出版社：Ege University, Faculty of Economics and Administrative Sciences
摘要：The purpose of this paper is to review existingempirical studies of external debt and economicgrowth relationship. The decline in investment andgrowth performance of the highly indebtedcountries in the past three decades is frequentlyattributed, at least to some extent, to the burden oftheir foreign debt, a phenomenon which has beenrecognised as debt overhang. Empirical resultsindicate that it is difficult to say whether externaldebt has a negative or positive effect on economicgrowth. It is also improper to make any type ofgeneralizations of the potential relationshipbetween economic growth and external debt. Thus,it is necessary to consider the case of each countryseparately.
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