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This paper highlights the sources of payments problems in less developed countries. Growth in the industrial countries has a direct impact on the current account of the developing countries through its influence on both the prices and volumes of their exports. An increase in the real effective exchange rate is clearly a fundamental determinant of a deteriorating current account since, other things being equal, it tends to raise domestic demand for imports and to reduce foreign demand for exports.

Banks and Banking --- Investments: Energy --- Exports and Imports --- Macroeconomics --- Economics: General --- Trade: General --- Interest Rates: Determination, Term Structure, and Effects --- Current Account Adjustment --- Short-term Capital Movements --- Energy: Demand and Supply --- Prices --- Informal Economy --- Underground Econom --- Foreign Aid --- International economics --- Finance --- Investment & securities --- Economics of specific sectors --- Informal economy --- Real interest rates --- Energy prices --- Banking --- Oil --- Financial services --- Economic sectors --- Commodities --- Exports --- International trade --- Interest rates --- Balance of payments --- Informal sector --- Economics --- International relief --- United States