External debt and the reform of the international monetary system

On the basis of an analysis of the historical evolution of real international interest rates, the author asserts that the main factor which increased the external debt burden in the 1980s was the excessively and unexpectedly high levels reached by such rates. This increase, which took both bankers and debtor countries by surprise, so that they do not appear to bear major responsibility for this process, mainly originated in the economic policy followed by the United States Government. Through mechanisms which are analysed by the author, this policy increased the debt service burden and reduced the volumes and prices of commodity exports, giving rise to a transfer of resources from the debtor countries which exceeds 3% of their gross domestic product per year.