NDLI: Immiserizing Capital Flows to Developing Countries

Content Provider	Semantic Scholar
Author	Bender, Dieter Loewenstein, Wilhelm
Copyright Year	2014
Abstract	Based on a neoclassical growth model for open low income economies this paper shows that development strategies, which rely on net borrowing abroad lead to a position of sustainable foreign indebtedness (provided that all capital imports are used for investment financing), but turn out to be immiserizing. The paper proves that development financing by foreign loans is either ineffective in terms of increasing per capita income but associated by sustainable foreign debts, or the effectiveness is bought at the price of growing into unsustainable debt positions. The first option is stable but counterproductive. The second option is effective but unstable.
File Format	PDF HTM / HTML
DOI	10.2139/ssrn.2482412
Alternate Webpage(s)	http://www.development-research.org/images/pdf/working_papers/wp-201.pdf
Alternate Webpage(s)	https://doi.org/10.2139/ssrn.2482412
Language	English
Access Restriction	Open
Content Type	Text
Resource Type	Article

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