DYNAMICS OF USE OF IMF DEBT EVIDENCE FROM IMF MEMBERS COUNTRIES

http://dx.doi.org/10.31703/ger.2023(VIII-II).28      10.31703/ger.2023(VIII-II).28      Published : Jun 2
Authored by : Talal Khan , Zafir UllahKhan , Muhammad ZubairKhan

28 Pages : 381-400

References

  • Acar, S., AltıntaÅŸ, N., & Haziyev, V. (2023). The effect of financial development and economic growth on ecological footprint in Azerbaijan: an ARDL bound test approach with structural breaks. Environmental and Ecological Statistics, 30(1), 41–59. https://doi.org/10.1007/s10651-022-00551-6
  • Aghion, P., & Bolton, P. (1997). A Theory of Trickle-Down Growth and Development. Review of Economic Studies, 64(2). 2https://doi.org/10.2307/2971707
  • Introduction 3
  • kinsola, F., & Odhiambo, N. M. (2017). Inflation and Economic Growth: a Review of The International Literature. Comparative Economic Research, 20(3), 41–56. https://doi.org/10.1515/cer-2017-0019
  • Literature Review 4
  • Al-Fadhat, F., & Nadhir, M. R. (2019). Foreign Investment and the Political Economy of Indonesian Capital Market in 2015-2016. Humanities and Social Sciences Reviews, 7(6). https://doi.org/10.18510/hssr.2019.7659
  • Theortical Framework 5
  • Al-Refai, M. F. (2015). Debt and Economic Growth in Developing Countries: Jordan as a Case Study. International Journal of Economics and Finance, 7(3). https://doi.org/10.5539/ijef.v7n3p134
  • Model Specification 6
  • Asante, G. N., Takyi, P. O., & Mensah, G. (2023). The impact of financial development on economic growth in sub-Saharan Africa. Does institutional quality matter? Development Studies Research, 10(1). https://doi.org/10.1080/21665095.2022.2156904
  • Data and Methodology 7
  • Asongu, S., Akpan, U. S., & Isihak, S. R. (2018). Determinants of foreign direct investment in fast-growing economies: evidence from the BRICS and MINT countries. Financial Innovation, 4(1) . https://doi.org/10.1186/s40854-018-0114-0
  • Asteriou, D., Pilbeam, K., & Pratiwi, C. E. (2021). Public debt and economic growth: panel data evidence for Asian countries. Journal of Economics and Finance, 45(2). https://doi.org/10.1007/s12197-020-09515-7
  • Asunka, B. A., Ma, Z., Li, M., Amowine, N., Anaba, O. A., Xie, H., & Hu, W. (2022). Analysis of the causal effects of imports and foreign direct investments on indigenous innovation in developing countries. International Journal of Emerging Markets, 17(5). https://doi.org/10.1108/IJOEM-08-2019-0609
  • Atigala, P., Maduwanthi, T., Gunathilake, V., Sathsarani, S., & Jayathilaka, R. (2022). Driving the pulse of the economy or the dilution effect: Inflation impacting economic growth. PLoS ONE, 17(8 August). https://doi.org/10.1371/journal.pone.0273379
  • Bakare, H., Kareem, R., & Oyelekan, B. (2015). Effects of Inflation rate on Economic Growth in Negeria (1986-2014). Developing Country Studies, 5(8). 11https://www.iiste.org/Journals/index.php/DCS/article/view/21800
  • Bangura, S. A. F., Kitabire, D., & Powell, R. (2021). External Debt Management in Low-Income Countries. SSRN Electronic Journal. 12https://doi.org/10.2139/ssrn.1445725
  • Barro, R. J. (1990). Government Spending in a Simple Model of Endogeneous Growth. Journal of Political Economy, 98(5, Part 2). https://doi.org/10.1086/261726
  • Barro, R. J., & Lee, J. W. (2005). IMF programs: Who is chosen and what are the effects? Journal of Monetary Economics, 52(7). https://doi.org/10.1016/j.jmoneco.2005.04.003
  • Chowdhury, A., & Mavrotas, G. (2006). FDI and growth: What causes what? World Economy, 29(1). https://doi.org/10.1111/j.1467-9701.2006.00755.x
  • Clements, B., Bhattacharya, R., & Nguyen, T. Q. (2021). External Debt, Public Investment, and Growth in Low-Income Countries. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.880959
  • Rodrik, D. (2009). The real exchange rate and economic growth. Brookings Papers on Economic Activity, 2008(2), 365–412. https://doi.org/10.1353/eca.0.0020
  • Dey, S. R., & Tareque, M. (2020). External debt and growth: role of stable macroeconomic policies. Journal of Economics, Finance and Administrative Science, 25(50). https://doi.org/10.1108/JEFAS-05-2019-0069
