<?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>0186-7202</journal-id>
<journal-title><![CDATA[Estudios Económicos (México, D.F.)]]></journal-title>
<abbrev-journal-title><![CDATA[Estud. Econ. (México, D.F.)]]></abbrev-journal-title>
<issn>0186-7202</issn>
<publisher>
<publisher-name><![CDATA[El Colegio de México A.C.]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0186-72022015000200219</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[A relationship between external public debt and economic growth]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Casares]]></surname>
<given-names><![CDATA[Enrique R.]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Autónoma Metropolitana  ]]></institution>
<addr-line><![CDATA[Azcapotzalco ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2015</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2015</year>
</pub-date>
<volume>30</volume>
<numero>2</numero>
<fpage>219</fpage>
<lpage>243</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0186-72022015000200219&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0186-72022015000200219&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0186-72022015000200219&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract An endogenous growth model with two goods, tradable (manufacturing) and non-tradable (non-manufacturing) is presented. Domestic technological knowledge is produced only in the tradable sector. This knowledge overflows into the non-tradable sector. The government issues external debt to finance part of its spending on tradable goods. The domestic interest rate equals the world interest rate plus the country risk premium. The country risk depends positively on the level of external public debt. Households can borrow abroad and have an external credit constraint. An inverted U-shaped nonlinear relationship between the external public debt to GDP ratio and the growth rate is obtained in the steady state. There is empirical evidence showing the existence of this non-linearity between public debt and growth, for both developing and developed countries.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Se presenta un modelo de crecimiento endógeno con dos bienes, comerciable (manufacturero) y no-comerciable (no-manufacturero). El conocimiento tecnológico doméstico es producido únicamente en el sector comerciable. Este conocimiento se desborda hacia el sector no-comerciable. El gobierno emite deuda externa para financiar parte de su gasto en bienes comerciables. La tasa de interés domestica es igual a la tasa de interés mundial más la prima de riesgo país. El riesgo país depende positivamente del nivel de la deuda pública externa. Los hogares piden prestado al exterior y tienen una restricción de crédito externo. Se obtiene, en el estado estacionario, una relación no lineal entre la proporción deuda pública externa a PIB y la tasa de crecimiento, en forma de U invertida. Hay evidencia empírica que muestra la existencia de esta no linealidad entre deuda pública y crecimiento, tanto para países en desarrollo como desarrollados.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[sector comerciable]]></kwd>
<kwd lng="es"><![CDATA[aprendizaje por la práctica]]></kwd>
<kwd lng="es"><![CDATA[deuda pública externa]]></kwd>
<kwd lng="es"><![CDATA[crecimiento económico]]></kwd>
<kwd lng="en"><![CDATA[Tradable sector]]></kwd>
<kwd lng="en"><![CDATA[learning by doing]]></kwd>
<kwd lng="en"><![CDATA[external public debt]]></kwd>
<kwd lng="en"><![CDATA[economic growth]]></kwd>
</kwd-group>
</article-meta>
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<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Measuring Factor Income Shares at the Sectorial Level]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Valentinyi]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Herrendorf]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
</person-group>
<source><![CDATA[Review of Economic Dynamics]]></source>
<year>2008</year>
<volume>11</volume>
<page-range>820-35</page-range></nlm-citation>
</ref>
</ref-list>
</back>
</article>
