Jeločnik, Marko and Zubović, Jovan and Đukić, Mihajlo (2016) Implications of Globalization on Growing External Debt in Eight Transition Economies. In: Global Perspectives on Trade Integration and Economies in Transition. Hershey, Pennsylvania, USA, IGI Global, pp. 80-104. ISBN 978-1-5225-0452-8
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External debt accumulation is a common feature of transition economies during the process of economic transformation. Insufficient domestic resources and low savings as typical problems in these countries have to be fulfilled through some form of external capital. This chapter analyzes determinants and trends of external borrowing in eight transition European economies. It is shown that despite a positive correlation between external debt and economic growth in the initial phases of transition, its further accumulation is associated to higher risks in terms of macroeconomic stability. This has also been proved during the recent economic crisis when external debt in most of countries recorded sharp rise. If further trends of rising external debt accumulation continue, observed economies might face serious economic problems related to debt repayment and lower growth perspectives.
| Item Type: | Book Section |
|---|---|
| Depositing User: | Unnamed user with email srdjan.jurlina@ien.bg.ac.rs |
| Date Deposited: | 26 Jul 2019 12:48 |
| Last Modified: | 26 Jul 2019 12:48 |
| URI: | http://repository.iep.bg.ac.rs/id/eprint/268 |
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