Financing of development and the international monetary system

Le financement du développement et le système monétaire international

Elie Sadigh
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Elie Sadigh: LATEC - Laboratoire d'Analyse et de Techniques Economiques [UMR 5601] - UB - Université de Bourgogne - CNRS - Centre National de la Recherche Scientifique

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Abstract: Three categories of developing countries must be distinguished. Of these, one cannot constitute either sufficient domestic savings, or a balance of trade surplus, which would allow it to finance its development. This same category which has no possibility^ to pay back its debts doesn't have a good standing among the borrowing countries, on the international financial market. International organizations don't have sufficient funds to face up to the needs of these countries. Therefore, the current international monetary system is not favorable to these countries. Consequently, a reform of the international monetary system is necessary. This reform should make the study of international liquidity outdated, because the surplus and deficit will always be equal, therefore the rate of the interest will not depend on supply and demand and won't be influenced by tensions on international currency, anymore. Besides, the new system will allow to constitute a solidarity fund, meant to finance the development of the undeveloped countries.

Keywords: banking; taxation; épargne; investissement; financement; système monéatire international; réforme; fonds de solidarité; fonds de garantie; taux d'intérêt (search for similar items in EconPapers)
Date: 1994
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Published in [Rapport de recherche] Laboratoire d'analyse et de techniques économiques(LATEC). 1994, 27 p., Figure, ref. bib. : 3/4 p

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