<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0185-1667</journal-id>
<journal-title><![CDATA[Investigación económica]]></journal-title>
<abbrev-journal-title><![CDATA[Inv. Econ]]></abbrev-journal-title>
<issn>0185-1667</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional Autónoma de México, Facultad de Economía]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0185-16672007000200117</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[External Debt and Debt Intolerance: An Empirical Analysis]]></article-title>
<article-title xml:lang="es"><![CDATA[Deuda externa e intolerancia de la deuda: un análisis empírico]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Holland]]></surname>
<given-names><![CDATA[Márcio]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Conselho Nacional de Desenvolvimento Científico e Tecnológico Associate Researcher  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Brazil</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2007</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2007</year>
</pub-date>
<volume>66</volume>
<numero>260</numero>
<fpage>117</fpage>
<lpage>150</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0185-16672007000200117&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0185-16672007000200117&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0185-16672007000200117&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract: The main task of this article is to assess the recent external debt dynamics and try to understand how this debt has evolved. Then, we discuss the main hypothesis associated with the well-known "debt intolerance" approach. According to this approach the propensity to default of some developing countries is frequendy associated with their history of default and inflation. Our empirical findings suggest that the way developing economies borrow, that is, the monetary denomination of the debt is still far more important to explain the debt dynamics than the domestic weakness in accepting default and fiscal avoidance.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen: La tarea principal de este artículo es evaluar la reciente dinámica de la deuda externa e intentar comprender cómo ha evolucionado. Nos proponemos discutir la principal hipótesis asociada con el llamado enfoque de "intolerancia de la deuda". De acuerdo con este enfoque, la tendencia a la moratoria de pagos de algunos países en desarrollo está asociada frecuentemente con su historia de incumplimiento e inflación. Nuestros hallazgos empíricos sugieren que la forma en que las economías en desarrollo contratan deudas, es decir, la denominación de la deuda es aún más importante para explicar la dinámica de la deuda que la debilidad interna en aceptar el incumplimiento y la evasión fiscal.]]></p></abstract>
</article-meta>
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