Os bancos Japoneses e os problemas da dívida latino-americana

HORISAKA, KOTARO

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Brazilian Journal of Political Economy

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Articles • Brazil. J. Polit. Econ. 10 (3) • Jul-Sep 1990 • https://doi.org/10.1590/0101-31571990-0539 copiar

Os bancos Japoneses e os problemas da dívida latino-americana

Autoria SCIMAGO INSTITUTIONS RANKINGS

RESUMO

O artigo descreve a relação do Japão, especialmente de seus bancos privados, com o problema externo da América Latina. Ele fornece informações de histórico relevantes e examina a abordagem adotada pelos círculos financeiros japoneses. O Japão se tornou agora o país com o maior superávit comercial do mundo e é considerado como tendo as maiores reservas financeiras. Mas a presença do Japão na discussão de medidas fundamentais de alívio da dívida não foi significativa, como seu montante total de crédito pode implicar.

PALAVRAS-CHAVE:
Plano Brady; crise da dívida; fluxos internacionais de capital

							Billion U.S. $, %
							Upper row: Total lending
							Italics: Distribution
							Lower row: Yen-based lending
	1983		1984		1985		1986		1987
	Value	%	Value	%	Value	%	Value	%	Value	%
International Organizations	6.2	8	7.3	8	10.2	9	12.9	8	18.6	8
International Organizations	5.3	8	6.3	8	9.3	9	11.5	8	17.0	8
OECD Countries	28.6	37	35.1	38	45.8	39	67.4	42	114.7	49
OECD Countries	5.7	37	9.2	38	16.1	39	25.2	42	43.6	49
Eastern Europe	5.0	6	5.1	6	7.9	7	12.0	7	15.4	7
Eastern Europe	1.7	6	1.6	6	2.9	7	4.2	7	5.5	7
Latin America	23.9	31	28.3	31	31.4	27	38.1	24	43.9	19
Latin America	2.1	31	3.4	31	6.1	27	9.9	24	16.3	19
Asia	10.0	13	12.1	13	16.6	14	23.9	15	32.4	14
Asia	2.7	13	3.6	13	7.3	14	12.1	15	18.9	14
Middle East	0.4	/	0.5	I	0.6	I	0.9	,/	1.0
Middle East	0.1	/	0.1	I	0.1	I	0.1	,/	0.2
Africa	3.7	5	3.6	4	4.5	4	5.9	4	6.7	3
Africa	1.8	5	1.6	4	2.4	4	3.3	4	4.0	3
Others	0.1	-	0.1	-	0.1	-	0.2	-	0.3
Others	-	-	-	-	-	-	-	-	-
Total	77.8	100	92.1	100	117.1	100	161.3	100	233.0	100
Total	19.4	100	25.8	100	44.2	100	66.4	100	105.7	100

(Million dollars)
	Dec. 1984	Sep. 1986	Mar. 1987	Sep. 1987
Latin America
Brazil	7,732	8,930	9,241	9,132
Mexico	9,715	10,768	10,495	11,058
Argentina	2,237	5,043	5,227	4,982
Peru	338	335	337	335
Chile	1,260	1,547	1,532	1,570
Ecuador	736	785	801	791
Venezuela	2,357	2,334	3,787	3,791
Bolívia	2	2	3	2
Colombia	781	944	1,259	1,189
Uruguay	91	91	94	94
Panama	1,893	4,270	4,964	5,246
Costa Rica	155	181	183	180
Cuba	113	180	191	192
Jamaica	11	17	17	17
Trinidad and Tobago	216	340	346	341
Asia
Korea	3,378	6,006	5,720	4,777
Hong Kong	1,268	2,455	3,092	4,253
China	322	1,730	2,470	3,132
Philippine	1,232	2,116	2,340	2,282
Thailand	764	2,049	2,187	2,429
Singapore	511	732	1,168	1,482
Indonesia	1,941	4,402	5,214	5,289
Malaysia	2,077	2,558	2,949	2,838
India	181	506	1,409	1,626
Africa
Algeria	795	2,487	2,695	2,690
Liberia	1,412	2,218	2,231	2,260
East Europe
USSR	554	3,473	4,089	4,609
East Germany	675	2,223	2,615	2,912
Poland	616	664	676	674
Hungary	1,107	2,738	3,228	3,391
Bulgaria	27	592	952	1,132
Yugoslavia	673	774	770	772
Total (incl. others)	90,142	152,681	181,356	205,830

