The relationship between external debt and economic growth: empirical evidence from Ukraine and other emerging economies
The article examines the relationship between external debt and economic growth in emerging economies for the period 2006-2016. The authors used different econometric tools, e.g., ADL model and correlation analysis. The regression results showed that the original values had no significant impact on...
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| Format: | Article |
| Language: | English |
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LLC "CPC "Business Perspectives"
2018-04-01
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| Series: | Investment Management & Financial Innovations |
| Subjects: | |
| Online Access: | https://businessperspectives.org/images/pdf/applications/publishing/templates/article/assets/10210/imfi_2018_01_Shkolnyk.pdf |
| _version_ | 1818143535112650752 |
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| author | Inna Shkolnyk Viktoriia Koilo |
| author_facet | Inna Shkolnyk Viktoriia Koilo |
| author_sort | Inna Shkolnyk |
| collection | DOAJ |
| description | The article examines the relationship between external debt and economic growth in emerging economies for the period 2006-2016. The authors used different econometric tools, e.g., ADL model and correlation analysis. The regression results showed that the original values had no significant impact on the estimation of the parameters. Thus, there was made an assumption that emerging economies have a non-linear impact on macroeconomic parameters, including external debt that has a non-linear type of influence on economic growth. The authors established that high level of external debt, in conjunction with macroeconomic instability, impedes economic growth in such countries. The regression model also showed that there is a critical level of debt burden for emerging economies, where the marginal impact of external debt on economic growth becomes negative.The results of the study highlighted the significance of the problem of effective public debt management strategy implementation in Ukraine. This issue is predetermined by the appropriate organizational support. The study recommends improving a public external debt management model. In this paper, the authors proposed a new structure with the participation of new element – independent agencies. The unified external debt management system should integrate all state institutions and executive power structures in this area. |
| first_indexed | 2024-12-11T11:33:12Z |
| format | Article |
| id | doaj.art-8094d0499c534d2490055a355263431f |
| institution | Directory Open Access Journal |
| issn | 1810-4967 1812-9358 |
| language | English |
| last_indexed | 2024-12-11T11:33:12Z |
| publishDate | 2018-04-01 |
| publisher | LLC "CPC "Business Perspectives" |
| record_format | Article |
| series | Investment Management & Financial Innovations |
| spelling | doaj.art-8094d0499c534d2490055a355263431f2022-12-22T01:08:49ZengLLC "CPC "Business Perspectives"Investment Management & Financial Innovations1810-49671812-93582018-04-0115138740010.21511/imfi.15(1).2018.3210210The relationship between external debt and economic growth: empirical evidence from Ukraine and other emerging economiesInna Shkolnyk0Viktoriia Koilo1Doctor of Economics, Professor, Head of the Department of Finance, Banking and Insurance, Sumy State UniversityPh.D. Student, Department of Finance, Banking and Insurance, Institute for Business Technologies “Ukrainian Academy of Banking”, Sumy State UniversityThe article examines the relationship between external debt and economic growth in emerging economies for the period 2006-2016. The authors used different econometric tools, e.g., ADL model and correlation analysis. The regression results showed that the original values had no significant impact on the estimation of the parameters. Thus, there was made an assumption that emerging economies have a non-linear impact on macroeconomic parameters, including external debt that has a non-linear type of influence on economic growth. The authors established that high level of external debt, in conjunction with macroeconomic instability, impedes economic growth in such countries. The regression model also showed that there is a critical level of debt burden for emerging economies, where the marginal impact of external debt on economic growth becomes negative.The results of the study highlighted the significance of the problem of effective public debt management strategy implementation in Ukraine. This issue is predetermined by the appropriate organizational support. The study recommends improving a public external debt management model. In this paper, the authors proposed a new structure with the participation of new element – independent agencies. The unified external debt management system should integrate all state institutions and executive power structures in this area.https://businessperspectives.org/images/pdf/applications/publishing/templates/article/assets/10210/imfi_2018_01_Shkolnyk.pdfADL modeleconomic growthpublic debt managementpublic domestic debtpublic external debt |
| spellingShingle | Inna Shkolnyk Viktoriia Koilo The relationship between external debt and economic growth: empirical evidence from Ukraine and other emerging economies Investment Management & Financial Innovations ADL model economic growth public debt management public domestic debt public external debt |
| title | The relationship between external debt and economic growth: empirical evidence from Ukraine and other emerging economies |
| title_full | The relationship between external debt and economic growth: empirical evidence from Ukraine and other emerging economies |
| title_fullStr | The relationship between external debt and economic growth: empirical evidence from Ukraine and other emerging economies |
| title_full_unstemmed | The relationship between external debt and economic growth: empirical evidence from Ukraine and other emerging economies |
| title_short | The relationship between external debt and economic growth: empirical evidence from Ukraine and other emerging economies |
| title_sort | relationship between external debt and economic growth empirical evidence from ukraine and other emerging economies |
| topic | ADL model economic growth public debt management public domestic debt public external debt |
| url | https://businessperspectives.org/images/pdf/applications/publishing/templates/article/assets/10210/imfi_2018_01_Shkolnyk.pdf |
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