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The External Debt Burden and Economic Growth in the 1980s: Evidence from sub-Saharan Africa
Abstract
The study estimates the effect of external debt on economic growth in sub-Saharan Africa (SSA) during the 1980s when debt became a burden, and a majority of SSA countries defaulted. By using 1980–1990 World Bank data across 35 SSA countries in an augmented production function framework, the study finds that net outstanding debt was deleterious to economic growth for given levels of production inputs, whereas SSA's growth would have been 50% higher without the external debt burden. Meanwhile, there is little evidence of a negative correlation between debt and investment levels. External debt may still be burdensome even if it exerts little influence on the level of investment.
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Cited by
External Debt, Public Investment, and Growth in Low-Income Countries
Clements, B., Bhattacharya, R., & Nguyen, T. Q. (2003) · SSRN Electronic Journal · doi:10.2139/ssrn.880959 · Cited by 288
Bjornlund, V., Bjornlund, H., & Van Rooyen, A. F. (2020) · International Journal of Water Resources Development · doi:10.1080/07900627.2020.1739512 · Cited by 283
External debt and growth: role of stable macroeconomic policies
Dey, S. R., & Tareque, M. (2020) · Journal of Economics, Finance and Administrative Science · doi:10.1108/jefas-05-2019-0069 · Cited by 81
Metadata
- Authors
- Fosu, A. K.
- Venue
- Canadian Journal of Development Studies / Revue canadienne d'études du développement
- Publisher
- Informa UK Limited
- Published
- 1999-01
- Volume
- 20
- Issue
- 2
- Pages
- 307-318
- ISSN
- 0225-5189 (ISSN-L)
- 2158-9100
- OpenAlex
- W2139297672
- Cited by
- 171
- References
- 0
- FWCI
- 5.23
- Type
- journal article
- Language
- en
- Open access
- closed
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- CoChat. (2026). Citation check: The External Debt Burden and Economic Growth in the 1980s: Evidence from sub-Saharan Africa. https://app.cochat.ai/papers/10.1080/02255189.1999.9669833
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- Fosu, A. K. (1999). The External Debt Burden and Economic Growth in the 1980s: Evidence from sub-Saharan Africa. Canadian Journal of Development Studies / Revue canadienne d'études du développement. https://doi.org/10.1080/02255189.1999.9669833
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
