English, Article edition: Democracy, capital flows, and odious debt Thorsten Janus

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Bookmark: http://trove.nla.gov.au/version/51059
Physical Description
  • article
Language
  • English

Edition details

Title
  • Democracy, capital flows, and odious debt
Author
  • Thorsten Janus
Physical Description
  • article
Notes
  • This paper relates democracy, public and private international capital flows, and odious debt. Democracy commits a ruler to pass borrowed funds on to the private sector which builds the country's international collateral, and the consequent rise in the credit ceiling is a Pareto-improvement within a range because the ruler can appropriate a smaller share of the rising loan. However, the ruler may still impose odious debt in the sense that the private sector prefers the country to borrow less. Under certain conditions, a fall in the world interest rate or a rise in productivity growth increases the optimal levels of democracy, borrowing, investment, and welfare. I offer suggestive evidence from a global panel.
  • democracy, capital flows, odious debt, globalization,
  • RePEc:taf:jitecd:v:18:y:2009:i:2:p:207-234
Language
  • English
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