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External debt: market and conflict

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  • León Bendesky

Abstract

This essay suggests that the external debt of the Latin-American countries shouldbe considered as a form of conflict. This means that the confrontation of relative powershas to be acknowledged. As a conflict, it turns into a process in which the relations of creditorsand debtors develop through the establishment of different strategies. Conventionaltreatment · of external indebtedness takes it as a problem and searches for its solution. Assuch, its nature tends ultimately to be considered as a market phenomenon. Technical andadministrative measures are then proposed to cope with the “debt crisis •. But in fact, negotiationbecomes the main characteristic of the conflict. A situation of financial deterrence isthen created to prevent a rupture in international financial flows. The unequal power of theparticipants fixes the limits of the confrontation as well as the incentives for cooperation. JEL Classification: H63; F34.

Suggested Citation

  • León Bendesky, 1988. "External debt: market and conflict," Brazilian Journal of Political Economy, Center of Political Economy, vol. 8(4), pages 526-534.
    • Handle: RePEc:ekm:repojs:v:8:y:1988:i:4:p:526-534:id:1112
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    Keywords

    External debt; debt crisis;

    JEL classification:

    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems

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