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What is External Debt

Global Challenges in Public Finance and International Relations
Total external debt is debt owed to nonresidents repayable in currency, goods, or services. It is the sum of public, publicly guaranteed, and private nonguaranteed long-term debt, short-term debt, and use of IMF credit.
Published in Chapter:
The Impact of Globalization on External Debts: Evidence From Developing Countries
Serap Barış (Gaziosmanpaşa University, Turkey)
Copyright: © 2019 |Pages: 26
DOI: 10.4018/978-1-5225-7564-1.ch002
In this chapter, the answer to this question has been researched theoretically and empirically. KOF Globalization Index has been used as the measure of globalization unlike the empirical literature that explores the relationship between globalization and external debt. In the study where panel data analysis method has been used, the findings show that there is a positive relationship between KOF Globalization Index and external debt in developing countries. When it is examined from the perspective of the sub-indexes of globalization, it is seen that the economic globalization index is positively related to external debt. Social and political globalization has no effect on external debts. Impact of the control variables used in the analysis on external debts is significant and negative. From this, it can be said that general globalization and economic globalization have increased the external debt of the nations.
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