External debt crisis & socio-economic fallout: Evidence from the BRICS nations

• DOI: 10.1016/j.rspp.2024.100029
• Publication Date: 2024-06-12T23:26:52Z
• Authors: Ajaz Ayoub; Tahir Ahmad Wani; Abid Sultan
• Keywords: Debt crisis

This paper aims to investigate how external debt influences selected socio-economic variables in a sample of the five biggest emerging nations world, i.e., BRICS block from 1996 2020. The data was found have cross-sectional dependence, which addressed by using second-generation unit root tests CIPS and CADF. Cross-sectional dependence further effectively techniques FMOLS. study uses ARDL models achieve desired objective. Dumitrescu Hurlin's (DH) panel causality analysis adopted analyze variables' causality. that, long run, External Debt has positive impact on Unemployment Life Expectancy while it negative Net National Income. results are also consistent short except case unemployment, been shown reduce with an increase component country.