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1、ThirdWorldDebtAuthor(s):RudigerDornbuschandStanleyFischerSource:Science,NewSeries,Vol.234,No.4778(Nov.14,1986),pp.836-841Publishedby:AmericanAssociationfortheAdvancementofScienceStableURL:http://www.jstor.org/stable/1698086Accessed:04/08/200908:38YouruseoftheJSTORarchiv
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6、'3ThirdWorldDebtRUDIGERDORNBUSCHANDSTANLEYFISCHERExternalBorrowingandDebtCrisisTheinternationaldebtcrisisarosefromimprudentbor-rowing,imprudentlending,andmajorshockstotheWhenacountrymakesmorepaymentsabroadthanitreceives,itworldeconomyfrom1980to1982.Theinitialimpulseinha
7、sacurrentaccountdeficit.Thedeficithastobefinancedbyselling1982wastotreatthedebtproblemasoneofilliquidityoffassetsorbyborrowing.Sustaineddeficitscauseanincreasingandthusprovidefurtherlendingwhilethedebtorcoun-foreigndebtthatfeedsonitselfastheinterestonthedebtandthetriest
8、riedtoadjusttotheshock.Thisstrategyproducedinterestontheinterestbuildup.Adebtcrisisoccurswhenadebtormassiverec
