摘要:债务对经济有多方面的影响的。作为一篇留学生毕业论文,本论文探讨了西非经济共同体国家的外债和偿债在经济增长时期带来的影响,债务又称为财政赤字,运用得当能够拉动经济,刺激发展。
Other academic studies show the impact of the debt burden indicators on economic growth under different scenarios using the simulation analysis (e.g. Ajayi, 1991 and Osei, 1995).
Ojo, (1996) affirms that it is no exaggeration to claim that Nigeria’s huge external debt is one of the hard knots of the Structural Adjustment Programme introduced in 1986 to put the economy back on as sustainable path of recovery. The corollary of this statement is that if only the high level of this debt service payment could be reduced significantly, African countries would be in a position to finance larger volume of domestic investment, which would enhance growth and development. But, more often than not a debtor has only a limited room to manage a debt crisis to advantage.
Were, (2001) noted that Sub Sahara Africa countries were plagued by their huge external debt. Were, argued that the debt problem, caused by massive poverty affected the economic prosperity. It then became crystal clear that countries with unsustainable level of debt require debt relief to experience rapid economic performance.
Omoruyi, (1992) state as result of shortage of domestic savings, external borrowings have become the only feasible option to fill such gaps. Conversely, mismanagement of foreign loans could result to the problem of servicing them and eventually might leads to the problem of debt overhang.
Sun, (2004) opined that completion point countries should sustain sound macroeconomic stability and reforms to improve policy and institutional frameworks to achieve both development and to maintain debt sustainability. Sun, concludes there is an existence a mix results between debt and grant financing to actualize of the Millennium Development Goals.
Ngassam (2000) argued that debt obligations can be eased temporarily by rescheduling. Ngassam concluded that because of the structural difficulties facing most African countries, an ideal policy package for managing external debt has to aim at the structural problems. This goes to tell us that the impact of external debt in the developing countries is nothing to desire.
In view of the fact that these countries cannot be expected to sustain such policies for very long, Selowsky and Tak advocate a growth-oriented debt policy wherein creditors provide new financing, at least until the structural adjustment program take effect. Roubini (1985), Sachs (1985), Kaminarides and Talbert (1989), and Kaminarides and Nissan (1993) all examined the consequences of debt within a multi-country framework. Their studies suggest that at the aggregate level, debt adversely affect economic growth and the causality is a uni-directional one, that is, growth is adversely affected by a higher debt burden.
2.5 Impact of External Debt and Servicing On Growth – A Two Variable Case
As Farhang Niroomand and Iskandar S. Hamvi, “effects of foreign debts on the economic performance of small countries effect using correlation analysis for Forty-eight small countries spanning Africa, the Caribbean region, Latin America, the Middle East, and Europe. They found that the economic impact of external debt varied among countries on different socio-economic factors such as income level and geographical locations.
Ramakrishna (2003) studied the external debt scenario of Ethiopia over its three economic regimes with a special reference to its
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