External Debt Sustainability and Institutions: A Model‐Based Approach
研究了制度变量如何影响127个国家的可持续外债水平，发现更强的制度允许国家维持更高的外债，表明制度改革可通过提高出口收入间接提升外债门槛。
ABSTRACT External debt sustainability remains a critical concern for academics and policymakers. Existing literature, such as Bohn (1998), highlights a model‐based approach to debt sustainability but does not fully account for institutional factors. Using data from 127 countries, we examine the roles of institutional variables in determining the level of sustainable external debt. We find that stronger institutions allow countries to sustain higher levels of external debt. This suggests that institutional reforms can indirectly raise a country's external debt threshold by raising export earnings.