International credit and welfare
some paradoxical results with implications for the organization of international lending
by Kaushik Basu
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This paper models a developing nation that faces a foreign exchange shortage and hence its demand for foreign goods is limited both by its income and its foreign exchange balance. Availability of international credit relaxes the second constraint. It is shown that in this setting the availability of international credit at concessionary rates can leave the borrowing nation worse off than if it had to borrow money at higher market rates. This 'paradox of benevolence' is then used to motivate a discussion of policies pertaining to international lending and the Southern government's method of rationing out foreign exchange to the importers. Keywords: International credit, foreign exchange, foreign aid. JEL Classification: F30, L10, D60.
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International credit and welfare: some paradoxical results with implications for the organization of international lending
2002, Massachusetts Institute of Technology, Dept. of Economics
in English
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"April 2002."; "April 29, 2002"--Abstract.
Includes bibliographical references (p. 32-33).
Abstract in HTML and working paper for download in PDF available via World Wide Web at the Social Science Research Network.
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| August 13, 2020 | Edited by MARC Bot | remove fake subjects |
| April 29, 2011 | Created by ImportBot | initial import |