Do Governments in Developing Countries Pursue Sustainable Debt Policies? Empirical Evidence for Selected Countries in Africa and Latin America
通过分析非洲和拉丁美洲中低收入国家的基础财政盈余对债务比率的反应，检验了公共债务的可持续性，发现部分国家尽管债务比率上升，但债务仍是可持续的。
Abstract In this paper we test for sustainability of public debt in selected low- and middle-income developing countries of Africa and Latin-America. We do this by analysing how the primary surplus to GDP reacts to variations in the debt to GDP ratio where we allow for a time-varying reaction coefficient. Moreover, we test for stationarity of the overall budget deficit of the selected countries. The results show that, despite rising debt ratios, there is empirical evidence for some of the countries that public debt is sustainable, independent of whether they belong to the low-income or middle-income group of countries.