Abstract
This paper is concerned with the banks' reaction to the developing country and other debt crises in the 1980s. We claim that this reaction has led to a restructuring of the international financial system so that it now constitutes a new international financial system (NIFS). The chief characteristics of the NIFS are outlined and their consequences for the developing countries are discussed. Our main thesis is that the developing country debt crisis is becoming less and less of a threat to the international financial system although it obviously remains one of the most serious threats to the stability and prosperity of many developing countries.
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