@article{Bendesky_1998, title={External debt: market and conflict}, volume={8}, url={https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/1112}, DOI={10.1590/0101-31571988-4039}, abstractNote={<p>This essay suggests that the external debt of the Latin-American countries should<br />be considered as a form of conflict. This means that the confrontation of relative powers<br />has to be acknowledged. As a conflict, it turns into a process in which the relations of creditors<br />and debtors develop through the establishment of different strategies. Conventional<br />treatment · of external indebtedness takes it as a problem and searches for its solution. As<br />such, its nature tends ultimately to be considered as a market phenomenon. Technical and<br />administrative measures are then proposed to cope with the “debt crisis •. But in fact, negotiation<br />becomes the main characteristic of the conflict. A situation of financial deterrence is<br />then created to prevent a rupture in international financial flows. The unequal power of the<br />participants fixes the limits of the confrontation as well as the incentives for cooperation.</p> <p><strong>JEL Classification:</strong> H63; F34.</p>}, number={4}, journal={Brazilian Journal of Political Economy}, author={Bendesky, León}, year={1998}, month={Oct.}, pages={526-534} }