ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Politics- A Role for President

Market Siren Songs A RECENT paper of the IMF ("International Capital Markets: Recent Developments and Short-Term Prospects, 1981", Occasional Paper 7, by a staff team headed by Richard C Williams, with G G Johnson) .shows that the international capital market grew about 25 per cent annually between 1973 and 1980. The rapid growth was almost entirely due to increases in foreign lending by banks. The share of bank lending in total international lending grew from 80 per cent in 1973 to over 90 per cent in 1980. Lending through bond markets increased between 1973 and 1976, but thereafter stagnated and then declined. International bank lending not only grew faster than the bond markets, but also grew faster than domestic bank lending. The share of net external claims in total claims of banks in 14 major capital market countries increased from 9.3 per cent in growth in international bank lending

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