Foreign Debt and Latin American Economic Development by Antonio Jorge

By Antonio Jorge

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A number of borrowers have been obliged to have their debts rescheduled: maturities have been extended. TOO MUCH BORROWING AND LENDING? The key questions are whether the countries' lenders have extended too large a value to the borrowers in developing countries, whether the developing countries have borrowed more than was in their own self-interest, and whether they will be able to adjust readily to the reduction in the availability of external loans. To suggest that the external debt of the developing countries is too large suggests a double coincidence: that both the lenders made a mistake and lent too much, more than in their self-interest; in effect, they lent too much at the prevailing interest rate.

1 percent, the average interest rate was proably modestly over 13 percent, while the inflation adjustment factor was 12 percent. In the disinflation of the 1980's, the real interest rate rose sharply. For the purpose of determining whether these countries borrowed too much, the increase in the growth rate of income over the life of the loan should be compared with the real interest cost. Many of these loans have maturities of eight years or more; so that for loans initiated in the late 1970's it is still premature to conclude the comparison between the net real interest cost and the increment in income.

34 Kindleberger, C. , International Economics (Homewood: 1968), Chs. 19-22. Richard D. , 1958). Meier, G. , International Trade and Development (New York: 1963), Chs. 4 and 5. Harper & Row, Meier, G. , The International Economics of Development (New York: & Row, 1968), Chs. 4, 5, and 6. Harper Meier, G. , Leading Issues in Economic Development (New York: versity Press, 1976), Part VI. Oxford Uni- Theberge J. M. ), Economic Trade and Development (New York: & Sons, 1968). John Wiley üroidi, V. L.

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