Beyond the new orthodoxy: Africa's debt and development crisis in retrospect
Saved in:
| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Aldershot [u.a.]
Avebury
1996
|
| Series: | The making of modern Africa
|
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XXXI, 311 S. graph. Darst. |
| ISBN: | 1859724841 |
Staff View
MARC
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| 245 | 1 | 0 | |a Beyond the new orthodoxy |b Africa's debt and development crisis in retrospect |c Nikoi Kote-Nikoi |
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| adam_text | Beyond the New Orthodoxy
Africa s Debt and Development Crisis in Retrospect
NIKOI KOTE-NIKOI
Avebury
Aldershot • Brookfield USA • Hong Kong • Singapore • Sydney
Contents
Tables and Figures ix
Preface xiii
INTRODUCTION:
Financial Crises in Historical Context xv
Relevant Historical Perspectives xvii
Do Past Crises Offer Us a Current Solution? xx
Diverging Analytics of the Crisis xxii
CHAPTER ONE:
Africa s Debt Crisis in the Global Context 1
1 1 The Economic Context of the Debt: 1970-85 1
1 2 Redefining Africa s Debt Crisis 10
1 3 Structural Analyses or a Resurgent Classicalism? 16
1 4 The Economics of External Imbalances 20
The Rationale for the Orthodox Adjustment 22
The Capital Account 24
The Current Account 26
Debt-Carrying Capacity 32
CHAPTER TWO:
Distal Causes of Africa s Debt Crisis 41
2 1 The Internal Structure 41
22A Model of the Structural Peculiarities
of the African Economy 42
A Theory of Chronic Poverty and Systemic
Stagnation 44
vi Contents
Balanced Growth and the Theory of Stagnation 47
Balanced Growth and Walrasian Equilibrium 49
2 3 The Domestic Politics of the Debt Crisis 62
2 4 The External Environment 71
Development Paradigms and Debt Creation 71
Linear Stage-Growth Theories 73
Economic-Growth Theory 74
Two-Gap Models 77
Summary 80
CHAPTER THREE:
Proximal Causes of Africa s Debt Crisis 89
3 1 Treaties of Tyrants and Dangerous Loans to
Princes 89
The Demand for Debt: Treaties of Tyrants 99
The Supply of Debt: Dangerous Loans to Princes 101
3 2 Tyrants and Princes in Zaire 105
Summary and Conclusion 108
CHAPTER FOUR:
The Neo-Orthodox Middle Ground 115
4 1 Africa in the Neo-Liberal Ideology 118
Challenges of Implementation 119
The Paradox of Laissez-Faire and More
Government 125
Reliable Sources of Growth 128
Market Dysfunction 130
Liberalization of Agriculture and Trade:
The Case of Tropical Beverages 133
4 2 Debt Rescheduling and Restructuring 138
4 3 IMF-type Structural Adjustment Programmes in the
African Context 140
Contents v i i
CHAPTER FIVE:
The IMF/World Bank and Structural Adjustment
in Zambia and Zaire 161
5 1 Structural Adjustment in the Zambian Experience 162
The IMF in the Zambian Experience 166
Economic Orthodoxy Meets Economic Reality 169
5 2 Exchange-Rate Policy in the Zambian Adjustment 180
5 3 Some Theoretical Considerations of Currency
Devaluation as Adjustment Policy 189
Functions of the Foreign-Exchange System 191
Elasticities 193
Macrodynamics * 195
5 4 Adjustment and Drama in Zaire 200
Early Attempts at Economic Adjustment 201
Macro-Level Results 203
Micro-Level Results 205
Crisis Management after 1985 208
5 5 Summary: The Orthodox Adjustment and its Impacts 211
5 6 Conclusion 214
CHAPTER SIX:
Towards a New Culture of Development 223
6 1 Restoring Solvency in the Short Run 226
Interest Rates, Inflation and Debt Buy-backs 226
Debt Forgiveness and Repudiation 231
Debt-Equity Swaps 236
1 The Theory and Mechanics of Debt
Swapping 236
2 Economic Impact of Debt Swapping 242
viii Contents
6 2 Restoring Solvency in the Long Run 245
Domestic Structural Integration 246
Regional Economic Systems 253
1 The Neo-Classical Theory of
Regional Economic Integration 256
2 The Neo-Classical Theory of
Customs Unions 260
3 A Critique of Customs Union Theory 262
4 Towards a Theory of Integration for
Africa 264
6 3 The New Politics of the New Culture 272
Structure and Practice in the New Politics 275
CONCLUSION 289
BIBLIOGRAPHY 299
Tables and Figures
Table 1 1
Table 1 2
Table
Fig 1
Table
Table
Table
Table
Table
Table
Table
Table
Table
Sub-Saharan Africa: Long-Term Public
and Publicly-Guaranteed Debt, Average
Annual Nominal Growth Rates, 1970-84
Factors Contributing to SSA s External
Debt Crisis, 1976-85
SSA: Selected Economic Indicators, 1971-83
Comparative Current Account Balances, 1974-85 7
The Net Barter Terms of Trade for SSA,
1970-84 8
