Towards a New Bretton Woods

Challenges for the World Financial and Trading System: Selected Backgound Papers Prepared for a Commonwealth Study Group, Volume I and II

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Future Financing of the Capital Needs of Developing Countries

The decade of the seventies was characterised by an enormous expansion in commercial bank lending and a decline in the relative importance of official capital flows to developing countries. The growth of commercial bank lending reached its peak and spreads over LIBOR became their narrowest in 1979. In 1981, the failure of Poland to make timely payment of interest and principal on its outstanding debt resulted in a nearly complete halt in lending to most Eastern European countries.


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