Capital requirements in economic development : the decade ahead
COLACO, F. | EPD
This paper examines the role of external finance in the economic adjustments undertaken by oil-importing developing countries in the 1970s. It emphasizes the fact that external financing provides a mechanism for adapting the time-phasing of the absorption of the real income loss, necessitated by a terms of trade deterioration that is permanent, to the economic and socio-political constraints of the country in question. Following an introduction, the paper briefly examines the impact of changes in the international economic environment on developing countries, and the role which external financing played in the adjustment process in the 1970s. This is a preamble to a discussion of the 1980s, which is viewed as another period of adjustment. In a global analytical framework, GDP growth rates, domestic performance, external finance, and GDP growth projections are viewed in the outlook for the 1980s. The paper also considers domestic resource mobilization and capital requirements, as well as external capital in this scenario.
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