  • Do, T. M. H. (2019). Real exchange rate and economic growth: An empirical assessment for Vietnam. Asian Economic and Financial Review, 9(6). https://doi.org/10.18488/journal.aefr.2019.96.680.690
  • Dreher, A. (2006). IMF and economic growth: The effects of programs, loans, and compliance with conditionality. World Development, 34(5 SPEC. ISS.). https://doi.org/10.1016/j.worlddev.2005.11.002
  • Duodu, E., & Baidoo, S. T. (2022). The impact of capital inflows on economic growth of Ghana: Does quality of institutions matter? Journal of Public Affairs, 22(1). https://doi.org/10.1002/pa.2384
  • Fosu, A. K. (2010). The external debt-servicing constraint and public-expenditure composition in sub-saharan Africa. African Development Review, 22(3). https://doi.org/10.1111/j.1467-8268.2010.00252.x
  • Ghali, K. (2003). Government Spending, Budget Financing, and Economic Growth: The Tunisian Experience. The Journal of Developing Areas, 36(2).
  • Ghourchian, S., & Yilmazkuday, H. (2020). Government consumption, government debt and economic growth. Review of Development Economics, 24(2). https://doi.org/10.1111/rode.12661
  • Giri, A. K., Mohapatra, G., & Debata, B. (2023). Technological development, financial development, and economic growth in India: Is there a non-linear and asymmetric relationship? Journal of Economic and Administrative Sciences, 39(1). https://doi.org/10.1108/jeas-03-2021-0060
  • Gómez‐Puig, M., Sosvilla‐Rivero, S., & Martı́ nez-Zarzoso, I. (2022). On the heterogeneous link between public debt and economic growth. Journal of International Financial Markets, Institutions and Money, 77, 101528. https://doi.org/10.1016/j.intfin.2022.101528
  • Harrod, R. F. (1939). An Essay in Dynamic Theory. The Economic Journal, 49(193). https://doi.org/10.2307/2225181
  • Janeba, E., & Todtenhaupt, M. (2018). Fiscal competition and public debt. Journal of Public Economics, 168, 47–61. https://doi.org/10.1016/j.jpubeco.2018.10.001
  • Kao, C. (1999). Spurious regression and residual-based tests for co-integration in panel data. Journal of Econometrics, 90(1). https://doi.org/10.1016/S0304-4076(98)00023-2
  • Kasidi, F., & Said, A. M. (2013). Impact of external debt on economic growth : a case study of Tanzania. Advances in Management & Applied Economics, 3(4).
  • Khan, M. S., & Haque, N. U. (1985). Foreign borrowing and capital flight: A formal analysis. Staff Papers - International Monetary Fund, 32(4).
  • Kononenko, R. (2015, September 5). IMF Lending and Economic Growth: An Empirical analysis of Ukraine. arXiv.org. https://arxiv.org/abs/1509.01741v1
  • Krugman, P. (1988). Financing vs. forgiving a debt overhang. Journal of Development Economics, 29(3). h ttps://doi.org/10.1016/0304-3878(88)90044-2
  • Kumar, G., & Batra, S. (2023). Interrelationship Between Human Development, Financial Development and Economic Growth: Empirical Evidences from Indian Economy. Indian Journal of Human Development, 17(1), 60–81. https://doi.org/10.1177/09737030221146022
  • Liu, C., & Guo, Q. (2019). Technology spillover effect in China: The spatiotemporal evolution and its drivers. Sustainability (Switzerland), 11(6). https://doi.org/10.3390/su11061694
  • Frost, M. (2022). Thomas Malthus, Essay on The Principle of Population. In Routledge eBooks (pp. 501–503). https://doi.org/10.4324/9780429355653-83
  • Manasseh, C. O., Abada, F. C., Okiche, E. L., Okanya, O., Nwakoby, I. C., Offu, P., Ogbuagu, A. R., Okafor, C. O., Obidike, P. C., & Nwonye, N. G. (2022). External debt and economic growth in Sub-Saharan Africa: Does governance matter? PLoS ONE, 17(3 March). https://doi.org/10.1371/journal.pone.0264082
  • Mohsin, M., Ullah, H., Iqbal, N., Iqbal, W., & Taghizadeh-Hesary, F. (2021). How external debt led to economic growth in South Asia: A policy perspective analysis from quantile regression. Economic Analysis and Policy, 72. https://doi.org/10.1016/j.eap.2021.09.012
