Le financement du développement par les marchés internationaux

J. du Pré de Saint Maur

Revue Économique, 1978, vol. 29, issue 6, 1003-1023

Abstract: [fre] devises à moyen terme syndiqués entre banques. Les financements obligataires sont en progression plus modeste, depuis une époque plus récente ; les perspectives d'expansion dans ce secteur semblent étroites, notamment pour l'euro-marché. En revanche, les banques internationales continuent à développer fortement leurs crédits aux PVD pour des durées relativement longues, en dépit d'incidents de paiement assez fréquents. Dans la mesure où elles ne sont pas pénalisées à l'occa­sion des consolidations de dettes extérieures, les banques continueront vraisemblablement à prêter de façon libérale aux PVD, car l'expansion de leurs activités nationales est entravée par la récession et les politiques de lutte contre l'inflation dans les pays industriels. [eng] The role of the international markets in the financing of development. . In the past 4 years, the international financial markets have covered about one third of the gross external financing requirement of the developing countries. This flow of capital continues to grow, edpecially in the form of syndicated euro-currency medium-term bank loans. Bond financing has also expanded, although more modestly and more recently ; prospects in that sector seem to be limited, particularly on the euro-market. On the other hand, international banks are still increasing strongly their lending to LDCs, offering comparatively long maturities, in spite of rather frequent payment incidents. As long as they do not suffer losses as the result of foreign debt restructurings, the banks are likely to go on lending to the LDCs on liberal terms, as the growth of their domestic activities is restricted by the economic recession and the impact of anti-inflationary policies in the industrial countries.

Date: 1978
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