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Beyond the Debt Crisis: Alternative Forms of Financing Growth (Classic Reprint): Alternative Forms of Financing Growth (Classic Reprint)

Beyond the Debt Crisis: Alternative Forms of Financing Growth (Classic Reprint): Alternative Forms of Financing Growth (Classic Reprint)

          
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About the Book

Excerpt from Beyond the Debt Crisis: Alternative Forms of Financing Growth

The financing requirements of developing countries are small relative to the size of world capital markets. Even an ambitious figure of $20 billion a year is less than 10 percent of the current net debt financing provided by oecd markets and institutions. Individual countries face a virtually elastic supply on the condition that they are able to make credible commitments to meet the terms of their obligations.2 Therefore, tapping new sources of funds should not be expected to increase greatly the potential supply of funds to a particular country. A given country, however, may increase its actual supply of funds (or reduce the degree of debt relief required to put it back on a current basis) by recontracting in a way that shifts the pattern of promised payments across future circumstances and thus expands the range of commitments it can back with credibility. Our focus, therefore, is not on the size of external financial markets or of these markets' potential appetite for LDC assets; rather it is on how commercial alternatives to general obligation finance can increase the actual supply of funds to these countries, reduce the burden imposed by external financing, and improve the performance of the assets financed.

We take it as given that the overriding goal of a restructuring a country's obligations and recapitalizing its economy is to restore an acceptable level of growth in the short run and provide the basis for dynamic long-run development involving domestic as well as foreign private interests. The primary reasons for changing not only the amount but also the structure of financing are to.

About the Publisher

Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com

This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.


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Product Details
  • ISBN-13: 9780666239983
  • Publisher: Forgotten Books
  • Publisher Imprint: Forgotten Books
  • Language: English
  • ISBN-10: 0666239983
  • Publisher Date: 13 Feb 2019
  • Binding: Hardback


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