"Over the past 25 years, significant levels of public debt and external finance are more likely to have enhanced macroeconomic vulnerability than economic growth in developing countries. This applies not just to countries with a history of high inflation and past default, but also to those in...

This paper examines the determinants of public debt dynamics in Low Income Countries (LICs) over the period 1990-2003. Debt dynamics in LICs are influenced not only by macroeconomic variables but also by the composition of debt and the provision of debt relief over time. The study considers a...

Public debt sustainability problems are widespread in Sub-Saharan Africa just 10 years after the Heavily Indebted Poor Countries-Multilateral Debt Relief Initiative (HIPC-MDRI) debt write-off. At the same time, public investment needs for the Sustainable Development Goals remain vast. The...

This paper proposes a new method for measuring the degree to which the domestic capital stock is self-financed. The main idea is to use the national accounts to construct a self-financing ratio, indicating what would have been the autarky stock of tangible capital supported by actual past...

This paper proposes a new method for measuring the degree to which the domestic capital stock is self-financed. The main idea is to use the national accounts to construct a self-financing ratio, indicating what would have been the autarky stock of tangible capital supported by actual past...