Les crises de liquidité internationale des années trente et quatre vingt dans les Balkans
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Abstract
On the basis of developments noticed until July 1987, it may be stressed
that the crisis of international liquidity was more intensive in the thirties than
in the eighties. As a matter of fact in the thirties, all Balkan spates were obliged to stop the service and the reimbursement of their foreign debts, whilst in the eighties only two were obliged to do so. It may be added that the continuation of the floating of foreign loans, except in the case of the two countries in difficulties, was secured. This development was rendered easier because the world economy was not disrupted in the eighties as it happened in the thiities inasmuch as the United States dollar in which the greatest part of
foreign loans is issued has depreciated and as the prices in the eighties behaved
better than in the thirties inasmuch as their average rose in 1987 by some
10%
that the crisis of international liquidity was more intensive in the thirties than
in the eighties. As a matter of fact in the thirties, all Balkan spates were obliged to stop the service and the reimbursement of their foreign debts, whilst in the eighties only two were obliged to do so. It may be added that the continuation of the floating of foreign loans, except in the case of the two countries in difficulties, was secured. This development was rendered easier because the world economy was not disrupted in the eighties as it happened in the thiities inasmuch as the United States dollar in which the greatest part of
foreign loans is issued has depreciated and as the prices in the eighties behaved
better than in the thirties inasmuch as their average rose in 1987 by some
10%
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