The Benefits and Risks of Short-Term Borrowing
THE BENEFITS AND RISKS OF SHORT-TERM BORROWING flows, and despite flat or declining ratios of in-debtedness to exports and GNP in the developing countries.4 This was very different from the 1970s, when borrowing from international banks was the main source of private capital flows to all develop-ing countries, and bank lending rose sharply in the ................
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