External debt and economic reform : does a pain reliever delay the necessary treatment? /

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Bibliographic Details
Author / Creator:	Vamvakidis, Athanasios, author.
Imprint:	Washington, D.C. : International Monetary Fund, ©2007.
Description:	1 online resource (27 pages) : illustrations
Language:	English
Series:	IMF working paper ; WP/07/50.
Subject:	Debts, External -- Developing countries. Debts, External -- Developing countries -- Econometric models. Economic stabilization -- Developing countries. Economic stabilization -- Developing countries -- Econometric models. Debts, External. Debts, External -- Econometric models. Economic policy. Economic policy -- Econometric models. Economic stabilization. Economic stabilization -- Econometric models. Developing countries -- Economic policy. Developing countries -- Economic policy -- Econometric models. Developing countries.
Format:	E-Resource Book
URL for this record:	http://pi.lib.uchicago.edu/1001/cat/bib/12496018

Hidden Bibliographic Details
Other authors / contributors:	International Monetary Fund. European Department.
ISBN:	1283519089 9781283519083 1451910673 9781451910674
Notes:	Includes bibliographical references (pages 26-27). Restrictions unspecified Electronic reproduction. [Place of publication not identified] : HathiTrust Digital Library, 2010. Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 digitized 2010 HathiTrust Digital Library committed to preserve Print version record.
Summary:	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.
Other form:	Print version: Vamvakidis, Athanasios. External debt and economic reform. Washington, D.C. : International Monetary Fund, ©2007
Standard no.:	10.5089/9781451910674.001

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