The Political Economy of National Debt Burdens, 1970-2000
International Interactions, Forthcoming
49 Pages Posted: 4 Feb 2008
Date Written: 18 April 2007
Abstract
Why did developing country governments find themselves mired in high debt by the end of the twentieth century? This paper develops a theoretical framework to understand the relationship between political institutions, resource wealth, and debt burdens. Hypotheses generated are tested on a time-series cross-section data set of developing countries from 1970-2000. Three main findings are reported: oil wealth has a positive relationship with debt; this relationship is weakly conditional on the country's regime type; and the relationship is independent of general commodity price volatility. The paper concludes with a discussion of the implications of this research for our understanding of the "resource curse".
Keywords: Debt, Oil
Suggested Citation: Suggested Citation
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