Abstract
The purpose of this chapter is to show how the international financial system may be used to help alleviate hardship in the world’s poorest countries. The rationale for reform only partly hinges on considerations of international equity, however, it also relates to the size and nature of the balance-of-payments problems that these countries have experienced in the past and seem likely to experience in the future. It is on this latter aspect that the paper concentrates.
Originally published in The Journal of Developing Areas, vol. 18, no. 1, October 1983.
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Notes
Peter Bauer and Basil Yamey, ‘The Political Economy of Aid’, Lloyds Bank Review, no. 142 (October 1981), pp. 1–14.
Tony Killick, ‘Eurocurrency Market Recycling of OPEC Surpluses to Developing Countries: Fact or Myth’, The Banker (January 1981): 15–23
Graham Bird, ‘Commercial Borrowing by Less Developed Countries’, Third World Quarterly 2 (April 1980): 270–82.
I. Kapur, ‘An Analysis of the Supply of Eurocurrency Finance to Developing Countries’, Oxford Bulletin of Economics and Statistics 39 (August 1977): 171–88.
J. Eaton and M. Gersovitz, ‘LDC Participation in International Financial Markets’, Journal of Development Economics 7 (March 1980): 3–21.
Graham Bird, ‘Recycling International Finance: An Appraisal and Proposals for Reform’, Societe Universitaire Europeenne de Recherches Financieres, Series 36A (1982).
Graham Bird, ‘Relationships, Resource Uses, and the Conditionality Debate’, in Tony Killick et al., The Quest for Economic Stabilization: The IMF and the Third World ( London: Heinemann and Overseas Development Institute, 1984 ).
Frances Stewart and Arjun Sen-gupta, International Financial Co-operation: A Framework for Change ( London: Pinter, 1982 ).
Gerald K. Helleiner, International Disorder: Essays in North-South Relations ( London: Macmillan, 1980 ).
David A. Brodsky and Gary P. Sampson, ‘Gold, Special Drawing Rights, and Developing Countries’, Trade and Development (Autumn 1980 ): 49–68.
Graham Bird, ‘Financial Flows to Developing Countries: The Role of the International Monetary Fund’, Review of International Studies 7 (March 1981): 91–105.
Graham Bird, ‘SDR Distribution, Interest Rates, and Aid Flows’, The World Economy 4 (December 1981): 419–27.
Bird, ‘The Benefits of Special Drawing Rights for Less Developed Countries’, World Development 7 (March 1979): 281–90.
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© 1988 Graham Bird
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Bird, G. (1988). Low-Income Countries and International Financial Reform. In: Managing Global Money. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-09588-9_13
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DOI: https://doi.org/10.1007/978-1-349-09588-9_13
Publisher Name: Palgrave Macmillan, London
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Online ISBN: 978-1-349-09588-9
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