Debt and the developing countries: A note on optimal international borrowing
重新审视了Gemmell提出的最优化国际借贷模型，推导出替代的最优债务函数，并讨论了最优债务水平为正的充分条件，揭示了发展中国家长期仅偿还利息的过度借贷倾向。
This note re‐examines the economic model of optimal international borrowing for LDCs proposed by Gemmell [1988]. Pursuing a rigorous methodology, this note derives alternative optimal debt functions, and discusses the sufficient conditions under which the optimal debt level is positive. Interesting implications of the analysis in this note, inter alia, rest in identifying the appropriate role of social inter‐temporal consumption preferences in a more realistic setting, and in perceiving, unambiguously, the tendency of ‘overborrowing’ by LDCs that only service their debts over long periods.