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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:The Crisis of Development Finance and Its Impact on Developing Economies: Trends, Issues and Policy Options
Author:Asante-Odame, Daniel Smart
Year:1990
Periodical:Africa Development: A Quarterly Journal of CODESRIA (ISSN 0850-3907)
Volume:15
Issue:2
Pages:57-80
Language:English
Geographic terms:developing countries
Africa
Subjects:capital movements
financial aid
Development and Technology
Economics and Trade
Politics and Government
External link:https://www.jstor.org/stable/24486769
Abstract:This article examines recent trends in international financial flows and their impact on the internal and external financial situation of developing countries. First, the decline in financial flows to developing countries is examined, paying attention to the decline in aid flows, export credits, multilateral flows, international bank lending, and foreign direct investment. Next, an examination of outflows of financial resources from developing countries shows that there has been a reduced volume of net inflows compared to increasing net outflows since 1984. The present situation with regard to the provision of development finance is characterized by two main features: the predominance of 'maintenance' financing by creditors and the pervasive practice of policy-based lending (lending accompanied by structural adjustment programmes). The international financial system has been plagued in the last few years by financial disorder and is now required to cope with phenomena such as payment arrears and debt reschedulings. The disorder in the international financial system has also reduced the capacity to finance development through domestic savings. In conclusion, various policy options to remedy the situation are reviewed. Notes, ref., sum. in French.
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