Debt and Conditionality under Endogenous Terms of Trade Adjustment / Joshua Aizenman, Eduardo Borensztein, National Bureau of Economic Research.

Author
Aizenman, Joshua [Browse]
Format
Book
Language
English
Published/​Created
Cambridge, Massachusetts : National Bureau of Economic Research, 1988.
Description
1 online resource (49 pages) : illustrations.

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Series
Working paper series (National Bureau of Economic Research) ; number 2582. [More in this series]
Summary note
The purpose of this study is to identify conditions under which renewed international lending will benefit both the developed and the developing countries. Our analysis will evaluate how the presence of terms of trade adjust-rent and distorted credit markets affect the conditions for the existence of beneficial lending. We demonstrate that in the presence of endogenous terms of trade adjustment, there are cases in which a competitive international banking system may not revitalize lending for investment purposes, even if such renewed lending is socially desirable. Renewed lending may require the appropriate conditionality, and the presence of endogenous terms of trade adjustment puts greater weight on investment conditionality.
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