The Political Economy of National Debt Burdens, 1970--2000

Irfan Nooruddin

International Interactions, 2008, vol. 34, issue 2, 156-185

Abstract: Why did developing country governments find themselves mired in high debt by the end of the twentieth century? This paper develops a theoretical framework to understand the relationship between political institutions, resource wealth, and debt burdens. Hypotheses generated are tested on a time-series cross-section data set of developing countries from 1970--2000. Three main findings are reported: oil wealth has a positive relationship with debt; this relationship is weakly conditional on the country's regime type; and the relationship is independent of general commodity price volatility. The paper concludes with a discussion of the implications of this research for our understanding of the ‘resource curse.’

Date: 2008
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DOI: 10.1080/03050620802083228

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