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Loans to LDCs and massive defaults

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Intereconomics

Abstract

The quadrupling of oil prices since the end of 1973 was accompanied by a rapid increase in the borrowings of developing countries. A global view of their external debt situation reveals some alarming realities.

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References

  1. IBRD: World Debt Tables, Washington, D. C., various issues.

  2. This regional analysis is based upon the presentation given in IBRD: External Public Debt of Eighty-four Developing Countries, Washington, D. C., September 1977, pp. 3–6; World Debt Tables, October 20, 1978, pp. 4–9; and World Development Report, 1980, pp. 134–135.

  3. IBRD: External Public Debt of Eighty-four Developing Countries, op. cit., IBRD: World Debt Tables, Washington, D. C., various issues. p. 3.

  4. Cf. IBRD: External Public Debt of Eighty-four Developing Countries, op. cit. IBRD: World Debt Tables, Washington, D. C., various issues., p. 4.

  5. Cf. IBRD: World Debt Tables, Volume II, Washington, D. C., December 28, 1979.

  6. Ibid., Cf. IBRD: World Debt Tables, Volume II, Washington, D. C., December 28, 1979, p. 96.

  7. IBRD: World Debt Tables, Volume II, op. cit. IBRD: World Debt Tables, Washington, D. C., various issues.

  8. Charles S. Ganoe: Loans to LDCs: Five Myths, in: The Journal of Commercial Bank Lending, November 1977, pp. 18–27; and United States Senate: International Debt, The Banks, and U.S. Foreign Policy, U.S. Government Printing Office, Washington, D.C., August 1977, Part. III, pp. 43–58.

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  9. For a detailed understanding of the concept of resource transfer, see D. Avramovic: Latin American External Debt, in: Journal of World Trade Law, March–April 1970, pp. 134–136; and Ramesh C. Garg: Debt Problems of Developing Countries, in: INTERECONOMICS, March–April 1977, pp. 95–96.

  10. For a detailed study on various terms of lending, see Clive S. Gray: Resource Flow to Less Developed Countries: Financial Terms and Their Constraints, New York 1969, pp 48–55.

  11. Cf. “UN Official Asks an Easing of Debt for Poor Countries”, in: The Wall Street Journal, January 14, 1978, p. 1.

  12. Cf. “Developing Countries Without Oil had had Debt of 330 Billion in 1979”, in: The Wall Street Journal, March 24, 1980, p. 10.

  13. IBRD: Address to the Board of Governors by Robert S. McNamara, Washington, D. C., September 30, 1980, pp. 12 and 46.

  14. IBRD: World Debt Tables, Vol. I (1979), op. cit., IBRD: Address to the Board of Governors by Robert S. McNamara, Washington, D. C., September 30, 1980, p. 178.

  15. IBRD: World Debt Tables, Vol. I (1977), op. cit., IBRD: Address to the Board of Governors by Robert S. McNamara, Washington, D. C., September 30, 1980, p. 36.

  16. IBRD: World Debt Tables, (1979), op. cit., IBRD: Address to the Board of Governors by Robert S. McNamara, Washington, D. C., September 30, 1980, p. 178.

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  1. College of Business, Eastern Michigan University, Ypsilanti, Michigan

    Ramesh C. Garg

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Garg, R.C. Loans to LDCs and massive defaults. Intereconomics 16, 19–25 (1981). https://doi.org/10.1007/BF02924725

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