| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP692
|
| DP692 The Debt Crisis: A Post Mortem |
| Daniel Cohen
|
| 发表日期 | 1992-08-29
|
| 出版年 | 1992
|
| 语种 | 英语
|
| 摘要 | In the first part of the paper I calculate the returns on developing countries' debt obtained by their (private and public) creditors (when taking account of the transfers already generated and of the liquidative value of the debt) and show that they are satisfactory. I then evaluate the conflict of interest between private and public creditors and assess the role of the Brady Plan as a vehicle to achieving a `grand settlement' of the debt crisis. I argue that they are not as satisfactory. In the second part of the paper I show that the group of reschedulers did suffer from lower growth in the 1980s, but I also show that their rate of capital accumulation did not accelerate in the years before the debt crisis. I evaluate the extent to which sovereign risk, rather than low returns, explains the failure of foreign finance to accelerate capital accumulation in the large debtor countries. |
| 主题 | International Macroeconomics
|
| 关键词 | Brady plan
Capital accumulation
Ldc debt
|
| URL | https://cepr.org/publications/dp692
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
|
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/529860
|
推荐引用方式
GB/T 7714 |
Daniel Cohen. DP692 The Debt Crisis: A Post Mortem. 1992.
|
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