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Foreign indebtedness and economic growth: The Philippines

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  • External Debt
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Intereconomics

Abstract

Problems of indebtedness in developing countries are not isolated occurrences. The example of the Philippines, however, is for many reasons a most interesting one. On the one hand, borrowing already once culminated in a debt crisis at the end of the 60s. On the other, the Philippine foreign debt situation has deteriorated faster than that of other highly-indebted countries recently. This article sets out to analyse Philippine borrowing by using an econometric model against the background of the economic policies actually pursued. What are the prospects for the Philippines during the 80s?

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References

  1. Cf. A. Gutowski: Foreign Indebtedness and Economic Growth: Is there a Limit to Foreign Financing? Paper presented at the Conference of the International Economic Association on Financing Problems of Developing Countries, Buenos Aires, October 1981.

  2. Cf. on this point, M. Holtus: Verschuldung und Verschuldungsfähigkeit von Entwicklungsländern (Indebtedness and the Borrowing Capacity of Developing Countries), in: Hamburger Jahrbuch für Wirtschafts- und Gesellschaftspolitik, Vol. 26 (1981), p. 239–255.

  3. Cf. P. Desai: The Productivity of Foreign Resource Inflow to the Soviet Economy, in: American Economic Review, Vol. 69, No. 2, May 1979, p. 70 ff.

  4. Cf. Private Development Corporation of the Philippines, Economical Statistical Series, Vol. V, No. 5, October 1981.

  5. Cf. Charles P. Kindleberger: Debt Situation of the Developing Countries in Historical Perspective (1800–1945), in: Außenwirtschaft, Vol. 36 (1981), No. IV, p. 372–380.

  6. Cf. on the problem of substitution, e.g., P. Mosley: Aid, Savings and Growth Revisited, in: Oxford Bulletin of Economics and Statistics, Vol. 42, No. 2, 1980; G.F. Papanek: The Effect of Aid and Other Resource Transfers on Savings and Growth in Less Developed Countries, in: The Economic Journal, Vol. 82, No. 327, 1972; T. Weisskopf: The Impact of Foreign Capital Inflow on Domestic Savings in Underdeveloped Countries, in: Journal of International Economics, Vol. 2, No. 1, 1972.

  7. Cf. on this point, E. Grinols and J. Bhagwati: Foreign Capital, Savings and Dependence, in: The Review of Economics and Statistics, Vol. 58, 1976, p. 416–424.

  8. Cf. e.g. International Labour Office: Sharing in Development, Geneva 1974, p. 227 ff.

  9. Cf. Asian Development Bank: Economic Report on the Philippines, March 1978.

  10. Cf. e.g. interview with the Philippine Minister for Industrial Affairs, Roberto V. Ongpin, in: Wirtschaftswoche, Nr. 12, March 13, 1981, p. 24.

  11. Cf. Central Bank of the Philippines: Statistical Bulletin, Vol. XXX, 1978.

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Authors and Affiliations

  1. HWWA-Institut für Wirtschaftsforschung-Hamburg, Hamburg

    Rainer Erbe

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  1. Rainer Erbe
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This study is part of the work being carried out by the special research section 86 (World Economy and International Economic Relations) sponsored by the Deutsche Forschungsgemeinschaft.

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Erbe, R. Foreign indebtedness and economic growth: The Philippines. Intereconomics 17, 125–132 (1982). https://doi.org/10.1007/BF02927882

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  • DOI: https://doi.org/10.1007/BF02927882

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