Abstract
This paper investigates empirically how much of external debt accumulation of major debtor countries during the period 1979–1984 was due to external disturbances as opposed to domestic shocks. The' carefully designed Bayesian vector autoregressions (BVAR) are applied to six major debtor countries and the resulting moving average representations are decomposed historically. It is found that the contribution of the external shocks outweighed that of domestic shocks during the period.
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