A Prebisch-Singer Growth Model and the Debt Crises

Thomas Ziesemer ()

Chapter 16 in Development Economics and Policy, 1998, pp 300-317 from Palgrave Macmillan

Abstract: Abstract This chapter serves two purposes. Firstly, it tries to capture ideas of Prebisch and Singer on long-run growth. Prebisch (1950, 1959) and Singer (1950, 1958 and 1991) have repeatedly emphasized that developing countries are importers of capital goods. Imported capital goods have to be paid for by exports, either when imported or later, incurring debt in the meantime. If export demand is not unlimited once the small country assumption is dropped, then the customer countries’ income, income and price elasticities of export demand matter in the determination of long-run growth rates and the terms of trade.

Keywords: Interest Rate; Price Elasticity; Capital Good; Debt Crisis; Export Demand (search for similar items in EconPapers)
Date: 1998
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DOI: 10.1007/978-1-349-26769-9_16

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