An Application of Endogenous Neoclassical Growth Model," Jurnal Ekonomi Malaysia, Faculty of Economics and Business, Universiti Kebangsaan Malaysia, vol. 33, pages 105-121.
    7. Samson Edo & Oluwatoyin Matthew & Ifeoluwa Ogunrinola, 2022. "Foreign Development Assistance and Macroeconomic Policy Stance: The Underlying Levers of Growth in Emerging SSA Countries," Managing Global Transitions, University of Primorska, Faculty of Management Koper, vol. 20(4 (Winter), pages 353-374.
    8. Khan, Mohsin S. & Reinhart, Carmen M., 1990. "Private investment and economic growth in developing countries," World Development, Elsevier, vol. 18(1), pages 19-27, January.
    9. Shapouri, Shahla & Missiaen, Margaret, 1991. "Economic Performance and Policy Adjustment: The Experience of Zimbabwe," Staff Reports 278546, United States Department of Agriculture, Economic Research Service.
    10. Locke, Christopher G. & Ahmadi-Esfahani, Fredoun Z., 2001. "Debt overhangs and international agricultural trade," Journal of Policy Modeling, Elsevier, vol. 23(2), pages 189-216, February.
    11. Vitaly Orlov, 2018. "Solvency Risk Premia and the Carry Trades," Working Papers on Finance 1802, University of St. Gallen, School of Finance.

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