chapter  8
12 Pages

The Early Eighties: Rescheduling and the Increasing Role of Official Institutions

Intheearlyeighties,newtrendsemergedintheexternalfmancingof developingcountries,largelyasaresultofthevastamountofdebt alreadyaccumulated,andtheprolongedrecessionintheindustrial countries.Thesenewtrendshavebecomemuchclearersincelate1982; ifaprecisepointintimeweretobeidentifiedafterwhichthesetrends becamemoremarked,thedatewouldbetheAugust1982Mexican externalfinancialcrisis.However,theseproblemsinMexico-followed soonafterbysimilarproblemsinseveralofthemaindevelopingcountries'debtors-weretheresultofeconomicandfinancialtrendswhich hadbeenemergingoverseveralyears.