These articles might help:

The non-linear impact of high and growing government external debt on economic growth: A Markov Regime-switching approach

External debt-growth nexus: Role of macroeconomic polices

From Islamic Finance perspective, I strongly believe that any kind of debt is discouraged. In other words, living beyond your means is not supported whether personal or  sovereign by the tradition of our beloved Prophet (Peace be upon him). Moreover, most of the external debts are interest bearing which is vigorously prohibited in the Holy Quran and the Sunnah.

Interestingly as many emerging and developing economies suffer from higher inflation, consequently, higher domestic interest rate which may encourage those governments to go for external debt to balance their fiscal deficits. And not surprisingly debt to GDP ratio is increasing for OIC countries due to falling commodity prices and reckless government spending.   

EXTERNAL DEBT OF THE ISLAMIC COUNTRIES: THE PRESENT

SITUATION AND FUTURE PROSPECTS

or

https://www.imf.org/external/pubs/ft/wp/2015/wp15120.pdf

Thanks!