External debt, state ownership and technical efficiency: A stochastic frontier analysis of emerging economies

IF 2.6 4区 经济学 Q1 ECONOMICS
Woon Kan Yap, Fakarudin Kamarudin, Jenny Gryzelius
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Abstract

Arguing that the litmus test of external debt sustainability should be based on total factor productivity growth instead of mere GDP growth, this study examines the effect of external debt on total factor productivity through technical efficiency change using the Stochastic Frontier Analysis method. To deepen the analysis, the dynamics of technical efficiency, public sector external debt and state ownership are also investigated in this study. The results show that external debt of the private sector increases total factor productivity by improving technical efficiency, whereas the contrary is true with regard to external debt of the public sector. Hence, between the public and private sectors, the latter shows greater efficiency in allocating and using external debt. Nonetheless, the negative impact of public sector external debt on technical efficiency can be mitigated by transferring state-owned assets to the private sector through privatization.

Abstract Image

外债、国家所有权和技术效率:新兴经济体的随机前沿分析
本研究认为,检验外债可持续性的试金石应基于全要素生产率的增长而非单纯的国内生产总值增长,因此本研究采用随机前沿分析方法,通过技术效率的变化来研究外债对全要素生产率的影响。为深化分析,本研究还考察了技术效率、公共部门外债和国有制的动态变化。结果表明,私营部门的外债通过提高技术效率来提高全要素生产率,而公共部门的外债则相反。因此,在公共部门和私营部门之间,后者在分配和使用外债方面表现出更高的效率。不过,公共部门外债对技术效率的负面影响可以通过私有化将国有资产转移到私营部门来缓解。
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来源期刊
CiteScore
3.40
自引率
7.70%
发文量
21
期刊介绍: The Portuguese Economic Journal publishes high-quality theoretical, empirical, applied or policy-oriented research papers on any field in economics. We enforce a rigorous, fair and prompt refereeing process. The geographical reference in the name of the journal only means that the journal is an initiative of Portuguese scholars. There is no bias in favour of particular topics and issues.Officially cited as: Port Econ J
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