Debt and Adjustment in the World Economy

The dismal experience of many developing countries with the use of large inflows of commercial bank loans and official development assistance in the 1970s and 1980s has manifested the continuous external vulnerability of their economies. This study provides a rigorous theoretical and empirical analysis of the international aspects of development finance, Credit-rationing rules set by bank managers and donor governments, together with uncoordinated macroeconomic policies in the industrialized world, tend to create unstable and inadequate external financing conditions for the developing world. This study not only makes overly clear that a global framework is needed to assess the contribution of external financial resources for development, it provides one as well.

Inhalt
List of Tables and Figures - Editors' Introduction - Editors' Preface - Author's Preface - Introduction - Accounting for the World Economy - A Review of Theories of International Capital Movements and Adjustment: A North-South Perspective - Trade, Finance and Institutions: Lessons from the Past - Global Financial Shocks, Asymmetric Adjustment and the LDC Debt Crisis 1970-88 - Global Interactions: Aid Flows and Commercial Bank Lending in a Structuralist North-South Model - The World Economy, External Shocks and Systemic Problems of North-South Interdependence - Some Global Macroeconomic Policy Considerations - Appendices - Notes - Bibliography - Index