Abstract
when Mexico defaulted on its debt repayments, annual capital flows to developing countries amounted to $100 billion and official concessional aid flows consisted of an additional $50 billion. After the debt crisis, commercial flows dried up almost completely with net transfers of capital from borrowing countries to their lenders. The concessional flows which had grown dramatically in the 1970s also stagnated in real terms. Over the four post-World War II decades, billions of dollars have been transferred from developed to developing countries. During this period there have been major structural changes in the patterns of external assistance including the graduation of a number of recipients, such as Greece, Taiwan, and South Korea, the decline of the U.S. role as a donor, the rise of Europe and Japan in external assistance, and a shift of aid resources from Asia to Africa. Whether these transfers have succeeded in stim-
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