  • Mtar, K., & Belazreg, W. (2023). On the nexus of innovation, trade openness, financial development and economic growth in European countries: New perspective from a GMM panel VAR approach. International Journal of Finance and Economics, 28(1). https://doi.org/10.1002/ijfe.2449
  • Öncel, A., Saidmurodov, S., & Kutlar, A. (2023). Financial development, export and economic growth: Panel data evidence from Commonwealth of Independent States. Journal of International Trade and Economic Development. https://doi.org/10.1080/09638199.2022.2164045
  • Pedroni, P. (1999). Critical values for cointegration tests in heterogeneous panels with multiple regressors. Oxford Bulletin of Economics and Statistics, 61(SUPPL.). https://doi.org/10.1111/1468-0084.61.s1.14
  • Pesaran, M. H., Shin, Y., & Smith, R. P. (1999). Pooled Mean Group Estimation of Dynamic Heterogeneous Panels. Journal of the American Statistical Association, 94(446). https://doi.org/10.1080/01621459.1999.10474156
  • Przeworski, A., & Vreeland, J. R. (2000). The effect of IMF programs on economic growth. Journal of Development Economics, 62(2). https://doi.org/10.1016/S0304-3878(00)00090-0
  • Sandow, J. N., Oteng-Abayie, E. F., & Duodu, E. (2022). External debt and economic growth in Sub-Saharan Africa: does heterogeneity in the quality of public sector management make a difference? Heliyon, 8(9), e10627. https://doi.org/10.1016/J.HELIYON.2022.E10627
  • Schneider, P. H. (2005). International Trade, Economic Growth and Intellectual Property Rights: A Panel Data study of Developed and Developing Countries. Journal of Development Economics, 78(2). https://doi.org/10.1016/j.jdeveco.2004.09.001
  • Senadza, B., Fiagbe, A. K., & Quartey, P. (2017). The effect of External Debt on Economic Growth in sub-saharan Africa. International Journal of Business and Economic Sciences Applied Research, 11(1).
  • Shabbir, S. (2013). SBP Working Paper Series, Does External Debt Affect Economic Growth: Evidence from Developing Countries. SBP Working Paper Series, 633.
  • Smith, A., & Rogers, J. E. T. (1776). An Inquiry into the Nature and Causes of the Wealth of Nations. In Oxford University Press eBooks. https://doi.org/10.1093/oseo/instance.00043218
  • Toktosunova, C., Sharsheeva, N., Abdukadyrova, G., Rasulova, N., & Esenamanova, S. (2021). Problems of the growth of the external public debt of the Kyrgyz republic. Estudios de Economia Aplicada, 39(5). https://doi.org/10.25115/eea.v39i5.5245
  • Ubok-Udom, E. U. (1979). Development through debt: Rationalizing the costs of external borrowing. Inter economics, 14(4). https://doi.org/10.1007/BF02924273
  • Vreeland, J. R. (2020). What is the IMF? International Monetary Fund (IMF). https://doi.org/10.4324/9780203962787-12
  • Wang, R., Xue, Y., & Zheng, W. (2021). Does High External Debt Predict Lower Economic Growth? Role of Sovereign Spreads and Institutional Quality. Economic Modelling, 103. https://doi.org/10.1016/j.econmod.2021.105591
  • Westerlund, J. (2007). Testing for Error Correction in Panel Data. Oxford Bulletin of Economics and Statistics, 69(6). https://doi.org/10.1111/j.1468-0084.2007.00477.x
  • Wong, H. T. (2013). Real exchange rate misalignment and economic growth in Malaysia. Journal of Economic Studies, 40(3). https://doi.org/10.1108/01443581311283934
  • Yoon, S. C., & Mah, J. S. (2020). Aid Inflows and Economic Growth: Grants and Loans in the Case Of Kenya*. Journal of Economic Development, 45(4)
  • Yoon, S. C., & Mah, J. S. (2020). Aid Inflows and Economic Growth: Grants and Loans in the Case Of Kenya*. Journal of Economic Development, 45(4)
  • Yoon, S. C., & Mah, J. S. (2020). Aid Inflows and Economic Growth: Grants and Loans in the Case Of Kenya*. Journal of Economic Development, 45(4)
  • Zheng, X., Yu, H., & Yang, L. (2022). Technology imports, independent innovation, and China’s green economic efficiency: an analysis based on spatial and mediating effect. Environmental Science and Pollution Research, 29(24). https://doi.org/10.1007/s11356-021- 17499-y
  • Zou, X. Z. H. (1999). Foreign technology imports and economic growth in developing countries. In World Bank policy research working paper. https://doi.org/10.1596/1813-9450-1412

