Hostname: page-component-586b7cd67f-2brh9 Total loading time: 0 Render date: 2024-11-27T00:47:45.850Z Has data issue: false hasContentIssue false

Third World Debt: Toward a More Balanced Adjustment*

Published online by Cambridge University Press:  02 January 2018

Richard E. Feinberg*
Affiliation:
Overseas Development Council

Extract

The Third World Debt Crisis continues to burden the US economy, our foreign policy, the international financial system, and the future of many developing countries. The cancerous debt has not terminated the afflicted parties, but it is damaging many US interests. The debt disease eats at the foundations of our banking system, shrinks our export markets, and irritates our foreign relations. For the developing nations, this persistent illness deepens poverty, consumes scarce national savings, undermines adjustment efforts, and threatens eventually to destabilize emerging democracies.

Type
Research Article
Copyright
Copyright © University of Miami 1987

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

Footnotes

*

This article was originally delivered as testimony before the Subcommittee on International Debt, Committee on Finance, US Senate, 9 March 1987.

References

Federal Reserve Board (FRB) (1986-87 quarterly issues) Statistical Release, Federal Financial Institutions Examination Council. Washington, DC: US Federal Reserve Board.Google Scholar
Federal Reserve Board (FRB) (1986) “Illustrative Calculations of Examples of Hypothetical Debt Relief” (mimeo), 5 November. Washington, DC: US Federal Reserve Board.Google Scholar
Feinberg, R. (1987) “Multilateral Lending and Latin America.” The World Economy 10, 2 (June): 205217.Google Scholar
Feinberg, R. and Bacha, E. (1987) “When Supply and Demand Don't Intersect: Latin America and the Bretton Woods Institutions in the 1980s.” Paper prepared for conference of Sistema Económico Latinamericano (SELA), May, Washington, DC.Google Scholar
International Monetary Fund (IMF) (1986) World Economic Outlook: Revised Projections. Washington, DC: IMEGoogle Scholar
Salomon Brothers (1987) “Less Developed Countries’ Indebtedness: Secular Developments in US Banking are Defusing the Problem.” Bank Weekly (20 January):Google Scholar
Tucker, S. (1986) Statement before the US House of Representatives, Committee on Banking, Finance, and Urban Affairs, Subcommittee on International Development Institutions (19 March).Google Scholar
United Nations. Economic Commission for Latin America and the Caribbean (ECLAC) (1986) Preliminary Overview of the Latin American Economy 1986. Santiago, Chile: ECLAC.Google Scholar
(The) World Bank (International Bank for Reconstruction and Development- IBRD) (1987) Development Country Debt; abridged version of World Debt Tables, 1986-87 edition. Washington, DC: IBRD, February.Google Scholar