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Debt, Finance, Production and Trade in a North-South Model: The Surplus Approach

  • Darity, William, Jr

This paper presents a short-period North-South model based upon the surplus approach formalized by Piero Sraffa. Its major innovation is the introduction of a unified international banki ng sector, patterned after the Euro-banking system, that creates cred it as a multiple of deposits received from each region. The model fac ilities investigation of "crowding out" and "crowding in" within and across regions, interregional and intraregional competition for c redit, and the origins of debt crises, including the Brimmer-Kindlebe rger commercial bank "loan pushing" phenomenon. The model also is c ompared briefly with other recent explanations for the developing-cou ntry debt trauma. Copyright 1987 by Oxford University Press.

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Article provided by Oxford University Press in its journal Cambridge Journal of Economics.

Volume (Year): 11 (1987)
Issue (Month): 3 (September)
Pages: 211-27

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Handle: RePEc:oup:cambje:v:11:y:1987:i:3:p:211-27
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