UID:
edoccha_9958114559402883
Umfang:
1 online resource (33 p.)
ISBN:
1-4623-3657-4
,
1-4527-1372-3
,
1-283-55515-8
,
1-4519-9119-3
,
9786613867605
Serie:
IMF working paper ; WP/10/53
Inhalt:
We examine the effects that international commodity price shocks have on external debt using panel data for a world sample of 93 countries spanning the period 1970-2007. Our main finding is that positive commodity price shocks lead to a significant reduction in the level of external debt in democracies, but to no significant reduction in the level of external debt in autocracies. To explain this result, we show that positive commodity price shocks lead to a statistically significant and quantitatively large increase in total government expenditures in autocracies. In democracies on the other hand government expenditures did not increase significantly. We also document that following positive windfalls from international commodity price shocks the risk of default on external debt decreased in democracies, but increased significantly in autocracies.
Anmerkung:
Description based upon print version of record.
,
Cover Page; Title Page; Copyright Page; Contents; I. Introduction; II. Data; III. Estimation Strategy; IV. Main Results; Table 1. Commodity Price Shocks and External Debt; Table 2. Commodity Price Shocks, Democracy, and External Debt; Table 3. Commodity Price Shocks, Executive Constraints, Political Competition, and External Debt; Table 4. Commodity Price Shocks, Political Institutions, and Government Expenditures; Table 5. Commodity Price Shocks, Political Institutions, and the Rule of Law; Table 6. Commodity Price Shocks, Political Institutions, and Economic Growth
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Table 7. Commodity Price Shocks, Political Institutions, and the Risk of Default on External DebtV. Conclusion; References; Footnotes
,
English
Weitere Ausg.:
ISBN 1-4519-6342-4
Sprache:
Englisch
