Protectionism and the Debt Crisis

Sweder Wijnbergen
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Sweder Wijnbergen: World Bank

Chapter 9 in Global Macroeconomics: Policy Conflict and Cooperation, 1987, pp 307-337 from Palgrave Macmillan

Abstract: Abstract Macroeconomic problems in the world economy are, from a developing country’s point of view, dominated by the twin problems of debt and protectionism. Earlier papers on North-South interactions (Dornbusch, 1985; Sachs and McKibbin, 1985; van Wijnbergen, 1985a, b) focused on the impact of Northern trade and fiscal policies on world real interest rates and hence on the burden of Southern debt. In this paper, I take the transfer the South needs to make to the North on principal and debt service as given; instead the focus is on how trade policy in the North exacerbates the problem of effecting that transfer.

Keywords: Real Wage; Trade Policy; Real Interest Rate; Debt Crisis; Welfare Cost (search for similar items in EconPapers)
Date: 1987
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Persistent link: https://EconPapers.repec.org/RePEc:pal:intecp:978-1-349-18916-8_9

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DOI: 10.1007/978-1-349-18916-8_9

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