An Investigation of the Factors Influencing External Debt in Emerging Market Economies

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dc.contributor.authorİlhan, Ali
dc.date.accessioned2024-10-29T17:53:19Z
dc.date.available2024-10-29T17:53:19Z
dc.date.issued2023
dc.departmentTekirdağ Namık Kemal Üniversitesi
dc.description.abstractExternal financing support plays a vital role in the economic development of emerging market economies (EMEs). However, the ineffective using of external resources can increase the debt burden and exacerbate macroeconomic instability and financial vulnerabilities. After the global financial crisis, growing debt accumulation with the debt-favored environment has raised discussions about whether external financing is a blessing or a curse for macro-financial stability. This paper explores the drivers of external debt in EMEs from 2005Q1 to 2020Q1. To this end, the effects of economic growth, inflation, exchange rate, trade openness, and domestic credit on external debt to gross domestic product are analyzed with panel cointegration and panel augmented mean group (AMG) estimator for eight EMEs. The panel cointegration findings show that a long-run relationship exists between the series. The panel AMG findings indicate that economic growth declines external debt. A rise in trade openness, inflation, and domestic credit accumulate foreign debt in the long-run, whereas the impact of the credit is barely statistically significant. Although the impact of the exchange rate is insignificant for the panel, it is statistically significant in the four countries. Country-specific results are largely consistent with the panel findings, but some differences exist across countries.
dc.identifier.doi10.37093/ijsi.1284735
dc.identifier.endpage509
dc.identifier.issn1307-8364
dc.identifier.issn1307-9999
dc.identifier.issue2en_US
dc.identifier.startpage497
dc.identifier.trdizinid1218000
dc.identifier.urihttps://doi.org/10.37093/ijsi.1284735
dc.identifier.urihttps://search.trdizin.gov.tr/tr/yayin/detay/1218000
dc.identifier.urihttps://hdl.handle.net/20.500.11776/13508
dc.identifier.volume16
dc.indekslendigikaynakTR-Dizin
dc.language.isoen
dc.relation.ispartofInternational Journal of Social Inquiry
dc.relation.publicationcategoryMakale - Ulusal Hakemli Dergi - Kurum Öğretim Elemanıen_US
dc.rightsinfo:eu-repo/semantics/openAccess
dc.subjectPanel cointegration
dc.subjectEmerging market economies
dc.subjectexternal debt
dc.subjectmacroeconomic variables
dc.subjectpanel augmented mean group
dc.titleAn Investigation of the Factors Influencing External Debt in Emerging Market Economies
dc.typeArticle

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