Trade Policies and the Highly Indebted Countries

Abstract

In the early 1980s, faced with a mounting debt crisis, most highly indebted developing countries increased trade barriers to save foreign exchange—but in the last three to four years, they have reversed course. Almost all of these countries have undergone real devaluations, and many have undertaken significant liberalizations, so much so that some (Bolivia, Costa Rica, Jamaica, Mexico, Morocco, and Uruguay) are less protectionist than before the debt crisis. But industrial countries have imposed new nontariff barriers against imports from highly indebted countries. Canada, Australia, the European Community, and the United States have greatly increased the use of countervailing duties and antidumping actions. This makes it more difficult for highly indebted countries to pay off their debts, and ultimately rebounds on creditor governments and banks.

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