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Trade and Development Report 1989

image of Trade and Development Report 1989

Global output and trade expanded very rapidly last year and are continuing to grow, though at a somewhat reduced pace. The international economy is apparently in good health. However, this appearance is misleading. The growth impulses that are present are quite fragile, and will need to be actively protected.

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International financing from the capital markets, payments and debt

International capital markets during the 1980s have been notable for the difference between their overall dynamism, on the one hand, and the contraction in their role as a source of financing for developing countries, on the other. The dynamism is evident not only from the scale of bank lending and issues of securities to all borrowers but also from the pace of financial innovation. By contrast, for the great majority of developing countries, after 1982 net lending by banks first dwindled to levels far below those of the period preceding the outbreak of the debt crisis, and more recently has dried up or even become negative in many cases. Borrowing from private sources by developing countries in forms other than bank loans during this period has also been small.

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