Cloth: 978-0-226-73338-8 | Paper: 978-0-226-73339-5 | Electronic: 978-0-226-73323-4
DOI: 10.7208/chicago/9780226733234.001.0001
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ABOUT THIS BOOK
Developing Country Debt and the World Economy contains nontechnical versions of papers prepared under the auspices of the project on developing country debt, sponsored by the National Bureau of Economic Research. The project focuses on the middle-income developing countries, particularly those in Latin America and East Asia, although many lessons of the study should apply as well to other, poorer debtor countries. The contributors analyze the crisis from two perspectives, that of the international financial system as a whole and that of individual debtor countries.
Studies of eight countries—Argentina, Bolivia, Brazil, Indonesia, Mexico, the Philippines, South Korea, and Turkey—explore the question of why some countries succumbed to serious financial crises while other did not. Each study was prepared by a team of two authors—a U.S.-based research and an economist from the country under study. An additional eight papers approach the problem of developing country debt from a global or "systemic" perspective. The topics they cover include the history of international sovereign lending and previous debt crises, the political factors that contribute to poor economic policies in many debtor nations, the role of commercial banks and the International Monetary Fund during the current crisis, the links between debt in developing countries and economic policies in the industrialized nations, and possible new approaches to the global management of the crisis.
TABLE OF CONTENTS
Preface
1. Introduction
I. Country Studies
2. Debt and Macroeconomic Instability in Argentina
3. Bolivia's Economic Crisis
4. The Macroeconomics of the Brazilian External Debt
5. The Conduct of Economic Policies in Indonesia and Its Impact on External Debt
6. External Debt and Macroeconomic Performance in South Korea
7. Mexico 1958–86: From Stabilizing Development to the Debt Crisis
8. Debt Crisis and Adjustment in the Philippines
9. Turkish Experience with Debt: Macroeconomic Policy and Performance
Remarks on Country Studies
II. Special Topics
10. How Sovereign Debt Has Worked
11. The U.S. Capital Market and Foreign Lending, 1920–1955
12. Structural Adjustment Policies in Highly Indebted Countries
13. The Politics of Stabilization and Structural Adjustment
14. Conditionality, Debt Relief, and the Developing Country Debt Crisis
15. Private Capital Flows to Problem Debtors
16. Debt Problems and the World Macroeconomy
17. Resolving the International Debt Crisis
List of Contributors
Name Index
Subject Index