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The debt problem and options for its reduction

Author

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  • Rudiger Dornbusch

Abstract

External debt problems, like wars, are common occurrences in a broader historicalperspective. They occur every thirty or fifty years, much in the same circumstances. Andwhen they do occur, they put at odds the bondholder and the debtor and leave fundamentalimprints on history, though perhaps not, in any lasting fashion, on the memories of lenders.Hitler’s Germany or Latin America’s import substitution philosophy was the outgrowth ofthe last world debt crisis. Today Latin America is once again in a debt crisis and the debateputs in confrontation those who call for dramatic action, including even repudiation, andothers who suggest the problem is minor and that it can be solved by time, adjustment, andsome typing-over finance – the muddling through strategy. JEL Classification: F34; N16; N26.

Suggested Citation

  • Rudiger Dornbusch, 1985. "The debt problem and options for its reduction," Brazilian Journal of Political Economy, Center of Political Economy, vol. 5(1), pages 38-66.
    • Handle: RePEc:ekm:repojs:v:5:y:1985:i:1:p:38-66:id:1832
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    File URL: https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/1832/1818
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    More about this item

    Keywords

    Debt crisis; external debt; economic history of Brazil; stabilization;
    All these keywords.

    JEL classification:

    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • N16 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Latin America; Caribbean
    • N26 - Economic History - - Financial Markets and Institutions - - - Latin America; Caribbean

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