The Economic Development Institute (EDI) was established by the World Bank in 1955 to train offic... more The Economic Development Institute (EDI) was established by the World Bank in 1955 to train officials concerned with development planning, policymaking, investment analysis, and project implementation in member developing countries. At present the substance of the EDI's work emphasizes macroeconomic and sectoral economic policy analysis. Through a variety of courses, seminars, and workshops, most of which are given overseas in cooperation with local institutions, the EDI seeks to sharpen analytical skills used in policy analysis and to broaden understanding of the experience of individual countries with economic development. In addition to furthering the EDI's pedagogical objectives, Policy Seminars provide forums for policymakers, academics, and Bank staff to exchange views on current development issues, proposals, and practices. Although the EDI's publications are designed to support its training activities, many are of interest to a much broader audience. EDI materials, including any findings, interpretations, and conclusions, are entirely those of the authors and should not be attributed in any manner to the World Bank, to its affiliated organizations, or to members of its Board of Executive Directors or the countries they represent. Because of the informality of this series and to make the publication available with the least possible delay, the manuscript has not been edited as fully as would be the case with a more formal document, and the World Bank accepts no responsibility for errors.
All rights reserved Manufactured in tiie United States ot America First printing January 1995 Dis... more All rights reserved Manufactured in tiie United States ot America First printing January 1995 Discussion Papers presenlt reSuIlts of country analysis or research that are circulated to encourage discussion and comnment within the developmiienit commnunity. To present these results with the least possible delay, the typescript of this paper has not beeni prepared in accordance with the procedures appropriate to formal pnnted texts, and the World Bank accepts n1o responsibility for errors. Some sources cited in this paper may be informal docuLmlenlts that are n1ot readily available. The findings, interpretationis, and conclusions expressed in this paper are entirely those of the author(s) and should not be attributed in any isiannier to the World Bank, to its affiliated organizations. or to members of its Board of Executive Directors or the countries they represent. The World Bank does not guarantee the accuracy of the data incluided in this publication and accepts no responsibility whatsoever for any consequence of their use. The bouLndaries, colors, denonminations, and other information shown on any map in this volume do not imply on1 the part of the World Bank Group any judgment on the legal status of any territory or the endorsemenit or acceptanice of such bouLndaries.
The editors are especially indebted to Elin Knotter of the Fund's External Rel.ations Department,... more The editors are especially indebted to Elin Knotter of the Fund's External Rel.ations Department, who edited the entire manuscript and coordinated \~he production of this volume. Norma Alvarado provided expert word processing assistance. Finally, the editors thank all the participants in the conference, who contributed to two days of stimulating discussions.
The findings, interpretations, and conclusions expressed in this paper are entirely those of the ... more The findings, interpretations, and conclusions expressed in this paper are entirely those of the authors and should not be attributed in any manner to the World Bank, to its affiliated organizations, or to members of its Board of Executive Directors or the countries they represent. The World Bank does not guarantee the accuracy of the data included in this publication and accepts no responsibility whatsoever for any consequence of their use. Contents
Appendix 2 . Building Up Regional Financial Infrastructure in Southern Africa
The findings, interpretations, and conclusions expressed in this paper are entirely those of the ... more The findings, interpretations, and conclusions expressed in this paper are entirely those of the authors and should not be attributed in any manner to the World Bank, to its affiliated organizations, or to members of its Board of Executive Directors or the countries they represent. The World Bank does not guarantee the accuracy of the data included in this publication and accepts no responsibility whatsoever for any consequence of their use.
