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

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  • Darity, William, Jr

Abstract

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.

Suggested Citation

  • Darity, William, Jr, 1987. "Debt, Finance, Production and Trade in a North-South Model: The Surplus Approach," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 11(3), pages 211-227, September.
    • Handle: RePEc:oup:cambje:v:11:y:1987:i:3:p:211-27
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    Cited by:

    1. Lynn Mainwaring, 1998. "Transfers in a North‐South Growth Model," Scottish Journal of Political Economy, Scottish Economic Society, vol. 45(5), pages 592-603, November.
    2. M. O. Odedokun, 1997. "Relative effects of public versus private investment spending on economic efficiency and growth in developing countries," Applied Economics, Taylor & Francis Journals, vol. 29(10), pages 1325-1336.
    3. Hoffmaister, Alexander W. & Pradhan, Mahmood & Samiei, Hossein, 1998. "Have North-South growth linkages changed?," World Development, Elsevier, vol. 26(5), pages 791-808, May.
    4. Bilge Erten, 2010. "Industrial Upgrading and Export Diversification: A Comparative Analysis of Economic Policies in Turkey and Malaysia," Working Papers id:2778, eSocialSciences.
    5. -, 1992. "CEPAL Review no.46," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), April.
    6. William Darity & Lewis S. Davis, 2005. "Growth, trade and uneven development," Cambridge Journal of Economics, Oxford University Press, vol. 29(1), pages 141-170, January.

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