Developing Country Debt and Economic Performance: Country Studies - Indonesia, Korea, Philippines, Turkey

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For dozens of developing countries, the financial upheavals of the 1980s have set back economic development by a decade or more. Poverty in those countries has intensified as they struggle under the burden of an enormous external debt. In 1988, more than six years after the onset of the crisis, almost all the debtor countries were still unable to borrow in the international capital markets on normal terms. Moreover, the world financial system has been disrupted by the prospect of widespread defaults on those debts. Because of the urgency of the present crisis, and because similar crises have recurred intermittently for at least 175 years, it is important to understand the fundamental features of the international macroeconomy and global financial markets that have contributed to this repeated instability.

This project on developing country debt, undertaken by the National Bureau of Economic Research, provides a detailed analysis of the ongoing developing country debt crisis. The project focuses on the middle-income developing countries, particularly those in Latin America and East Asia, although many lessons of the study should apply as well to other, poorer debtor countries. The project analyzes the crisis from two perspectives, that of the international financial system as a whole (volume 1) and that of individual debtor countries (volumes 2 and 3).

This third volume contains lengthy and detailed case studies of four very different Asian countries—Turkey, Indonesia, Korea, and the Philippines.

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Product Details

Meet the Author

Jeffrey D. Sachs is the Galen L. Stone Professor of International Trade at Harvard University and a research associate of the National Bureau of Economic Research. He is the coauthor, with Michael Bruno, of Economics of Worldwide Stagflation.

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Table of Contents

Debt, Policy, and Performance: An Introduction
Susam M. Collins
Book I - Indonesian Economic Policies and Their Relation to External Debt Management
Wing Thye Woo and Anwar Nasution
1. Introduction and Summary
2. Political and Economic Instability, 1950-65
3. The Political Economy Factors in Policymaking
4. The Fiscal System
5. Monetary Policy and Financial Structure
6. Exchange Rate Policy
7. External Debt Management
8. Conclusions and Prospects
Book II - External Debt and Macroeconomic Performance in South Korea
Susam M. Collins and Won-Am Park
1. Introduction
2. Historical Background: Economic Development Prior to 1962
3. An Overview of Korea's External Debt
4. Three Cycles of Debt Accumulation, 1960-86
5. Internal versus External Shocks

6. Introduction to Part Two
7. Korea's Rapid Growth
8. Savings and Investment
9. Exchange Rate, Trade, and Industrial Policy
10. Exchange Rates, Wages, and Productivity
11. Fiscal and Monetary Policy
12. Income Distribution
13. Lessons from Korea's Experience: A Synthesis
Data Appendix
Book III - The Marcos Legacy: Economic Policy and Foreign Debt in the Philippines
Robert S. Dohner and Ponciano Intal, Jr.
1. Introduction
2. Government Expenditure and Revenues
3. Trade Policy, Industrial Policy, and the Exchange Rate
4. Government Interventions and Rent Seeking
5. The Philippine Financial System and the Debt Crisis
6. External Debt and Debt Management
7. Debt Crisis and Adjustment
8. The Aquino Government and Prospects for the Economy
Book IV - Debt, Adjustment, and Growth: Turkey Merih Celâsun and Dani Rodrik
Part I - Policy Phases and Adjustment Patterns
1. Turkish Economic Development: An Overview
2. Economic Boom and Debt Crisis, 1973-77
3. Crisis Without Adjustment, 1978-79
4. Stabilization and Adjustment Policies, 1980-85
5. Performance and Adjustment Patterns in the 1980s
Part II - Selected Aspects of Debt and Adjustment
6. External Borrowing, Real Wage Flexibility, and Equilibrium Exchange Rates: A General Equilibrium Analysis
7. Trade Regime and an Anatomy of Export Performance
8. The Public Sector: Fiscal Adjustment and Resource Mobilization
9. External Financial Relations and Debt Management
10. Conclusions and Prospects
Appendix A. Political Chronology
Appendix B. Statistical Appendix
List of Contributors
Name Index
Subject Index

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