References

  • Acar, S., AltıntaÅŸ, N., & Haziyev, V. (2023). The effect of financial development and economic growth on ecological footprint in Azerbaijan: an ARDL bound test approach with structural breaks. Environmental and Ecological Statistics, 30(1), 41–59. https://doi.org/10.1007/s10651-022-00551-6
  • Aghion, P., & Bolton, P. (1997). A Theory of Trickle-Down Growth and Development. Review of Economic Studies, 64(2). 2https://doi.org/10.2307/2971707
  • Introduction 3
  • kinsola, F., & Odhiambo, N. M. (2017). Inflation and Economic Growth: a Review of The International Literature. Comparative Economic Research, 20(3), 41–56. https://doi.org/10.1515/cer-2017-0019
  • Literature Review 4
  • Al-Fadhat, F., & Nadhir, M. R. (2019). Foreign Investment and the Political Economy of Indonesian Capital Market in 2015-2016. Humanities and Social Sciences Reviews, 7(6). https://doi.org/10.18510/hssr.2019.7659
  • Theortical Framework 5
  • Al-Refai, M. F. (2015). Debt and Economic Growth in Developing Countries: Jordan as a Case Study. International Journal of Economics and Finance, 7(3). https://doi.org/10.5539/ijef.v7n3p134
  • Model Specification 6
  • Asante, G. N., Takyi, P. O., & Mensah, G. (2023). The impact of financial development on economic growth in sub-Saharan Africa. Does institutional quality matter? Development Studies Research, 10(1). https://doi.org/10.1080/21665095.2022.2156904
  • Data and Methodology 7
  • Asongu, S., Akpan, U. S., & Isihak, S. R. (2018). Determinants of foreign direct investment in fast-growing economies: evidence from the BRICS and MINT countries. Financial Innovation, 4(1) . https://doi.org/10.1186/s40854-018-0114-0
  • Asteriou, D., Pilbeam, K., & Pratiwi, C. E. (2021). Public debt and economic growth: panel data evidence for Asian countries. Journal of Economics and Finance, 45(2). https://doi.org/10.1007/s12197-020-09515-7
  • Asunka, B. A., Ma, Z., Li, M., Amowine, N., Anaba, O. A., Xie, H., & Hu, W. (2022). Analysis of the causal effects of imports and foreign direct investments on indigenous innovation in developing countries. International Journal of Emerging Markets, 17(5). https://doi.org/10.1108/IJOEM-08-2019-0609
  • Atigala, P., Maduwanthi, T., Gunathilake, V., Sathsarani, S., & Jayathilaka, R. (2022). Driving the pulse of the economy or the dilution effect: Inflation impacting economic growth. PLoS ONE, 17(8 August). https://doi.org/10.1371/journal.pone.0273379
  • Bakare, H., Kareem, R., & Oyelekan, B. (2015). Effects of Inflation rate on Economic Growth in Negeria (1986-2014). Developing Country Studies, 5(8). 11https://www.iiste.org/Journals/index.php/DCS/article/view/21800
  • Bangura, S. A. F., Kitabire, D., & Powell, R. (2021). External Debt Management in Low-Income Countries. SSRN Electronic Journal. 12https://doi.org/10.2139/ssrn.1445725
  • Barro, R. J. (1990). Government Spending in a Simple Model of Endogeneous Growth. Journal of Political Economy, 98(5, Part 2). https://doi.org/10.1086/261726
  • Barro, R. J., & Lee, J. W. (2005). IMF programs: Who is chosen and what are the effects? Journal of Monetary Economics, 52(7). https://doi.org/10.1016/j.jmoneco.2005.04.003
  • Chowdhury, A., & Mavrotas, G. (2006). FDI and growth: What causes what? World Economy, 29(1). https://doi.org/10.1111/j.1467-9701.2006.00755.x
  • Clements, B., Bhattacharya, R., & Nguyen, T. Q. (2021). External Debt, Public Investment, and Growth in Low-Income Countries. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.880959
  • Rodrik, D. (2009). The real exchange rate and economic growth. Brookings Papers on Economic Activity, 2008(2), 365–412. https://doi.org/10.1353/eca.0.0020
  • Dey, S. R., & Tareque, M. (2020). External debt and growth: role of stable macroeconomic policies. Journal of Economics, Finance and Administrative Science, 25(50). https://doi.org/10.1108/JEFAS-05-2019-0069
  • Do, T. M. H. (2019). Real exchange rate and economic growth: An empirical assessment for Vietnam. Asian Economic and Financial Review, 9(6). https://doi.org/10.18488/journal.aefr.2019.96.680.690
