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Third world debt.

R Dornbusch, S Fischer

    Science (New York, N.Y.)
    |November 14, 1986
    PubMed
    Summary
    This summary is machine-generated.

    The 1980s international debt crisis, fueled by risky lending and economic shocks, caused severe recessions. Later strategies aimed to foster growth without debt default, exemplified by the Mexican case.

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    Area of Science:

    • Economics
    • International Finance
    • Economic History

    Background:

    • The international debt crisis of the early 1980s stemmed from imprudent lending and borrowing practices.
    • Major global economic shocks between 1980 and 1982 exacerbated the crisis.
    • Latin American nations were disproportionately affected by the debt crisis.

    Purpose of the Study:

    • To analyze the causes and initial responses to the international debt crisis.
    • To evaluate the effectiveness of strategies aimed at resolving the debt crisis and promoting economic growth.
    • To highlight the Mexican case as an example within the broader crisis.

    Main Methods:

    • Historical analysis of economic events and policy responses from 1980 to 1985.
    • Examination of the consequences of initial liquidity-based solutions.

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  • Case study approach focusing on Mexico's experience.

    • Main Results:

    • The initial strategy of providing further lending to address illiquidity led to severe recessions in debtor countries.
    • The Baker Plan (1985) was introduced to shift focus towards enabling debtor country growth without default.
    • Mexico's situation serves as a key illustration of the crisis dynamics and policy challenges.

    Conclusions:

    • Early crisis management focused on liquidity, inadvertently deepening economic downturns.
    • Policy evolution towards growth-oriented solutions was a necessary response to the crisis's severity.
    • The international debt crisis necessitated a reevaluation of lending practices and economic adjustment strategies.