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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:04/08/200908:38Your
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4、wPublisher?publisherCode=aaas.EachcopyofanypartofaJSTORtransmissionmustcontainthesamecopyrightnoticethatappearsonthescreenorprintedpageofsuchtransmission.JSTORisanot-for-profitorganizationfoundedin1995tobuildtrusteddigitalarchivesforscholarship.Wework
5、withthescholarlycommunitytopreservetheirworkandthematerialstheyrelyupon,andtobuildacommonresearchplatformthatpromotesthediscoveryanduseoftheseresources.FormoreinformationaboutJSTOR,pleasecontactsupport@jstor.org.AmericanAssociationfortheAdvancementofS
6、cienceiscollaboratingwithJSTORtodigitize,preserveandextendaccesstoScience.http://www.jstor.orgI'3ThirdWorldDebtRUDIGERDORNBUSCHANDSTANLEYFISCHERExternalBorrowingandDebtCrisisTheinternationaldebtcrisisarosefromimprudentbor-rowing,imprudentlending,andma
7、jorshockstotheWhenacountrymakesmorepaymentsabroadthanitreceives,itworldeconomyfrom1980to1982.Theinitialimpulseinhasacurrentaccountdeficit.Thedeficithastobefinancedbyselling1982wastotreatthedebtproblemasoneofilliquidityoffassetsorbyborrowing.Sustainedd
8、eficitscauseanincreasingandthusprovidefurtherlendingwhilethedebtorcoun-foreigndebtthatfeedsonitselfastheinterestonthedebtandthetriestriedtoadjusttotheshock.Thisstrategyproducedinterestontheinterestbuildup.Adebtcrisisoccurswhenadebtormassiverec
