The growth of multinational banking, the Euro‐currency market and their effects on developing countries

Abstract

This paper describes the recent rapid growth of transnational banking and lending, as well as it causes. Since the early seventies, a growing proportion of this lending has been oriented towards developing countries. The principal causes for this trend are outlined, and the changes in the mechanisms of the ‘Eurodollar market’ which made access to it easier for developing countries are described. The trends prevailing in developing countries’ financing throughout the seventies are then examined. Finally, the economic and political effects of the rapid growth in lending by private banks to the Third World are discussed.

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