Abstract
The danger that the foreign indebtedness of developing countries will again come to a head has by no means been banished. Prof. Gutowski outlines proposals for concerted action by commercial banks, the World Bank and regional development banks which could help to prevent the outbreak of a new crisis.
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References
Morgan Guaranty Trust Company: World Financial Markets, July 1985, p. 6.
Bank for International Settlements: International Banking and Financial Market Developments, Basle, October 1985, p. 11.
Morgan Guaranty Trust Company: World Financial Markets, July 1985, p. 8.
International Monetary Fund (IMF): World Economic Outlook, October 1985, p. 39.
IMF: Annual Report 1985, Washington D.C., p. 1.
IMF: World Economic Outlook, op. cit., Washington D.C., p. 36.
Ibid. IMF: World Economic Outlook, op. cit. Washington D.C., p. 36.
Hans H. Angermüller: Resolving the Debt Crisis, address to the International Finance Conference in Seoul, Korea, October 1985, mimeo, p. 2.
Otmar Emminger: The International Debt Crisis and the Banks, in: INTERECONOMICS, No. 3, 1985, p. 107.
Ibid., Otmar Emminger: The International Debt Crisis and the Banks, in: INTERECONOMICS, No. 3, 1985, p. 109.
World Bank: World Development Report 1985, Washington D.C., 1985, p. 69.
Manfred Holthus, Klaus Stanzel: Die internationale Verschuldungskrise—Ursachen und Lösungen (in preparation).
Cf. World Bank: Coping with External Debt in the 1980s. An Abridged Version of World Debt Tables, 1984–85 Edition, Washington D.C., March 1985, especially pp. 22 f.
Cf. Susanne Schattner, Klaus Stanzel: The Role of the State in Foreign Borrowing by Developing Countries, in: INTERECONOMICS, No. 1, 1985, pp. 27 ff.
Dieter Duwendag: Kapitalflucht aus Entwicklungsländern: Schätzprobleme und Bestimmungsfaktoren, in: Armin Gutowski (ed.): Die internationale Schuldenkrise, Ursachen—Konsequenzen—historische Erfahrungen, to be published shortly by Duncker & Humblot, Berlin.
Henry Wallich: The International Debt Situation in an American View: Borrowing Countries and Lending Banks, in: Armin Gutowski (ed.), op. cit. Die internationale Schuldenkrise, Ursachen—Konsequenzen—historische Erfahrungen, to be published shortly by Duncker & Humblot, Berlin.
The Multilateral Investment Guarantee Agency (MIGA), Documents submitted to the Board of Governors of the International Bank for Reconstruction and Development at its 1985 Annual Meeting, October 1985.
Statement by the Hon. James A. Baker III. Secretary of the Treasury and Governor of the Bank and Fund for the United States, at the Joint Annual Discussion, Board of Governors—1985 Annual Meetings—Seoul, Republic of Korea, Press Release No. 13.
Cf. in this context Armin Gutowski: Auslandsverschuldung der Entwicklungsländer, realer Kapitaltransfer und Investitionen, in: Wolfram Engels, Armin Gutowski, Henry C. Wallich (eds.): International Capital Movements, Debt and Monetary System, Mainz 1985, pp. 171–200; Armin Gutowski: Foreign Indebtedness and Economic Growth: Is there a Limit to Foreign Financing? in: Armin Gutowski, A. A. Arnaúdo, Hans-Eckart Scharrer: Financing Problems of Developing Countries, Houndsmills, Basingstoke, Hampshire and London 1985, pp. 249–267.
Morgan Guaranty Trust Company: World Financial Markets, July 1985, p. 6.
On the various methods of expanding and securing credits, see C. Fred Bergsten, William R. Cline, John Williamson: Bank Lending to Developing Countries: the Policy Alternatives, in: Institute for International Economics: Policy Analysis in International Economics, No. 10, April 1985, pp. 33 ff. and pp. 95 ff.
Niehans shows that where claims arising from international loans are assumed to be unenforceable it pays debtor countries to suspend payments if the cash value of future payment flows becomes negative. Cf. Jürg Niehans: Internationale Kredite bei nicht durchsetzbaren Forderungen, in: Armin Gutowski (ed.): op. cit. Die internationale Schuldenkrise, Ursachen—Konsequenzen—historische Erfahrungen, to be published shortly by Duncker & Humblot, Berlin.
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Gutowski, A. A new round of rescheduling?. Intereconomics 21, 59–68 (1986). https://doi.org/10.1007/BF02925343
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DOI: https://doi.org/10.1007/BF02925343