Developing Countries’ External Debt and International Financial Integration

Bruno Bonizzi, Christina Laskaridis and Jan Toporowski
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Bruno Bonizzi: SOAS, University of London
Jan Toporowski: SOAS, University of London

Working papers from Financialisation, Economy, Society & Sustainable Development (FESSUD) Project

Abstract: This paper assesses the dynamics of developing and emerging countries external debt and financial vulnerability. It is argued that, although current account positions do have a role in accumulating external liabilities, developing countries’ vulnerability primarily lie in their increasing financial integration, which has resulted in the growth of their cross-border assets and liabilities. Rather than government falling into net indebtedness, which actually fell in many countries in recent years, developing countries are now more likely to be hit by financial instabilities originating from private credit and financial markets.

Keywords: developing countries’ debt; financial integration (search for similar items in EconPapers)
JEL-codes: F32 F34 F40 (search for similar items in EconPapers)
Pages: 88 pages
Date: 2015-09-01
New Economics Papers: this item is included in nep-pke
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Citations: View citations in EconPapers (4)

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