power terms. Most analysts have argued that the value of the debt of these countries has not grow... more power terms. Most analysts have argued that the value of the debt of these countries has not grown significantly in real terms because of the moderating effects of inflation. Stephen Goodman in a collection of Export-Import Bank conference papers on NOLDC external debt states: The prices of developing country exports have more than doubled since 1971; indeed, in a single year-1974-export prices rose a startling 44 percent. Because of this rapid rise in prices, there has been a substantial reduction in the real value of the developing countries' debt-service burden from what would otherwise have been the case. In the 1971 to 1976 period, the debt relief provided through inflation averaged $13 billion annuallymore than twice the average annual. flow of grants during the period... . In real terms, the disbursed debt outstanding of the developing countries is only about 15 percent greater today than it was in 1971 compared with about a 150 percent increase in the nominal value of the developing countries' debt during the period.2 Other writers have reiterated this basic position. Gordon Smith, in a recent paper on the external debt prospects of the NOLDCs, argued: The real value of outstanding LDC debt has been declining at a remarkable rate due to inflation. For example, total present value of debt service payments due over the period 1973-82 on the public debt outstanding at the end of 1972 was reduced nearly 40% by inflation during 1973-76 alone. .. In all, some $42 billion at 1972 export prices ($72.5 billion at 1976 *Our thanks are due to the Ford Foundation for supporting this research through their project on World Economic Order. he basis for these estimates can be found in Long and Veneroso, "The Debt Related Problems of the Non-Oil Less Developed Countries", to be published in Economic Development and Cultural Change. 1980. 'stephen Goodman, "Introduction" in Stephen Goodman, ed. Financingand Risk in Developing Countries.
The Debt-Related Problems of the Non-Oil Less Developed Countries
Economic Development and Cultural Change, 1981
... which generate the foreign exchange available for external debt service, some analysts have a... more ... which generate the foreign exchange available for external debt service, some analysts have argued that deflating by the NOLDC export price index best ... In another paper we have explored the issue in some depth (see Millard Long and Frank Veneroso, "A Note on the Real ...
This paper examines the phenomenon of financial distress that has, in the late 1 970s and in the ... more This paper examines the phenomenon of financial distress that has, in the late 1 970s and in the 1980s, taken a worldwide dimension. It traces the causes back to external shocks that affected developing countries during that period and to overexpansionary ...
This paper examines the phenomenon of financial distress that has, in the late 1 970s and in the ... more This paper examines the phenomenon of financial distress that has, in the late 1 970s and in the 1980s, taken a worldwide dimension. It traces the causes back to external shocks that affected developing countries during that period and to overexpansionary ...
The Economic Development Institute (EDI) was established by the World Bank in 1955 to train offic... more The Economic Development Institute (EDI) was established by the World Bank in 1955 to train officials concerned with development planning, policymaking, investment analysis, and project implementation in member developing countries. At present the substance of the EDI's work emphasizes macroeconomic and sectoral economic policy analysis. Through a variety of courses, seminars, and workshops, most of which are given overseas in cooperation with local institutions, the EDI seeks to sharpen analytical skills used in policy analysis and to broaden understanding of the experience of individual countries with economic development. In addition to furthering the EDI's pedagogical objectives, Policy Seminars provide forums for policymakers, academics, and Bank staff to exchange views on current development issues, proposals, and practices. Although the EDI's publications are designed to support its training activities, many are of interest to a much broader audience. EDI materials, including any findings, interpretations, and conclusions, are entirely those of the authors and should not be attributed in any manner to the World Bank, to its affiliated organizations, or to members of its Board of Executive Directors or the countries they represent. Because of the informality of this series and to make the publication available with the least possible delay, the manuscript has not been edited as fully as would be the case with a more formal document, and the World Bank accepts no responsibility for errors.
All rights reserved Manufactured in tiie United States ot America First printing January 1995 Dis... more All rights reserved Manufactured in tiie United States ot America First printing January 1995 Discussion Papers presenlt reSuIlts of country analysis or research that are circulated to encourage discussion and comnment within the developmiienit commnunity. To present these results with the least possible delay, the typescript of this paper has not beeni prepared in accordance with the procedures appropriate to formal pnnted texts, and the World Bank accepts n1o responsibility for errors. Some sources cited in this paper may be informal docuLmlenlts that are n1ot readily available. The findings, interpretationis, and conclusions expressed in this paper are entirely those of the author(s) and should not be attributed in any isiannier to the World Bank, to its affiliated organizations. or to members of its Board of Executive Directors or the countries they represent. The World Bank does not guarantee the accuracy of the data incluided in this publication and accepts no responsibility whatsoever for any consequence of their use. The bouLndaries, colors, denonminations, and other information shown on any map in this volume do not imply on1 the part of the World Bank Group any judgment on the legal status of any territory or the endorsemenit or acceptanice of such bouLndaries.
