William J. Gasser and David L. Rob- erts, in Federal Reserve. Bank of New York A Mixed Bag Quarterly Review (Autumn 1982), 33 Lib-
erty St., New York, N.Y. 10045.
The prospect of defaults heavily indebted international borrowers
such as Mexico and Argentina has raised fears that the entire Third
World is on the brink of financial collapse. Actually, most overseas
debtors improved their financial positions during 1982.
According to Gasser and Roberts, both economists at the New York
Federal...