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Excerpt from North-South Finance: The Implications of Overreliance on Bank Credit
The absolute growth in ldg external financing has been accompanied by substantial shifts in the composition of ldg obligations. The most striking change, documented in Table 1, is the increase in debt relative to direct foreign investment, the only significant category of risk financing for most ldcs. Total debt rose from 69 percent of total ldg obligations in 1973 to 83 percent in 1981. Further, short - term debt grew more quickly than long-term debt and debt from private sources, primarily commercial banks, outstripped official lending. However, this privatization on the lending side was not accompanied by a similar shift on the borrowing side. Rather, the proportion of long - term debt owed by or guaranteed by ldg governments rose from 74 to 79 percent.
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North-South Finance: The Implications of Overreliance on Bank Credit
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Paperback. Condizione: New. Print on Demand. This book critically examines the global financial system's heavy reliance on commercial bank credit for North-South financial exchange. The author argues that this current system, in which lending is primarily in the form of debt with little risk-sharing, is fundamentally flawed. Rather than leading to mutually beneficial outcomes, it creates perverse incentives, exacerbates risk, and concentrates default risk within a narrow range of the financial sector. The result is a system that is unlikely to maximize global welfare and may, in fact, be contributing to financial instability. The author proposes several reforms to address these structural issues and increase the welfare contribution of North-South financial exchange. These include smoothing real debt service patterns, increasing repayment flexibility, promoting nonrecourse financing, and encouraging project-specific risk capital. Ultimately, the book demonstrates that a more balanced and diversified approach to North-South finance, one that moves away from excessive reliance on commercial bank credit, is essential for ensuring the stability and effectiveness of the global financial system. This book is a reproduction of an important historical work, digitally reconstructed using state-of-the-art technology to preserve the original format. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in the book. print-on-demand item. Codice articolo 9781334476518_0
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