Impact of commodity price volatility on external debt: the role of exchange rate regimes

被引：1

作者：

Majumder, Monoj Kumar ^{[1
,2
]}

Raghavan, Mala Valliammai ^{[1
,3
]}

Vespignani, Joaquin L. ^{[1
,3
]}

机构：

[1] Univ Tasmania, Tasmanian Sch Business & Econ, Hobart, Australia

[2] Sher E Bangla Agr Univ, Dept Agr Econ, Dhaka, Bangladesh

[3] Australian Natl Univ, Ctr Appl Macroecon Anal, Canberra, ACT, Australia

来源：

APPLIED ECONOMICS | 2021年 / 53卷 / 57期

关键词：

Commodity price volatility; external debt; exchange rate regimes; commodity-exporting countries; PANEL-DATA; DETERMINANTS; FINANCIALIZATION; INVESTMENT; ECONOMY;

D O I：

10.1080/00036846.2021.1947960

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This study explores the impact of commodity price volatility on external debt accumulation under fixed, managed, and floating exchange rate regimes. We estimate dynamic panel data models for 97 countries from 1993 to 2016. Our empirical findings show that commodity price volatility increases external debt accumulation for commodity-exporting countries. This impact is three-times higher for countries with fixed exchange rate regimes compared to managed floating exchange rate regimes. Under floating exchange regimes, the effect of commodity price volatility on external debt is statistically insignificant. Our results suggest that the adoption of a floating exchange rate regime by commodity-exporting countries is critical to mitigate the effects of commodity price volatility on external debt accumulation.

引用

页码：6626 / 6640

页数：15

共 54 条

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[Anonymous], 2006, BOOM BUST DEV COUNTR