If debt service does not pose a serious burden as long as enough new money can be borrowed to pay for it, why then does the country find itself heavily indebted? This monograph traces the political economy of external indebtedness in the Philippines for the period 1962-1986. It reviews the balance-of- payments context within which the external debt is accumulated and documents the growth of the debt and its changing composition by type of borrower, type of lender and maturity length. It also investigates the mechanisms and magnitude of capital flight from the Philippines and analyzes the impact of external borrowing upon the current account deficit, investment and growth, capital flight and the role of the Philippine government.
The Political Economy of External Indebtedness: A Case Study of the Philippines
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