Many of the present difficulties of the world economy have been blamed on the two oil-price explosions of the 1970s. Professor Chichilnisky shows that, at least in the case of the oil-importing developing countries, the negative effects have been overestimated. In fact, in some respects the oil...

The burden of past restructuring of the external debt of developing countries has been distributed asymmetrically among creditors owing to the lack of incentives for voluntary debt reduction. "New creditors" have been deterred from lending voluntarily because their claims would inevitably be...

The Brady Plan is the first official proposal to give priority to a tangible reduction in the debtor countries' debt service burden and is thus a milestone along the path towards overcoming the international debt crisis. However, the instruments foreseen in the Plan virtually invite criticism...