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We appreciate comments from G. Franke and M. Rauscher.
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van Long, N., Siebert, H. Optimal foreign borrowing: The impact of the planning horizon on the half and full debt cycle. Zeitschr. f. Nationalökonomie 49, 279–297 (1989). https://doi.org/10.1007/BF01226945
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DOI: https://doi.org/10.1007/BF01226945