The debt problem and options for its reduction

Rüdiger Dornbusch

Brazilian Journal of Political Economy, 1985, vol. 5, issue 1, 38-66

Abstract: External debt problems, like wars, are common occurrences in a broader historicalperspective. They occur every thirty or fifty years, much in the same circumstances. Andwhen they do occur, they put at odds the bondholder and the debtor and leave fundamentalimprints on history, though perhaps not, in any lasting fashion, on the memories of lenders.Hitler’s Germany or Latin America’s import substitution philosophy was the outgrowth ofthe last world debt crisis. Today Latin America is once again in a debt crisis and the debateputs in confrontation those who call for dramatic action, including even repudiation, andothers who suggest the problem is minor and that it can be solved by time, adjustment, andsome typing-over finance – the muddling through strategy. JEL Classification: F34; N16; N26.

Keywords: Debt crisis; external debt; economic history of Brazil; stabilization (search for similar items in EconPapers)
Date: 1985
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