Title: Trends of Public External Debt of Developing Countries
Abstract: Publisher Summary In the field of international finance, there are many obstacles to the implementation of a New International Economic Order. These obstacles are the failure to comply with the official assistance goals of the United Nations Second Decade for Development; the overwhelming increase in the external public debt of the Third World countries and its financial and political consequences; the increasing privatization of that debt; the formation of surplus international liquidity as a result, initially, of the crisis of the capitalist centers mainly in the United States and later of the revaluation of energy prices and its impact on the internationalization of capital and world inflation; the dysfunctional effects of the emergence of a number of international financial centers in developing countries, centers that avoid any possibility of being regulated; and the inability to link Special Drawing Rights with official development assistance. Implicit in this margination and in the impossibility of regulating the transnational performance of the international banks is the recognized irrelevance of the International Monetary Fund and the need not only to reform it but also to make it more democratic.
Publication Year: 1980
Publication Date: 1980-01-01
Language: en
Type: book-chapter
Indexed In: ['crossref']
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