Impact du fardeau virtuel de la dette sur le taux de change réel d'équilibre des pays en développement

Babacar XSENE
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Babacar XSENE: PARIS DAUPHINE UNIVERSITY
Authors registered in the RePEc Author Service: Babacar Sene ()

Macroeconomics from EconWPA

Abstract: The main objective of this paper is to study the relationship between external public debt and equilibrium real exchange rate in developing countries. Using a extension of Obstfeld & Rogoff (1995) model we show that debt overhang tend to appreciate real exchange rate in the long run (Krugman (1979), Sargent & Wallace (1989)). The relationship between debt overhang and real exchange rate is obtaining with endogeneity of economic growth.

Keywords: Public debt; debt overhang; real exchange rate; new open macro economics; growth (search for similar items in EconPapers)
JEL-codes: F31 F34 F41 (search for similar items in EconPapers)
Date: 2005-01-09
Note: Type of Document - pdf; pages: 27
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