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Growth, Debt and Economic Transformation: The Capital Flight Problem

In: New Theories in Growth and Development

Author

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  • Guillermo A. Calvo

Abstract

An outstanding characteristic of the 1990s is the large number of countries (particularly in the ‘East’ and the ‘South’) that are engaged in profound economic transformation processes. These processes entail a considerable amount of construction but, also, a considerable amount of destruction — or ‘creative’ destruction, as Schumpeter used to say (see, for example, Calvo and Coricelli, 1993; Kornai, 1993). Although these countries are prepared to ‘burn their old idols’, they do so in the expectation that they will be rewarded with much better economic performance — that is, more growth and social welfare. The question then arises: are these hopes realistic? Can we identify some key ‘traps’ lying on the road to successful growth?

Suggested Citation

  • Guillermo A. Calvo, 1998. "Growth, Debt and Economic Transformation: The Capital Flight Problem," Palgrave Macmillan Books, in: Fabrizio Coricelli & Massimo di Matteo & Frank Hahn (ed.), New Theories in Growth and Development, chapter 10, pages 251-269, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-26270-0_10
    DOI: 10.1007/978-1-349-26270-0_10
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    Citations

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    Cited by:

    1. Slimani, Slah & Bakari, Sayef & Othmani, Abdelhafidh, 2015. "Croissance et Soutenabilité de la Dette Extérieure Tunisienne pour la Période 1970-2012 : Une Analyse Dynamique [Growth and Sustainability of Tunisian External Debt for the Period 1970-2012: A Dyna," MPRA Paper 80954, University Library of Munich, Germany.
    2. Wamboye, Evelyn, 2012. "External debt, trade and FDI on economic growth of least developed countries," MPRA Paper 39031, University Library of Munich, Germany.
    3. repec:dau:papers:123456789/4089 is not listed on IDEAS
    4. Catherine Pattillo & Hélène Poirson & Luca Antonio Ricci, 2011. "External Debt and Growth," Review of Economics and Institutions, Università di Perugia, vol. 2(3).
    5. Muhammad Mustapha Abdullahi & Nor Aznin Bt Abu Bakar & Sallahuddin B. Hassan, 2016. "Debt Overhang versus Crowding Out Effects: Understanding the Impact of External Debts on Capital Formation in Theory," International Journal of Economics and Financial Issues, Econjournals, vol. 6(1), pages 271-278.
    6. Fritzi Koehler-Geib, 2006. "Uncertainty about the fundamentals and the occurrence of sudden stops of capital flows: Theory and Empirics," Working Papers 018, Bavarian Graduate Program in Economics (BGPE).
    7. Alejandro Izquierdo & Ernesto Talvi & Guillermo A. Calvo, 2002. "Sudden Stops, the Real Exchange Rate and Fiscal Sustainability: Argentina's Lessons," Research Department Publications 4299, Inter-American Development Bank, Research Department.
    8. Alejandro Izquierdo & Ernesto Talvi & Guillermo A. Calvo, 2002. "Paradas repentinas, tipo de cambio real y viabilidad fiscal: enseñanzas de Argentina," Research Department Publications 4300, Inter-American Development Bank, Research Department.
    9. Tilemahos Efthimiadis & Panagiotis Tsintzos, 2012. "The Internal-External Debt Ratio and Economic Growth," Economics Bulletin, AccessEcon, vol. 32(1), pages 941-951.
    10. Slimani, Slah & Othmani, Abdelhafidh & Bakari, Sayef, 2015. "Analyse de la Soutenabilité de la Dette Extérieure de la Tunisie pour la Période 1970-2012 [Analysis of the Sustainability of Tunisia's External Debt for the Period 1970-2012]," MPRA Paper 80824, University Library of Munich, Germany.

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