analyze the historical paths of external debts in these countries. Then, under fairly conventional baseline specifications …An analytic and accounting framework is presented for examining the evolution of the external positions of eight … cases in which external adjustment might be warranted. Through the simulation of some alternative scenarios, the analysis …

, including: the effect of debt conversions on the structure of debtor countries' external liabilities, the incentives debt … debt swaps programs in the so-called "menu-of-options" approach to restructuring developing countries' bank debts. …

availability of bank credit. ; In many LDCs, the government fixes interest rates on bank deposits and loans. If rates on loanable …

.S. external deficit between 1980 and 1986. The paper presents an empirical model of the U.S. current account that is used to … assess the relative importance of changes in U.S. price competitiveness and changes in U.S. and foreign growth as … the results of various multicountry model simulations. We find that shifts in U.S. and foreign fiscal policy could account …

periods of external adjustment is remarkably similar to the foreign experience. Finally, we also examine the performance of … periods when their current account deficits have narrowed. Such studies identified systematic aspects of external adjustment ….S. external imbalance. In contrast, this paper focuses in depth on the historical experience of external adjustment in the United …

deficit and of the consequent buildup in U.S. external debt are examined. The analytical framework for thinking about the U … are then reported. The sustainability of the U.S. external position is discussed next. It is concluded that, at some point …