On the Consequences of Muddling Through the Debt Crisis

Rüdiger Dornbusch

The World Economy, 1984, vol. 7, issue 2, 145-162

Abstract: ‘The history of investment in South America throughout the last century has been one of confidence followed by disillusionment, of borrowing cycles followed by widespread defaults and of a series of alternating repudiations and recognitions of external debts…The ability of the most creditworthy governments to avoid default must necessarily be impaired if any considerable part of the nominal value of loans has not, in fact, been put to the use for which it was intended’—The Problem of International Investment, Report by a Study Group of Members of the Royal Institute of International Affairs, London (1937)

Date: 1984
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