A sudden and radical reversal of financial flows to developing countries has occurred since 1982. Controversy exists, however, as to the scale of the actual outflow of resources and as to whether too much emphasis has been placed in the past on adjustment efforts. The following article attempts...

So far, it has been possible to stave off really serious consequences for the world economy and the international financial system since the developing-country debt crisis started in 1982. Yet for many developing countries, external debt problems and the underlying economic crisis are as...