The editors are especially indebted to Elin Knotter of the Fund's External Rel.ations Department,... more The editors are especially indebted to Elin Knotter of the Fund's External Rel.ations Department, who edited the entire manuscript and coordinated \~he production of this volume. Norma Alvarado provided expert word processing assistance. Finally, the editors thank all the participants in the conference, who contributed to two days of stimulating discussions.
The findings, interpretations, and conclusions expressed in this paper are entirely those of the ... more The findings, interpretations, and conclusions expressed in this paper are entirely those of the authors and should not be attributed in any manner to the World Bank, to its affiliated organizations, or to members of its Board of Executive Directors or the countries they represent. The World Bank does not guarantee the accuracy of the data included in this publication and accepts no responsibility whatsoever for any consequence of their use. Contents
Appendix 2 . Building Up Regional Financial Infrastructure in Southern Africa
The findings, interpretations, and conclusions expressed in this paper are entirely those of the ... more The findings, interpretations, and conclusions expressed in this paper are entirely those of the authors and should not be attributed in any manner to the World Bank, to its affiliated organizations, or to members of its Board of Executive Directors or the countries they represent. The World Bank does not guarantee the accuracy of the data included in this publication and accepts no responsibility whatsoever for any consequence of their use.
power terms. Most analysts have argued that the value of the debt of these countries has not grow... more power terms. Most analysts have argued that the value of the debt of these countries has not grown significantly in real terms because of the moderating effects of inflation. Stephen Goodman in a collection of Export-Import Bank conference papers on NOLDC external debt states: The prices of developing country exports have more than doubled since 1971; indeed, in a single year-1974-export prices rose a startling 44 percent. Because of this rapid rise in prices, there has been a substantial reduction in the real value of the developing countries' debt-service burden from what would otherwise have been the case. In the 1971 to 1976 period, the debt relief provided through inflation averaged $13 billion annuallymore than twice the average annual. flow of grants during the period... . In real terms, the disbursed debt outstanding of the developing countries is only about 15 percent greater today than it was in 1971 compared with about a 150 percent increase in the nominal value of the developing countries' debt during the period.2 Other writers have reiterated this basic position. Gordon Smith, in a recent paper on the external debt prospects of the NOLDCs, argued: The real value of outstanding LDC debt has been declining at a remarkable rate due to inflation. For example, total present value of debt service payments due over the period 1973-82 on the public debt outstanding at the end of 1972 was reduced nearly 40% by inflation during 1973-76 alone. .. In all, some $42 billion at 1972 export prices ($72.5 billion at 1976 *Our thanks are due to the Ford Foundation for supporting this research through their project on World Economic Order. he basis for these estimates can be found in Long and Veneroso, "The Debt Related Problems of the Non-Oil Less Developed Countries", to be published in Economic Development and Cultural Change. 1980. 'stephen Goodman, "Introduction" in Stephen Goodman, ed. Financingand Risk in Developing Countries.
The Debt-Related Problems of the Non-Oil Less Developed Countries
Economic Development and Cultural Change, 1981
... which generate the foreign exchange available for external debt service, some analysts have a... more ... which generate the foreign exchange available for external debt service, some analysts have argued that deflating by the NOLDC export price index best ... In another paper we have explored the issue in some depth (see Millard Long and Frank Veneroso, "A Note on the Real ...
This paper examines the phenomenon of financial distress that has, in the late 1 970s and in the ... more This paper examines the phenomenon of financial distress that has, in the late 1 970s and in the 1980s, taken a worldwide dimension. It traces the causes back to external shocks that affected developing countries during that period and to overexpansionary ...
This paper examines the phenomenon of financial distress that has, in the late 1 970s and in the ... more This paper examines the phenomenon of financial distress that has, in the late 1 970s and in the 1980s, taken a worldwide dimension. It traces the causes back to external shocks that affected developing countries during that period and to overexpansionary ...
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