SSA Commodity Prices, 1970-83 9
SSA s External Debt By Source, 1984 11
SSA s Debt Dynamics, 1970-86 35
Growth of Exports, 1965-86,
Comparative Data 98
Index of Export Volume, Selected
Countries 122
Index of Unit Value of Exports,
Selected Countries 123
Coefficients of Variation of Export
Earnings, Selected Countries 125
Effect of Trade Liberalization on
Coffee Exports, By Country or Region 134
Table 4 5
Table 4 6
Table 4 7
Table 4 8
Fig 4 1
Fig 4 2
Table
Table
Table
Table
Table
Table
Tables and Figures
Effect of Trade Liberalization on
Cocoa Exports, by Country or Region 135
Effects of Trade Liberalization on
Tea Exports, by Country or Region 136
Effects of Trade Liberalization on
Export Revenue of Supplier Nations 137
Share of Public Debt in SSA s Total
External Debt, 1984 138
Indicators of the Sustainability of
Adjustment for SSAn Countries
Implementing IMF-Sponsored Structural
Adjustment Programmes, 1980-85 144
Growth of GDP in SSA by Strength
of Adjustment, 1980-87 145
Zambia: GDP by Type of Expenditure 171
Zambia: Net Capital Flows, 1970-84 173
Zaire s Balance-of-Payments, 1980-84 206
SSA s Overadjustment to Structural
Adjustment 215
Debt Burden Indicators for SSA,
1970-85 227
SSA s Debt Structure, 1987, By Income
and Debt Categories, 1987 233
Tables and Figures
Table 6 3 Secondary Market Prices of U S
Bank Loans to Selected Developing
Countries, 1988
Fig 6 1 Secondary Market Bids on Commercial-
Bank Debt of Developing Countries,
1986-1990
Table 6 4 Types and Characteristics of Regional
Economic Systems
Fig 62A Dynamic Growth Process in a
Regionally-Integrated African Economy
Table 7 A Problem-Solution Grid for Africa s
Debt-and-Development Crisis
XI
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| series2 | The making of modern Africa |
| spelling | Kote-Nikoi, Nikoi Verfasser aut Beyond the new orthodoxy Africa's debt and development crisis in retrospect Nikoi Kote-Nikoi Aldershot [u.a.] Avebury 1996 XXXI, 311 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier The making of modern Africa Dettes extérieures - Afrique ram Economische ontwikkeling gtt Auslandsinvestition fes Auslandsschulden fes Wirtschaft Wirtschaftsentwicklung Debts, External Africa Schuldenkrise (DE-588)4200280-1 gnd rswk-swf Africa - Condiciones económicas - 1960 Afrique - Conditions économiques - 1960-... ram Afrika fes Afrika Africa Economic conditions 1960- Subsaharisches Afrika (DE-588)4053770-5 gnd rswk-swf Subsaharisches Afrika (DE-588)4053770-5 g Schuldenkrise (DE-588)4200280-1 s DE-604 HEBIS Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=007410591&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Kote-Nikoi, Nikoi Beyond the new orthodoxy Africa's debt and development crisis in retrospect Dettes extérieures - Afrique ram Economische ontwikkeling gtt Auslandsinvestition fes Auslandsschulden fes Wirtschaft Wirtschaftsentwicklung Debts, External Africa Schuldenkrise (DE-588)4200280-1 gnd |
| subject_GND | (DE-588)4200280-1 (DE-588)4053770-5 |
| title | Beyond the new orthodoxy Africa's debt and development crisis in retrospect |
| title_auth | Beyond the new orthodoxy Africa's debt and development crisis in retrospect |
| title_exact_search | Beyond the new orthodoxy Africa's debt and development crisis in retrospect |
| title_full | Beyond the new orthodoxy Africa's debt and development crisis in retrospect Nikoi Kote-Nikoi |
| title_fullStr | Beyond the new orthodoxy Africa's debt and development crisis in retrospect Nikoi Kote-Nikoi |
| title_full_unstemmed | Beyond the new orthodoxy Africa's debt and development crisis in retrospect Nikoi Kote-Nikoi |
| title_short | Beyond the new orthodoxy |
| title_sort | beyond the new orthodoxy africa s debt and development crisis in retrospect |
| title_sub | Africa's debt and development crisis in retrospect |
| topic | Dettes extérieures - Afrique ram Economische ontwikkeling gtt Auslandsinvestition fes Auslandsschulden fes Wirtschaft Wirtschaftsentwicklung Debts, External Africa Schuldenkrise (DE-588)4200280-1 gnd |
| topic_facet | Dettes extérieures - Afrique Economische ontwikkeling Auslandsinvestition Auslandsschulden Wirtschaft Wirtschaftsentwicklung Debts, External Africa Schuldenkrise Africa - Condiciones económicas - 1960 Afrique - Conditions économiques - 1960-... Afrika Africa Economic conditions 1960- Subsaharisches Afrika |
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