The half and the full debt cycle

Siebert, Horst

doi:10.1007/bf02707557

Cited by 11 publications

(10 citation statements)

References 8 publications

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“…Althoogh the current account of the balance of payments swings from deficit to surplus, debt is not repaid. It is simply serviced for the rest of time (Siebert, 1989). Were we to make the subjective rate of discount a declining function of contemporaneous utility, however, the shadow price of consumption would fall over time and debt would be repaid.…”

Section: Ill Stages Of Indebtednessmentioning

confidence: 99%

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Trends and Cycles in Foreign Lending

Eichengreen¹

1990

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Over the past century, the world economy has passed through a succession of phases characterized by very different levels of internstionsl capital flows. This paper asks whar accounrs for these dramatic shifts in the extent of capital aovements across national borders, Three categories of explanation are considered. The first emphasizes the policy regime attributing the unusual extent of capital flows prior ro 1914 to the operation of the international gold standard, The second focuses on the stages-of-indehtedness sometimes thought to characterize the process of economic development. The third ascribes changes in the extent of capital flows to the boom-and-bust cycles through which international capital markets are thought to pass. Though each approach conrrihutes something to our understanding of the phenomenon, none is totally satisfactory. I therefore suggest an alternative explanation, which lays stress on the increase in the magnitude of real interest rate and reel exchange race variability char has occurred over the last 100 years.

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Section: Ill Stages Of Indebtednessmentioning

confidence: 99%

“…The second school of thought focuses on the stages of indebtedaess through which countries are thought to pass (de Vries, 1971;Siebert, 1989). Nations at the earliest stages of development, according to this theory, lack the poiiticai and economic infrasmicturc necessary to borrow abroad.…”

Section: Introductionmentioning

confidence: 99%

Trends and Cycles in Foreign Lending

Eichengreen¹

1990

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“…Since investment opportunities exceed domestic saving in poor countries, rates of return are relatively high in the South and capital naturally flows from the North to take advantage of them. Trade deficits are thus strongly related to ''stages of development'' (Siebert 1989;Sinn 1990;Eichengreen 1992;Genberg and Swoboda 1992;Roldos 1996;Chinn and Prasad 2003).…”

Section: Liberal Perspectivesmentioning

confidence: 99%

Reproducing the North–South Divide: The Role of Trade Deficits and Capital Flows

Moon¹

2008

North and South in the World Political Economy

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The North-South divide can be conceived in several different ways and demarcated along many different dimensions. This essay emphasizes two interrelated aspects of the divide: (1) the gap in economic performance between rich and poor nations and (2) the dependency induced by the transactions that link them. It explores the intertemporal flows and asymmetric exchanges surrounding trade imbalances as a key mechanism that perpetuates both.The yawning income gap between the richest and poorest nations is the most dramatic and visible dimension of the North-South divide and one that has marked the global political economy for at least two centuries (e.g.

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“…This theorem has been applied to economic problems by several authors, including Benhabib (1978), Benhabib and Nishimura (1979), Kemp andLong (1988 and1989). In our problem, the four differential equations (17), (18), (19), and (20) constitute the system F(x f |i) of the theorem.…”

Section: The Modelmentioning

confidence: 99%

“…This theory has been successfully applied to problems in economic theory; see for example Benhabib (1978), Benhabib and Nishimura (1978), Kemp andLong (1988) and. (1989).…”

Section: Introductionmentioning

confidence: 99%

Debt Cycles with Endogenous Interest Rate

Long

Siebert

1990

Operations Research Proceedings

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The half and the full debt cycle

Cited by 11 publications

References 8 publications

Trends and Cycles in Foreign Lending

Trends and Cycles in Foreign Lending

Reproducing the North–South Divide: The Role of Trade Deficits and Capital Flows

Debt Cycles with Endogenous Interest Rate

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