  • Dreher, A. (2006). IMF and economic growth: The effects of programs, loans, and compliance with conditionality. World Development, 34(5 SPEC. ISS.). https://doi.org/10.1016/j.worlddev.2005.11.002
  • Duodu, E., & Baidoo, S. T. (2022). The impact of capital inflows on economic growth of Ghana: Does quality of institutions matter? Journal of Public Affairs, 22(1). https://doi.org/10.1002/pa.2384
  • Fosu, A. K. (2010). The external debt-servicing constraint and public-expenditure composition in sub-saharan Africa. African Development Review, 22(3). https://doi.org/10.1111/j.1467-8268.2010.00252.x
  • Ghali, K. (2003). Government Spending, Budget Financing, and Economic Growth: The Tunisian Experience. The Journal of Developing Areas, 36(2).
  • Ghourchian, S., & Yilmazkuday, H. (2020). Government consumption, government debt and economic growth. Review of Development Economics, 24(2). https://doi.org/10.1111/rode.12661
  • Giri, A. K., Mohapatra, G., & Debata, B. (2023). Technological development, financial development, and economic growth in India: Is there a non-linear and asymmetric relationship? Journal of Economic and Administrative Sciences, 39(1). https://doi.org/10.1108/jeas-03-2021-0060
  • Gómez‐Puig, M., Sosvilla‐Rivero, S., & Martı́ nez-Zarzoso, I. (2022). On the heterogeneous link between public debt and economic growth. Journal of International Financial Markets, Institutions and Money, 77, 101528. https://doi.org/10.1016/j.intfin.2022.101528
  • Harrod, R. F. (1939). An Essay in Dynamic Theory. The Economic Journal, 49(193). https://doi.org/10.2307/2225181
  • Janeba, E., & Todtenhaupt, M. (2018). Fiscal competition and public debt. Journal of Public Economics, 168, 47–61. https://doi.org/10.1016/j.jpubeco.2018.10.001
  • Kao, C. (1999). Spurious regression and residual-based tests for co-integration in panel data. Journal of Econometrics, 90(1). https://doi.org/10.1016/S0304-4076(98)00023-2
  • Kasidi, F., & Said, A. M. (2013). Impact of external debt on economic growth : a case study of Tanzania. Advances in Management & Applied Economics, 3(4).
  • Khan, M. S., & Haque, N. U. (1985). Foreign borrowing and capital flight: A formal analysis. Staff Papers - International Monetary Fund, 32(4).
  • Kononenko, R. (2015, September 5). IMF Lending and Economic Growth: An Empirical analysis of Ukraine. arXiv.org. https://arxiv.org/abs/1509.01741v1
  • Krugman, P. (1988). Financing vs. forgiving a debt overhang. Journal of Development Economics, 29(3). h ttps://doi.org/10.1016/0304-3878(88)90044-2
  • Kumar, G., & Batra, S. (2023). Interrelationship Between Human Development, Financial Development and Economic Growth: Empirical Evidences from Indian Economy. Indian Journal of Human Development, 17(1), 60–81. https://doi.org/10.1177/09737030221146022
  • Liu, C., & Guo, Q. (2019). Technology spillover effect in China: The spatiotemporal evolution and its drivers. Sustainability (Switzerland), 11(6). https://doi.org/10.3390/su11061694
  • Frost, M. (2022). Thomas Malthus, Essay on The Principle of Population. In Routledge eBooks (pp. 501–503). https://doi.org/10.4324/9780429355653-83
  • Manasseh, C. O., Abada, F. C., Okiche, E. L., Okanya, O., Nwakoby, I. C., Offu, P., Ogbuagu, A. R., Okafor, C. O., Obidike, P. C., & Nwonye, N. G. (2022). External debt and economic growth in Sub-Saharan Africa: Does governance matter? PLoS ONE, 17(3 March). https://doi.org/10.1371/journal.pone.0264082
  • Mohsin, M., Ullah, H., Iqbal, N., Iqbal, W., & Taghizadeh-Hesary, F. (2021). How external debt led to economic growth in South Asia: A policy perspective analysis from quantile regression. Economic Analysis and Policy, 72. https://doi.org/10.1016/j.eap.2021.09.012
  • Mtar, K., & Belazreg, W. (2023). On the nexus of innovation, trade openness, financial development and economic growth in European countries: New perspective from a GMM panel VAR approach. International Journal of Finance and Economics, 28(1). https://doi.org/10.1002/ijfe.2449
