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。
e d'Ivoire, The Gambia, Ghana, Guinea, Guinea Bissau, Liberia, Mali, Mauritania, Niger, Nigeria, Senegal, Sierra Leone and Togo. Following the withdrawal of Mauritania in 2001 there are now fifteen (15) Member Stares making up the community.
Figure 1: GDP Share of each ECOWAS countries in 2008
3.3 Summary and Conclusions
This chapter described in brief the uniqueness and economies of the Economic Community of West African States (ECOWAS) and presented their basic economic indicators as indicated in table 1.
In conclusion, ECOWAS economies are complex set of economies whose economic growth trajectories are difficult to predict due to their vulnerability to both internal and external factors. Although they share many common characteristics, however, they also have distinct differences in their economic and natural resource endowments. To generate sustainable growth, these countries need to address the various factors that affect their growth prospects.
Source: World Development Indicator (WDI)
DATA AND METHODOLOGY
4.1 Introduction
This study is performed in the framework of ECOWAS countries, for the period 1960 to 2008. Data sources are the World Development Indicators (WDI) of the World Bank (2009) in annual figures. In this study, economic growth is measured by Gross Domestic Product (GDP) constant 2000 US$ while external debt stock (EDS) and debt servicing (DS) will be the independent variables. All variables are at their natural logarithms and EVIEWS 6.0 is the software package used for calculation of our results.
4.2 Data Description
The main variables for this study include external debt stock, debt servicing and GDP at Constant US Dollars prices. Due to large missing numbers of observations of data on World Development Indicator Database, following ECOWAS countries were excluded. These countries are: Cape Varde, Guinea, Liberia, Mali and Senegal.
4.2.1 Gross Domestic Product (GDP)
The Gross Domestic Product (GDP) is widely used to measure economic growth. Based on the fact that there is correlation between external debts, debt service payment and economic growth.
4.2.2 External National Debt
External national debt is that portion of national debt owed to non-resident foreign creditors or country [1] . It is otherwise known as foreign debt.
4.2.3 Debt Servicing
This is the payment of interest on a debt and of such installments of the principal is legally due [2] .
4.2.4 Economic Growth
Economic growth can be defined as the growth of the economy as measured by the increase in the GDP in real term over time. An increase in the GDP means that more goods and services are being produced in the current period when compared to the prior period. Such increases are due to increase in productivity or increases in the factors of production [3] .
4.3 METHOD OF ANALYSIS
The method of analysis to be used shall be the time series data econometrics. This approach, which is a quantitative technique, includes table and the test for the hypotheses formulated by using time series data econometric regression analysis .In demonstrating the application of the time series data econometrics method, the regression analysis would be used with the GDP as the depende
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