The article explores how high levels of external debt can harm economic growth in emerging countries. By using a post-keynesian growth model, the researchers found that too much external debt can lead to stagnant growth by reducing profit rates. Their analysis of 55 emerging countries showed that any positive level of external debt is harmful for economic growth, with growth being maximized only when a country becomes a net creditor in international markets. This means that running persistent current account surpluses is crucial for maximizing economic growth in emerging countries.