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Paperback | $32.00 Short | £22.95 | ISBN: 9780262550222 | 294 pp. | 5.8 x 8.9 in | October 1992
 

The International Debt Crisis in Historical Perspective

Overview

This anatomy of financial crises shows that the worldwide debt crisis of the 1980s was not unprecedented and was even forecast by many. Eichengreen and Lindert bring together original studies that assess the historical record to see what lessons can be learned for resolving today's crisis.

"Me International Debt Crisis in Historical Perspective] demonstrates effectively how the historical perspective can help us understand the nature of international debt crises with particular recurring features such as reckless borrowing, excessive optimism of lenders, and the failure to recognize the time dimension in economic development... This stimulating volume shows the value of the historical perspective for policymakers, lenders, and borrowers when appraising foreign investment possibilities, dangers, and pitfalls. The future is not always like the past, but resembles it often enough for the past to be a relevant consideration. " - A. G. Ford, Economic History Review

About the Authors

Barry Eichengreen is George C. Pardee and Helen N. Pardee Professor of Economics and Political Science at the University of California, Berkeley. He is the author of Capital Flows and Crises (MIT Press, 2002) and other books.

Peter H. Lindert is Professor of Economics at the University of California, Davis.

About the Editors

Barry Eichengreen is George C. Pardee and Helen N. Pardee Professor of Economics and Political Science at the University of California, Berkeley. He is the author of Capital Flows and Crises (MIT Press, 2002) and other books.

Peter H. Lindert is Professor of Economics at the University of California, Davis.

Endorsements

“These fine essays reveal a century-long history of Latin American debt crises containing lessons for both lenders (negotiations to resolve debt crises most likely lead only to more negotiations) and borrowers (there is surprisingly little to be gained by paying your debts).
Peter Temin, Professor of Economics, MIT

“Recent research on the history of sovereign lending has proven extraordinary useful in understanding today’s Third-World Debt problems. The essays here are uniformly excellent and span both a broad range of experiences and points of view. This book will be of immense value to anyone interested in developing country-debt or, for that matter, international economic relations in general.”
Kenneth Rogoff, Professor of Economics, University of California, Berkeley

“Lending specialists draw important lessons from earlier debt crises. The book will be a valuable resource for policymakers and academics alike.”
Barbara Stallings, Professor of Political Science, University of Wisconsin

“Bankers and statesmen will find a lot which is relevant to their present problems in these authoritative and well-written essays on a century of international debt crises.”
Marcello De Cecco, Professor of Economics, University of Rome

“Eichengreen and Lindert have assembled a fine group of scholars, who think clearly and write lucidly. Their book conveys a lesson and a warning. Lenders and borrowers behave predictably, in ways that produce periodic debt crises remarkably similar in origin and outcome. New names have been given to old ways of muddling through, but not much else was new in the 1980s. Readers of this history are not likely to repeat it. But that will happen later, after it has been forgotten.”
Peter B. Kenen, Princeton University