Skip to main content
SpringerLink
Log in

Development through debt: Rationalizing the costs of external borrowing

  • Articles
  • Capital Transfer
  • Published:
Intereconomics

Abstract

Mounting external indebtedness has become a major problem for many developing countries. This may be not least a result of the fact that economists and policy-makers have tended to emphasize the benefits to the recipient countries of external borrowing to the neglect of its costs.

This is a preview of subscription content, log in via an institution to check access.

Access this article

Log in via an institution

Price excludes VAT (USA)
Tax calculation will be finalised during checkout.

Instant access to the full article PDF.

Institutional subscriptions

Similar content being viewed by others

References

  1. D. Avramovic et al., Economic Growth and External Debt, Baltimore, Md., 1964, p. 42.

  2. Rondo Cameron, Economic Development: Some Lessons of History for Developing Nations, in: American Economic Review, May 1967, p. 313.

  3. W. W. Rostow, The Stages of Economic Growth, London 1960, p. 7f.

  4. Rondon Cameron, op. cit., Economic Development: Some Lessons of History for Developing Nations, in: American Economic Review, May 1967, p. 313f.

  5. Ibid., Rondo Cameron, Economic Development: Some Lessons of History for Developing Nations, in: American Economic Review, May 1967, p.314f.

  6. Cf. John C.H. Fei, Gustav Ranis, Development of the Labor Surplus Economy, Homewood, III., 1964, and Louis Lefeber, Planning in a Surplus Labor Economy, in: American Economic Review, June 1968, pp. 343–473.

  7. See, for instance, H.Myint, The Economics of the Developing Countries, New York 1965, chs. 1–3.

  8. John C.H. Fei, Douglas S. Paauw, Foreign Assistance and Self-help: A Reappraisal of Development Finance, in: Review of Economics and Statistics, August 1965, pp. 251–67.

  9. Hollis B. Chenery, Alan M. Strout, Foreign Assistance and Economic Development, in: American Economic Review, September 1966, pp. 679–733.

  10. The likelihood of a serious lag in employment growth, in spite of even outstanding performance in the two other areas, has been pointed out by Chandavarkar. Cf. Arnand G. Chandavarkar, More Growth—More Employment? A Challenge for Less Developed Countries, in: Finance and Development, June 1972, pp. 28–35.

  11. Cf. D. Avramovic et al., Economic Growth and External Debt, op. cit., Economic Growth and External Debt. Baltimore, Md., 1964 p. 174f.

  12. Ibid., Cf. D. Avramovic et al., Economic Growth and External Debt, op. cit., Economic Growth and External Debt. Baltimore, Md. 1964, p. 172.

  13. For a concise, but rather complete discussion of this issue see H.M.A. Onitiri, Recent Trends in Nigeria’s Balance of Payments, in: Nigerian Journal of Economic and Social Studies, July 1965, pp. 145–57. A far more pessimistic and cautious view of the foreign-exchange saving and growth-generating potential of import substitution is presented by Jose A. Datas-Panero, Import Substitution, in: Finance and Development, September 1971, pp. 34–39.

Download references

Author information

Authors and Affiliations

  1. Ahmadu Bello University, Zaria, Nigeria

    Enamidem U. Ubok-Udom

Authors
  1. Enamidem U. Ubok-Udom
    View author publications

    You can also search for this author in PubMed Google Scholar

Rights and permissions

Reprints and permissions

About this article

Cite this article

Ubok-Udom, E.U. Development through debt: Rationalizing the costs of external borrowing. Intereconomics 14, 168–171 (1979). https://doi.org/10.1007/BF02924273

Download citation

  • Issue Date:

  • DOI: https://doi.org/10.1007/BF02924273

Keywords

Search

Navigation