Development finance in the 1990s for Latin American resource exporting countries

Research output: Contribution to journalArticle

Abstract

As a result of the debt crisis, per capita income in Latin America in 1990 was 10% below its 1981 level. Many resource exporting countries in the region have undertaken wide and deep reforms in order, among other reasons, to attract and retain long‐term capital to fuel growth prospects. One newly proposed long‐term instrument for development finance and risk management is the commodity bond. Given the sovereign risk component, the costly premiums that must be paid to insure it and more efficient alternative instruments for both issuers and investors, commodity bonds are unlikely to generate the required long‐term capital needed to enhance growth prospects. With the continuing globalization of the goods, factors and currency markets, long‐term capital can be attracted and maintained in both developed and developing countries by an attractive investment environment characterized by a competitive microeconomy, a stable macroeconomy, strong global linkages, and a serious programme to improve physical and social infrastructure. 1994 United Nations

Original languageEnglish
Pages (from-to)83-90
Number of pages8
JournalNatural Resources Forum
Volume18
Issue number2
DOIs
StatePublished - 1 Jan 1994

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finance
commodity
currency market
resource
debt crisis
United Nations
globalization
developing world
infrastructure
income
developed country
programme
risk management
factor market
premium
goods

Cite this

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abstract = "As a result of the debt crisis, per capita income in Latin America in 1990 was 10{\%} below its 1981 level. Many resource exporting countries in the region have undertaken wide and deep reforms in order, among other reasons, to attract and retain long‐term capital to fuel growth prospects. One newly proposed long‐term instrument for development finance and risk management is the commodity bond. Given the sovereign risk component, the costly premiums that must be paid to insure it and more efficient alternative instruments for both issuers and investors, commodity bonds are unlikely to generate the required long‐term capital needed to enhance growth prospects. With the continuing globalization of the goods, factors and currency markets, long‐term capital can be attracted and maintained in both developed and developing countries by an attractive investment environment characterized by a competitive microeconomy, a stable macroeconomy, strong global linkages, and a serious programme to improve physical and social infrastructure. 1994 United Nations",
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Development finance in the 1990s for Latin American resource exporting countries. / Sohn, Ira.

In: Natural Resources Forum, Vol. 18, No. 2, 01.01.1994, p. 83-90.

Research output: Contribution to journalArticle

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