External Debt and Economic Reform : Does a Pain Reliever Delay the Necessary Treatment? /

Recent literature argues that conflict in shifting adjustment costs between different socioeconomic groups delays necessary reforms and finds that such reforms often follow economic crises. This paper expands these models by including external borrowing by the private sector and shows that this may...

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Bibliografske podrobnosti
Glavni avtor: Vamvakidis, Athanasios
Format: Revija
Jezik:English
Izdano: Washington, D.C. : International Monetary Fund, 2007.
Serija:IMF Working Papers; Working Paper ; No. 2007/050
Online dostop:Full text available on IMF
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100 1 |a Vamvakidis, Athanasios. 
245 1 0 |a External Debt and Economic Reform :   |b Does a Pain Reliever Delay the Necessary Treatment? /  |c Athanasios Vamvakidis. 
264 1 |a Washington, D.C. :  |b International Monetary Fund,  |c 2007. 
300 |a 1 online resource (27 pages) 
490 1 |a IMF Working Papers 
500 |a <strong>Off-Campus Access:</strong> No User ID or Password Required 
500 |a <strong>On-Campus Access:</strong> No User ID or Password Required 
506 |a Electronic access restricted to authorized BRAC University faculty, staff and students 
520 3 |a Recent literature argues that conflict in shifting adjustment costs between different socioeconomic groups delays necessary reforms and finds that such reforms often follow economic crises. This paper expands these models by including external borrowing by the private sector and shows that this may lead to a further delay in economic reform. Empirical evidence based on a large panel of developing and emerging economies supports this argument and shows that the result is slower economic growth. External financing sometimes acts like a "pain reliever," postponing the much needed "treatment" of a "sick" economy by reform. 
538 |a Mode of access: Internet 
830 0 |a IMF Working Papers; Working Paper ;  |v No. 2007/050 
856 4 0 |z Full text available on IMF  |u http://elibrary.imf.org/view/journals/001/2007/050/001.2007.issue-050-en.xml  |z IMF e-Library