Debt Latin

External Debt and Economic Growth in Latin America Alfredo Schclarek ∗ Francisco Ramon-Ballester † This draft: May 16, 2005 Abstract This paper empirically explores the relationship between external debt and growth for a number of Latin American and Caribbean economies. We find that lower total external debt levels are associated with higher growth rates, and that this negative relationship is driven by the incidence of pub lic externa l debt lev els , and not by pri vate external deb t lev els . Regarding the channels through which debt accumulation affects growth, we find that this is mainly driven by the capital accumulation growth. In addition, neither total factor productivity growth nor private savings rates are affected by external debt level s. We do not find evidence of nonlinear effects for these relatio nship s. The data set consi st of a panel of 20 Latin American and Caribbean countries with data averaged over each of the seve n 5-year periods between 1970 and 2002. Methodol ogica lly , the paper uses a dynamic system GMM panel estimator. JEL classification: F34; H63; O10; O40 Keywords: External debt; Economic growth; Capital accumulation; Productiv- ity growth; Private savings rate; Latin America and the Caribbean ∗ Department of Economics, Lund Universit y , P.O. Box 7082, SE-220 07 Lund, Sweden; tel: +46 (0) 73 689 1311, fax: +46 (0) 46 222 4613; e-mail: alfr edo@ne k.lu.se; we bpage: www.nek.lu.se/nekasc. † Eur opean Cen tral Bank, Kai ser str ass e 29, D-60311 F rankfurt/Main; e-mail: fran - [email protected]. The views express ed in this paper are those of the authors and do not necessarily represent those of the European Central Bank. 1

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Debt Latin

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