THE ECONOMIC IMPLICATION OF INCREASING EXTERNAL DEBT LIABILITY IN NIGERIA
CHAPTER ONE INTRODUCTION 1.1 BACKGROUND TO THE STUDY It is generally expected that developing countries, facing a scarcity of capital, will acquire external debt to supplement domestic saving (Pattillo, Poirson, and Ricci , 2002; Safdari and Mehrizi, 2011). The rate at which they borrow abroad - the “sustainable” level of foreign borrowing - depends on the links among foreign and domestic saving, investment, and economic growth. The main lesson of the ...
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