High ratios of external debt to GDP in selected Asian countries have contributed to the initiation, propagation, and severity of the financial and economic crises in recent years, reflecting runaway fiscal deficits and excessive foreign borrowing by the private sector. More importantly, the servicing of large debt stocks has diverted scarce resources from investment and long-term growth.
Finance | Growth and Development
Mariano, Roberto S. and Villanueva, Delano.
External Debt, Adjustment, and Growth. (2006). Research Collection School Of Economics.
Available at: http://ink.library.smu.edu.sg/soe_research/896
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