A CRITICAL REVIEW OF EXTERNAL DEBT AND ECONOMIC GROWTH RELATIONSHIP: A LESSON FOR INDEBTEDNESS COUNTRIES

Öz

The purpose of this paper is to review existing empirical studies of external debt and economic growth relationship. The decline in investment and growth performance of the highly indebted countries in the past three decades is frequently attributed, at least to some extent, to the burden of their foreign debt, a phenomenon which has been recognised as debt overhang. Empirical results indicate that it is difficult to say whether external debt has a negative or positive effect on economic growth. It is also improper to make any type of generalizations of the potential relationship between economic growth and external debt. Thus, it is necessary to consider the case of each country separately

Öz

Bu makalenin amacı dış borçlar ile ekonomik büyüme arasındaki ilişkiyi inceleyen ampirik çalışmaları ortaya koymaktır. Borçlu ülkelerde son otuz yılda yatırımların ve dolayısıyla ekonomik büyümenin büyük ölçüde azalması, bu alanda araştırmaların yapılmasını ve dış borç-büyüme arasındaki ilişkinin önemini arttırmıştır. Yapılan ampirik çalışmalara göre, dış borçların ekonomik büyümeyi pozitif mi yoksa negatif mi etkilediğini söylemek zordur. Bu yüzden genelleme yapmanın bir anlamı olmayacağından, her ülke ayrı ayrı incelenmelidir

Kaynakça

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