The constant and seemingly intractable problem of world debt is
much in the news today, and, despite the Baker plan of the 1980s
and the more recent Brady plan, the plight of third-world borrowing
nations and their first-world creditors continues to worsen.
Developing nations are stymied by the portions of their gross
domestic product that must be given over to servicing debt, and
money center banks continue to write down their third-world loans,
damaging their own balance sheets as well as their credibility. In
this study, a follow-up to his Monetary Reform and Cooperation
Theory, George Macesich addresses the world debt crisis and
proposes a method for overcoming the dilemma.
Macesich develops a useful framework with which to approach the
world debt problem, focusing on his cooperation theory, which calls
for a bilateral approach on the part of both creditor and debtor
countries. There are significant obstacles to this type of
cooperation, however, and these difficulties and methods for
overcoming them are discussed at length. Macesich begins the volume
with a survey of the world debt problem, followed by a detailed
examination of the theory and strategy of cooperation. In
succeeding chapters he studies the barriers to cooperation:
domestic constraints in debtor nations, domestic constraints in
creditor nations, economic nationalism, and the nationalism of the
bureaucratic and political elite. He concludes the work with a
discussion of the relationship between debt burden and world
monetary stability. This study will be a valuable resource for
finance and banking professionals and for monetary policymakers, as
well as for courses in banking, world finance, and international
monetary policy. College, university, and public libraries will
also find it a useful addition to their collections.
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