External debt: market and conflict

León Bendesky ()

Brazilian Journal of Political Economy, 1988, vol. 8, issue 4, 526-534

Abstract: This essay suggests that the external debt of the Latin-American countries shouldbe considered as a form of conflict. This means that the confrontation of relative powershas to be acknowledged. As a conflict, it turns into a process in which the relations of creditorsand debtors develop through the establishment of different strategies. Conventionaltreatment · of external indebtedness takes it as a problem and searches for its solution. Assuch, its nature tends ultimately to be considered as a market phenomenon. Technical andadministrative measures are then proposed to cope with the “debt crisis •. But in fact, negotiationbecomes the main characteristic of the conflict. A situation of financial deterrence isthen created to prevent a rupture in international financial flows. The unequal power of theparticipants fixes the limits of the confrontation as well as the incentives for cooperation. JEL Classification: H63; F34.

Keywords: External debt; debt crisis (search for similar items in EconPapers)
Date: 1988
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