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Title: |
External Shocks and the Global Debt Crisis of
LDCs: A Quantitative Analysis |
| Author: |
Cha, Baekin |
| Author
Affiliation: |
City
Polytechnic of Hong Kong |
| Source: |
International Economic Journal, Spring 1993, v. 7, no. 1, pp. 49-60 |
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Publication Date: |
Spring 1993 |
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Abstract: |
This paper investigates empirically how
much of external debt accumulation of major debtor countries during the
period 1979-84 was due to external disturbances as opposed to domestic
shocks. The carefully designed Bayesian vector autoregressions (BVAR)
are applied to six major debtor countries and the resulting moving
average representations are decomposed historically. It is found that
the contribution of the external shocks outweighed that of domestic
shocks during the period. |
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