	Branches	Local Affiliated Corporations	Representative Offices	(Number) Total
1965	4	0	0	4
1966	3	0	0	3
1967	2	0	0	2
1968	1	1	1	3
1969	1	0	5	6
1970	1	2	11	14
1971	4	4	23	31
1972	15	5	18	38
1973	10	11	22	43
1974	14	14	18	46
1975	3	0	27	30
1976	6	7	23	36
1977	11	7	12	30
1978	4	10	16	30
1979	5	1	22	28
1980	12	8	24	44
1981	12	7	23	42
1982	8	14	55	77
1983	9	15	42	66
1984	10	16	34	60
1985	13	33	63	109
1986	16	31	36	83
1987	12	14	25	51

	Overseas Assets					Overseas Liabilities
	DI	TC	Loans	PI	Total	DI	TC	Loans	PI	Bond	Total
1965	77	243	115	0	446	47	-9	18	-61	72	31
1966	107	401	149	1	706	30	-30	-18	-25	-25	-102
1967	123	481	221	4	875	45	-32	29	70	-13	63
1968	220	586	237	3	1,096	76	-15	478	229	119	857
1969	206	674	336	1	1,506	72	3	385	730	200	1,353
1970	355	737	628	62	2,031	94	7	80	252	44	440
1971	360	863	594	195	2,231	210	8	20	940	8	1,149
1972	723	324	1,684	1,188	5,020	169	11	-197	696	-105	533
1973	1.904	1,048	3,038	1,787	8,468	-42	-12	-313	-591	-198	1,282
1974	2.012	672	1,136	141	4,063	202	-6	-232	-865	80	182
1975	1.763	29	1,295	24	3,392	226	-26	166	1,518	1,235	3,120
1976	1,991	571	1,525	146	4,559	113	-5	326	3,104	1,509	3,575
1977	1,645	1,388	472	1,718	5,247	21	-13	-324	2,355	1,099	2,063
1978	2,371	142	6,299	5,300	14,872	8	-22	-7	2,487	833	2,483
1979	2,898	-1,288	8,102	5,865	16,294	239	-33	-169	4,282	2,210	3,318
1980	2,385	717	2,553	3,753	10,817	278	-16	-231	13,113	1,236	13,141
1981	4,894	2,731	5,083	8,777	22,809	189	-15	-186	13,220	1,368	13,137
1982	4,540	3,239	7,902	9,743	27,418	439	-6	-181	11,860	4,281	12,449
1983	3,612	2,589	8,425	16,024	32,459	416	8	-37	14,148	5,663	14,759
1984	5,965	4,937	11,922	30,795	56,775	-10	3	-77	7,194	7,350	7,124
1985	6,452	2,817	10,427	59,779	81,815	642	29	-75	16,714	12,890	17,273
1986	14,480	1,836	9,281	101,977	132,095	226	-40	-34	545	18,412	634
1987	19,519	535	16,190	87,757	132,830	1,165	-1	-119	-6,081	30,079	-3,70

	Foreign Currency-based	Yen-based	Total
1973	13.3	0	13.3
1974	16.6	0.1	16.7
1975	17.8	0.2	18.0
1976	17.4	0.3	17.7
1977	18.3	0.8	19.1
1978	30.0	4.7	34.7
1979	43.6	7.9	51.5
1980	54.9	9.1	64.0
1981	74.3	13.6	87.9
1982	92.5	15.5	108.0
1983	102.6	19.8	122.4
1984	123.0	29.0	152.0
1985	134.4	35.2	169.6
1986	169.1	57.2	226.3
1987	218.2	80.4	298.6

