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International Debts: What's Fact and What's Fiction

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  • Schwartz, Anna J

Abstract

From the vantage point of 1988, the 1982 judgment that the troubled foreign country debtors had a liquidity problem, not a solvency problem, appears to have been fiction. The fact is that troubled debtors did not productively use the resources they borrowed. Further loans to them only add to the burden of their existing debt. Retaining the loans at face value on the books of the creditor banks is a fiction that financial markets see through. Intervention by regulators and international lending agencies has impeded bilateral bargains between the debtors and the banks. Copyright 1989 by Oxford University Press.

Suggested Citation

  • Schwartz, Anna J, 1989. "International Debts: What's Fact and What's Fiction," Economic Inquiry, Western Economic Association International, vol. 27(1), pages 1-19, January.
    • Handle: RePEc:oup:ecinqu:v:27:y:1989:i:1:p:1-19
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    Cited by:

    1. Bordo, Michael D. & Schwartz, Anna J., 2000. "Measuring real economic effects of bailouts: historical perspectives on how countries in financial distress have fared with and without bailouts," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 53(1), pages 81-167, December.
    2. Gundlach, Erich & Scheide, Joachim & Sinn, Stefan, 1990. "Die Entwicklung nationaler Auslandsvermögenspositionen: Konsequenzen für die Wirtschaftspolitik," Open Access Publications from Kiel Institute for the World Economy 414, Kiel Institute for the World Economy (IfW Kiel).
    3. Bordo, Michael D. & Schwartz, Anna J., 1999. "Under what circumstances, past and present, have international rescues of countries in financial distress been successful?," Journal of International Money and Finance, Elsevier, vol. 18(4), pages 683-708, August.

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