central bank

The world turned upside down: indebted to development

Jue, 11/09/2023 - 05:56 -- bacosta

The Keynesian premise of international finance was to allow rich, surplus countries to finance the economic development of poor, deficit countries. For some time now, this has not been the case. In the following, we will analyse the enormous debt of the developed countries and their relationship with their developing country creditors. For example, the G7 is the group of debtor countries in the G20, and the other 12 are emerging creditor countries with ample international reserves. The EU as a block is not taken into account here.

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