  • Öncel, A., Saidmurodov, S., & Kutlar, A. (2023). Financial development, export and economic growth: Panel data evidence from Commonwealth of Independent States. Journal of International Trade and Economic Development. https://doi.org/10.1080/09638199.2022.2164045
  • Pedroni, P. (1999). Critical values for cointegration tests in heterogeneous panels with multiple regressors. Oxford Bulletin of Economics and Statistics, 61(SUPPL.). https://doi.org/10.1111/1468-0084.61.s1.14
  • Pesaran, M. H., Shin, Y., & Smith, R. P. (1999). Pooled Mean Group Estimation of Dynamic Heterogeneous Panels. Journal of the American Statistical Association, 94(446). https://doi.org/10.1080/01621459.1999.10474156
  • Przeworski, A., & Vreeland, J. R. (2000). The effect of IMF programs on economic growth. Journal of Development Economics, 62(2). https://doi.org/10.1016/S0304-3878(00)00090-0
  • Sandow, J. N., Oteng-Abayie, E. F., & Duodu, E. (2022). External debt and economic growth in Sub-Saharan Africa: does heterogeneity in the quality of public sector management make a difference? Heliyon, 8(9), e10627. https://doi.org/10.1016/J.HELIYON.2022.E10627
  • Schneider, P. H. (2005). International Trade, Economic Growth and Intellectual Property Rights: A Panel Data study of Developed and Developing Countries. Journal of Development Economics, 78(2). https://doi.org/10.1016/j.jdeveco.2004.09.001
  • Senadza, B., Fiagbe, A. K., & Quartey, P. (2017). The effect of External Debt on Economic Growth in sub-saharan Africa. International Journal of Business and Economic Sciences Applied Research, 11(1).
  • Shabbir, S. (2013). SBP Working Paper Series, Does External Debt Affect Economic Growth: Evidence from Developing Countries. SBP Working Paper Series, 633.
  • Smith, A., & Rogers, J. E. T. (1776). An Inquiry into the Nature and Causes of the Wealth of Nations. In Oxford University Press eBooks. https://doi.org/10.1093/oseo/instance.00043218
  • Toktosunova, C., Sharsheeva, N., Abdukadyrova, G., Rasulova, N., & Esenamanova, S. (2021). Problems of the growth of the external public debt of the Kyrgyz republic. Estudios de Economia Aplicada, 39(5). https://doi.org/10.25115/eea.v39i5.5245
  • Ubok-Udom, E. U. (1979). Development through debt: Rationalizing the costs of external borrowing. Inter economics, 14(4). https://doi.org/10.1007/BF02924273
  • Vreeland, J. R. (2020). What is the IMF? International Monetary Fund (IMF). https://doi.org/10.4324/9780203962787-12
  • Wang, R., Xue, Y., & Zheng, W. (2021). Does High External Debt Predict Lower Economic Growth? Role of Sovereign Spreads and Institutional Quality. Economic Modelling, 103. https://doi.org/10.1016/j.econmod.2021.105591
  • Westerlund, J. (2007). Testing for Error Correction in Panel Data. Oxford Bulletin of Economics and Statistics, 69(6). https://doi.org/10.1111/j.1468-0084.2007.00477.x
  • Wong, H. T. (2013). Real exchange rate misalignment and economic growth in Malaysia. Journal of Economic Studies, 40(3). https://doi.org/10.1108/01443581311283934
  • Yoon, S. C., & Mah, J. S. (2020). Aid Inflows and Economic Growth: Grants and Loans in the Case Of Kenya*. Journal of Economic Development, 45(4)
  • Yoon, S. C., & Mah, J. S. (2020). Aid Inflows and Economic Growth: Grants and Loans in the Case Of Kenya*. Journal of Economic Development, 45(4)
  • Yoon, S. C., & Mah, J. S. (2020). Aid Inflows and Economic Growth: Grants and Loans in the Case Of Kenya*. Journal of Economic Development, 45(4)
  • Zheng, X., Yu, H., & Yang, L. (2022). Technology imports, independent innovation, and China’s green economic efficiency: an analysis based on spatial and mediating effect. Environmental Science and Pollution Research, 29(24). https://doi.org/10.1007/s11356-021- 17499-y
  • Zou, X. Z. H. (1999). Foreign technology imports and economic growth in developing countries. In World Bank policy research working paper. https://doi.org/10.1596/1813-9450-1412

