Abstract
This paper examines the workings of the international private capital market in recent years from the perspective of the 15 highly indebted countries in the Third World, evaluating the role played by market forces and market imperfections in the emergence of the debt crisis of the 1980s and its management. The paper considers market re-entry and examines the recent capital inflows to major debtor countries and their sustainability. Finally, the role of the international financial institutions in managing the debt crisis is discussed, and proposals made for reforming, or in the case of the Bank, transforming, their functions.
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