International Debt And Central Banking In The 1980s (studies In Banking And International Finance)

In the late 1970s and early 1980s, the world became increasingly aware of the mounting problems of international debt, and the ability of the debtor countries to repay. This book is concerned with the international debt crisis and its solutions, particularly the role of Central Banks. The collection of papers, presented in two consecutive conferences, includes the views of central bankers, Euromarket leaders and economists spread around the globe from Europe to South America. Conflicts of interest between North and South are clearly identified and various authots propose policies which attempt to resolve such conflicts. There is no unanimity of views, only a genuine endeavour to avoid the collapse of the international financial system and learn from the mistakes of the past. Part I of the book has a sense of urgency focusing on how central bankers can avert a financial crash. Part I1 is more reflective, analytical and with a longer view in questioning the merits of monetary systems and central banking; contrast A. Meltzer's contribution in each part, Langoni's concern about debt repayments and Beenstock's views on last resort lending. Such multiplicity of views presented in this volume will, we hope, contribute to a deeper understanding of the problems of international debt and the corresponding solutions. Phyllis Brand, Debbie Gill and Pat Baker provided valuable secretarial assistance in organising the conference and preparing the manuscript. ZANNIS RES SIMA MOTAMEN Front Matter....Pages i-viii Introduction....Pages 1-17 Front Matter....Pages 18-18 Notes on the Problem of International Debt....Pages 21-29 A Central Banker’s View about the International Debt Crisis....Pages 31-40 The Lessons of the Crisis: a Developing Country View....Pages 41-55 The International Debt Crisis – A Growth-oriented Management Approach....Pages 57-67 The International Debt Threat: a Way to Avoid a Crash....Pages 69-79 Front Matter....Pages 80-80 Properties of Monetary Systems....Pages 83-104 Comment on ‘Properties of Monetary Systems’....Pages 105-111 The Costs and Benefits of International Banking....Pages 113-135 Comments on ‘The Costs and Benefits of International Banking’....Pages 136-138 Reply to Comments by D . Fitzgerald....Pages 139-140 International Lenders of Last Resort: Are Changes Required?....Pages 141-163 Comment on ‘International Lenders of Last Resort: Are Changes Required?’....Pages 164-166 The Theory of Last Resort Lending....Pages 167-183 Comment on ‘The Theory of Last Resort Lending’....Pages 184-186 Country Risk: A Model for Predicting Debt Servicing Problems in Developing Countries....Pages 187-223 Comments on ‘Country Risk: A Model for Predicting Debt Servicing Problems in Developing Countries....Pages 224-227 Back Matter....Pages 229-234