bachelorThesis
El papel de la deuda interna y externa sobre el desarrollo humano. Un estudio para la OCDE y para América Latina y el Caribe
Fecha
2022-03-09Autor
Álvarez Córdova, Juan Santiago
Institución
Resumen
The present study aims to estimate the effect of external and internal debt, as well as other
socioeconomic variables on human development in the countries that make up the
Organization for Economic Cooperation and Development (OECD) and for the group of
Latin America and the Caribbean (ALC) for the period 2005-2018. Regarding the
methodology, the Generalized Method of Moments is applied for a dynamic panel, proposed
by Arellano-Bond. Among the main results, it was obtained that for the internal debt there is
significant evidence of an inverted u behavior, reaching an optimal value relation between
internal debt and GDP in the OECD member countries of 90%, while for the ALC group it
is 29,31%. On the other hand, no significant impact of external debt on human development
was found. The variables that most impacted the OECD group were the Gross Fixed Capital
Formation and the Labor Participation Rate. While for the countries of Latin America and
the Caribbean were the variables of Labor participation rate and tax pressure. In conclusion,
the level of internal debt contributes to human development instead of external debt,
therefore, an effective debt management is suggested to channel it towards productive
activities. In addition, it is important that the most indebted countries have better fiscal
discipline and a high level of transparency in the management of public funds in the
territories, especially in Latin America.