Low investment and large LDC debt in the 1980s
分析1980年代欠发达国家债务与投资的关系，发现巨额债务本身不必然导致低投资，但实际偿债会挤出国内投资；对债务重组国家，每偿还GDP的1%会减少0.3%的国内投资。
This paper aims at disentangling the correlation between LDC debt and investment in the 1980s. The author shows that a large debt was not an unconditional predictor of low investment in the 1980s, nor was investment abnormally low when compared to a 'financial-autarky' rate calculated in the text. He does find, however, that the actual service of the debt crowded out investment. For the rescheduling countries, he shows that 1 percent of GDP paid abroad reduced domestic investment by 0.3 percent of GDP. This is identical to the correlation between investment and foreign finance observed in the 1960s. Copyright 1993 by American Economic Association.