Please use this identifier to cite or link to this item: http://ir.library.ui.edu.ng/handle/123456789/8470
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dc.contributor.authorLawanson, A. O.-
dc.date.accessioned2023-08-18T13:06:40Z-
dc.date.available2023-08-18T13:06:40Z-
dc.date.issued2015-03-
dc.identifier.issn1597-5207-
dc.identifier.otherui_art_lawanson_external_2015-
dc.identifier.otherIbadan Journal of the Social Sciences 13(1), pp. 59-81-
dc.identifier.urihttp://ir.library.ui.edu.ng/handle/123456789/8470-
dc.description.abstractThis paper investigates how indebtedness has affected the growth of 14 West African countries directly, and via investment and fiscal balance mechanisms, using data from 1970 to 2012. This task was approached through a standard growth framework through which debt indicators were incorporated. Two econometric specifications (linear and non-linear.) were used, and evaluated with the fixed effects and GMM estimation techniques on the relationship between debt and growth. The hypothesis that external debt affects growth is well-supported by the results. All debt variables have the expected signs and were statistically significant. The results reveal that debt appears to have a non-linear effect on growth. The debt overhang hypothesis is affirmed, given the existence of a threshold beyond which debt negatively contributed to growth. The average impact of debt on per capita growth becomes negative for debt levels above 60% to 74% of GDP. Thus, increasing debt beyond this threshold yields a negative marginal contribution to growth. There is a pressing need to take measures to not only stabilize external debts, but to place them on a downward trajectory in the future.en_US
dc.language.isoenen_US
dc.publisherFaculty of The Social Sciences, University of Ibadan, Ibadanen_US
dc.subjectExternal debten_US
dc.subjectDebt overhangen_US
dc.subjectEconomic growthen_US
dc.subjectInvestmenten_US
dc.subjectDebt thresholden_US
dc.subjectFiscal balanceen_US
dc.titleExternal debt accumulation and economic growth: evidence from West African countriesen_US
dc.typeArticleen_US
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