THE INTERNATIONAL CAPITAL MARKET AND ECONOMIC LIBERALIZATION IN LDCs
THE INTERNATIONAL CAPITAL MARKET AND ECONOMIC LIBERALIZATION IN LDCs
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国际资本市场与最不发达国家的经济自由化
DOI：
10.1111/j.1746-1049.1984.tb01168.x
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发表时间：
1984
期刊：
影响因子：
--
通讯作者：
R. Mckinnon
中科院分区：
文献类型：
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作者：
R. Mckinnon
在经济自由化计划的过程中，过度借贷是我们的专业从南锥体国家最近的经验中敏锐地意识到的一个问题：阿根廷，智利和乌拉圭。智利是一个很好的例子，从1976年到1979年，经济自由化似乎是正确的。对外贸易中的关税和配额被取消;财政赤字变成了财政盈余;利率上限被取消，银行准备金要求被降低。但是，后来新自由化的私营部门的海外借款变得巨大，外债使经济不堪重负，然而，南锥体在1970年代和1980年代初的情况并不十分纯粹;在这一时期，几乎所有欠发达国家都过度借款，然后陷入债务危机。这个时代是复杂的，一方面是石油危机的循环，另一方面是我认为对西方商业银行冒险行为的公共监管的重大崩溃。其结果是银行在整个世界经济中过度放贷，特别是对第三世界的过度放贷。
OVERBORROWING in the course of an economic liberalization program, is a problem with which our profession has become acutely aware from the recent experience of Southern Cone countries: Argentina, Chile, and Uruguay. Chile is a very good example of an economy that liberalized seemingly correctly from 1976 to 1979. Tariffs and quotas were eliminated from foreign trade; the fiscal deficit was turned into a fiscal surplus; interest rate ceilings were removed, and bank-reserve requirements were reduced. But then overseas borrowing by the newly liberalized private sector became enormous, and swamped the economy with external debt.However, the case of the Southern Cone in the 1970s and early 1980s is hardly very pure; in this period virtually all less developed countries overborrowed, and then got themselves into a debt crisis. This era was complicated by recycling from the oil shock on the one hand, and then what I consider to be a major breakdown in the public regulation of the risk-taking of Western commercial banks on the other. The result was gross overlending by banks in the world economy at large and to the Third World in particular.