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Karin Lissakers

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Banks, Borrowers, & The Establishment: A Revisionist Account Of The International Debt Crisis Hardcover – December 3, 1991

by Karin Lissakers (Author)

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This account of the international debt crisis argues that private banks must continue to play a role in lending to Eastern European and Third World countries. Based on research and on interviews with cabinet members, bank CEOs, Federal Reserve governors, bank examiners and others, the book offers an explanation of why neither the banks' own internal controls nor government bank regulators succeeded in restraining the lending, and of how hidden tax subsidies by the US Government as well as by other industrialized countries made loans to developing countries unrealistically profitable and, in the long run, fragile. The author concludes that, if the hard lessons of the last two decades are taken to heart, then a healthy relationship between banks and developing-country borrowers can emerge from the rubble of the international debt crisis.

Editorial Reviews

From Library Journal

This is a serious but readable account of the dealings between commercial banks and developing countries that culminated in the 1980s international debt crisis. Drawing on her own experience in the State Department and extensive interviews with both lending and borrowing entities, Lissakers shows the world of risk and decision-making that lies behind the statistics of the Third World debt. For the banks, this appeared to mean fast profits. For struggling governments, foreign cash could stall critical reforms. In response to the debacle, the banks have renounced lending to sovereign states, but this is only for the moment. The money is too good and the need is too great. However, temporary abstinence won't solve the basic shortcoming of the system. Recognizing the necessity of cross-border lending, especially for the democratizing states of Eastern Europe, Lissakers hopes that all the parties can avoid repeating the past. Highly recommended for academic and public libraries.
- Mary Jane Ballou, Ford Fdn. Lib., New York
Copyright 1991 Reed Business Information, Inc.