Debt crisis of the less developed countries and the transfer debate once again
研究了近期债务危机中欠发达国家向发达国家净转移大量资金的现象，发现这些国家在偿债过程中出口量增加但出口单价下降，面临转移负担，凯恩斯关于德国赔款的分析对当前情况仍有参考价值。
In the perspective of substantial amount of net transfers from the debtor less developed countries (LDCs) to the creditor developed countries (DCs) in the recent debt crisis years, there is a renewed debate (that started in the context of German reparation payments after the First World War) on the question of transfer burden of debt. The present study assembles some evidence to show that the LDCs in general expanded their export‐volumes and faced losses in their export unit values in the process of their debt repayments. Many LDCs faced this transfer burden of debt irrespective of whether their export drive was in the field of primary products or manufactures. Thus the Keynesian analysis for German transfer problems seems to be relevant in the context of the present experience of the LDCs. For some debtor countries, the ‘insoluble’ transfer problem mentioned by Keynes exists as they are facing ‘Fisher's paradox’: The more the debtors pay, the more they owe.