One possible side effect of foreign debt accumulation is that affected countries may be forced to lower the share of public spending devoted to investment in physical or human capital. The paper investigates this hypothesis by looking at the debt and public expenditure data of 125 countries between 1975 and 1985. The results show that share of investment in public spending has been sharply reduced in the most indebted region, Latin America, whereas...
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1987/06/30
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Documento de Trabalho (Série Numerada)
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EDT91
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1
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1
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2010/07/01
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Foreign debt and domestic spending : an international comparison
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Defense Services
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