The prolonged economic recession in the economies of the Center, together with the introduction of neoliberal stabilization policies and growing protectionist tendencies, has created a triple negative effect on the region's ability to service its external debt. The prolonged recession and restrictive monetary policies triggered the crisis in Latin America's external sector, but its causes are profound and are related to factors rooted in the structural imbalance and in the response that the countries of the region have adopted, as manifested in their economic policies and development strategies. While much of the crisis can be attributed to faulty borrowing strategies, it is clear that the structure of the international banking market also contributed to the problem. This paper analyzes the possible solutions to the current situation in the short and medium term.
Keywords:
Latin America, External Sector, External Debt, Development Strategies, International Financial System
Author Biography
Robert Devlin, CEPAL
Economista norteamericano, que ha trabajado extensamente en los problemas de la deuda externa latinoamericana, es actualmente un especialista de la CEPAL.
Devlin, R. (1983). La crisis del sector externo de América Latina : el origen del problema y algunas opciones para enfrentarlo. Estudios Internacionales, 16(64), p. 547–567. https://doi.org/10.5354/0719-3769.1983.15864
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