Cite this article

APA

CHICAGO

    CHICAGO : Khan, Talal, Zafir Ullah Khan, and Muhammad Zubair Khan. 2023. "Dynamics of Use of IMF Debt: Evidence from IMF Members Countries." Global Economics Review, VIII (II): 381-400 doi: 10.31703/ger.2023(VIII-II).28

HARVARD

    HARVARD : KHAN, T., KHAN, Z. U. & KHAN, M. Z. 2023. Dynamics of Use of IMF Debt: Evidence from IMF Members Countries. Global Economics Review, VIII, 381-400.

MHRA

    MHRA : Khan, Talal, Zafir Ullah Khan, and Muhammad Zubair Khan. 2023. "Dynamics of Use of IMF Debt: Evidence from IMF Members Countries." Global Economics Review, VIII: 381-400

MLA

    MLA : Khan, Talal, Zafir Ullah Khan, and Muhammad Zubair Khan. "Dynamics of Use of IMF Debt: Evidence from IMF Members Countries." Global Economics Review, VIII.II (2023): 381-400 Print.

OXFORD

    OXFORD : Khan, Talal, Khan, Zafir Ullah, and Khan, Muhammad Zubair (2023), "Dynamics of Use of IMF Debt: Evidence from IMF Members Countries", Global Economics Review, VIII (II), 381-400

TURABIAN

    TURABIAN : Khan, Talal, Zafir Ullah Khan, and Muhammad Zubair Khan. "Dynamics of Use of IMF Debt: Evidence from IMF Members Countries." Global Economics Review VIII, no. II (2023): 381-400. https://doi.org/10.31703/ger.2023(VIII-II).28