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Trade policies and the debt crisis

Author

Listed:
  • Laird, Sam
  • Nogues, Julio

Abstract

In the early 1980's, faced with a mounting debt crisis, most highly indebted developing countries increased trade barriers to generate more foreign exchange; but in the last three to four years, they have reversed course. Almost all highly indebted countries have undergone real devaluations and many have undertaken significant liberalizations. But industrial countries have imposed new non-tariff barriers against imports from highly indebted countries. Industrial countries'export subsidies have contributed to lower prices for beef, sugar and grains, which are important exports for some highly indebted countries. In general, highly indebted countries remain more protectionist than industrial nations. But growing protectionism in the industrial nations makes it more difficult for highly indebted countries to pay off their debts, and ultimately rebounds on creditor governments and banks.

Suggested Citation

  • Laird, Sam & Nogues, Julio, 1988. "Trade policies and the debt crisis," Policy Research Working Paper Series 99, The World Bank.
    • Handle: RePEc:wbk:wbrwps:99
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    References listed on IDEAS

    as
    1. André Sapir & Sam Laird, 1987. "Tariff preference," ULB Institutional Repository 2013/8248, ULB -- Universite Libre de Bruxelles.
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    Cited by:

    1. Balassa, Bela, 1990. "Indicative planning in developing countries," Policy Research Working Paper Series 439, The World Bank.
    2. Erzan, Refik, 1989. "Would general trade liberalization in developing countries expand South-South trade?," Policy Research Working Paper Series 319, The World Bank.
    3. Sebastian Alvarez & Juan H. Flores, 2014. "Trade finance and Latin America's lost decade: The forgotten link," Investigaciones de Historia Económica - Economic History Research (IHE-EHR), Journal of the Spanish Economic History Association, Asociación Española de Historia Económica, vol. 10(02), pages 127-139.
    4. Nogues, Julio, 1989. "Latin America's experience with export subsidies," Policy Research Working Paper Series 182, The World Bank.
    5. Freund, Caroline & Pierola, Martha Denisse, 2008. "Export surges : the oower of a competitive currency," Policy Research Working Paper Series 4750, The World Bank.
    6. John Whalley, 1989. "Recent Trade Liberalization in the Developing World: What is Behind It, and Where is it Headed?," NBER Working Papers 3057, National Bureau of Economic Research, Inc.
    7. Nogues, Julio, 1989. "The choice between unilateral and multilateral trade liberalization strategies," Policy Research Working Paper Series 239, The World Bank.
    8. Sebastian Alvarez & Juan H. Flores, 2013. "Financiamiento al comercio exterior y la década perdida de América Latina," Revista Actualidad Económica, Universidad Nacional de Córdoba, Facultad de Ciencias Económicas, Instituto de Economía y Finanzas, vol. 23(81), pages 11-21, Sept-Dic.

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