CEPAL Review

Cepal Review is the leading journal for the study of economic and social development issues in Latin America and the Caribbean. Edited by the Economic Commission for Latin America, each issue focuses on economic trends, industrialization, income distribution, technological development and monetary systems, as well as the implementation of economic reform and transfer of technology. Written in English and Spanish (Revista de la Cepal), each tri-annual issue offers approximately 12 studies and essays undertaken by authoritative experts or gathered from conference proceedings.

English Spanish

External debt and crisis: The decline of the orthodox strategy

This article presents a general view of the reschedulings of Latin American debts with the private banking system during the period 1982-1985. The marked worsening of the conditions of indebtedness experienced by the debtors in the first round of negotiations in 1982-1983 has gradually given way to more favourable terms, above all in the most recent rescheduling (1984-1985). The creditors use market concepts to explain this phenomenon: the better terms represent a reward for good behaviour and the consequent lessening of risk.

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