(Million dollars)
	1977		1978		1979		Jun. 1980
	Value	%	Value	%	Value	%	Value	%
U.S.A.	10,577	47.0	7,721	29.4	8,630	29.8	8,521,,	26.6
England	3,506	15.3	3,756	14.3	4,166	14.0	3,841	12.0
Japan	1,237	5.4	3,388	12.9	4,404	14,8	5,410	16,9
Canada	779	3.4	1,996	7.6	1,845	6.2	2,005	6.2
West Germany	1,558	6,8	2,022	7,7	2,410	8.3	2,039	8.9
France	710	3.1	1,523	5.8	1,726	5.8	2,140	6.7
Switzerland	733	3.2	1,024	3.9	1,190	4.0	1,047	3.3
1.0.	2,177	9.5	2,899	11.0	2,886	9.7	3,123	9.7
Others	1,535	6.7	1,944	7.4	2,440	8.2	3,127	9.7
Total	22,912		26,264		29,757		32,053

(Million dollars)
	1980	1981	1982
Japan	1,638	5,093	7,459
U.S.A.	7,044	15,523	9,098
Canada	2,469	2,518	2,220
England	2,677	4,560	5,103
France	3,024	2,430	2,463
West Germany	1,598	667	682
Switzerland	613	516	442
Italia	137	102	232
Arabian Countries	1,046	2,568	1,866

(Million dollars)
	1982	1984	1985	1986	1987	1988
Latin America	88,481	90,477	85,396	81,144	76,030	65,665
Short-term	51,646	40,521	40,314	31,762	29,011
Medium/Long-term	36,835	49,956	45,082	49,382	47,019
Asia	29,365	27,244	24,099	19,830	17,760	14,781
OPEC	25,154	24,059	20,828	18,143	15,475	13,830
Eastern Europe	6,278	4,811	4,358	3,571	3,239	3,352
Africa	4,547	4,360	3,926	2,299	2,550	2,000

(Trillion Yen)
	Mar. 81	Mar. 83	Mar. 85	Mar. 87
Daiichi-Kangyou	20.0	25.9	32.7	41.6
Sumitomo	16.7	22.5	29.7	38.6
Fuji	17.2	24.1	31.2	37.3
Mitsubishi	17.1	23.0	29.1	34.8
Sanwa	16.0	22.2	27.3	34.2
IBJ	13.5	17.7	22.2	28.2
Mitsui	12.3	16.4	19.7	23.9
LTCB	10.8	14.4	18.4	20.7
BOT	12.2	16.3	17.3	18.6

(Billion dollars)
	Original Program	After Expansion	Notes
Period	1987-90 (3 Years)	1987-92 (5 Years)
Components
1. EXIM-Japan	10.0*	23.5	Additional 13.5 ofwhich 8 to SDSCs**
2. OECF	5.5*	12.5	Additional 7 of which 2 to SDSCs**
3. Others***	14.5*	29.0	Additional 14.5
Total	30.0*	65.0	Additional 35 ofwhich 10 to SDSCs**

Centro de Economia Política Rua Araripina, 106, CEP 05603-030 São Paulo - SP, Tel. (55 11) 3816-6053 - São Paulo - SP - Brazil
E-mail: cecilia.heise@bjpe.org.br

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[TFN1] Source: Ministry of Finance, FY 1985-1987 Annual Report of International Finance Bureau.

[TFN2] Note: Yen-based lending (including Euroyen lending) is converted into dollar from MOF statistics using the year-end exchange rate; ¥232 per dollar in 1983, ¥251 in 1984, ¥200 in 1985, ¥160 in 1986 and ¥123 in 1987.