Personal guarantees
Although real guarantees are of primary interest in banking operations, personal guarantees—particularly those of the client—constitute the initial basis of any credit transaction. These are grounded in attributes such as rel…
Adjustment clauses
The growing inflationary process has introduced into banking operations a varied number of instruments that attempt to correct the monetary distortions produced by that process, both in capital and in interest. For that reaso…
Benefit of excussion and benefit of division
These characteristics define the nature of suretyship as either simple or joint and several, giving rise to what are known as the benefit of excussion and the benefit of division. Under the benefit of excussion, a simple guar…
Industrial advances
Transport networks and factories are often found in poor condition or become obsolete due to technological progress accelerated by war. Reconstruction does not simply mean rebuilding what was destroyed or returning to previou…
The reduction of fluctuations
The growth of Western countries since the end of the last war stands out for both its scale and its duration. Capitalist economies had never experienced such a prolonged period of prosperity. Recessions were shallow and brief…
International cooperation policy
National economic policies played a significant role in growth and development. The crisis of 1929 and the demands of the war economy forced governments to intervene increasingly in economic activity. This does not refer to t…
French reserves
The risk of depletion of France’s foreign exchange reserves forced the government to seek external financing, particularly from the International Monetary Fund. Trade liberalization was suspended on June 18, 1957, and a new e…
Structural evolution
It is also necessary to look for less temporary causes of the improvement in external payments within the country’s structural evolution. The text of the Fourth Plan, published in November 1961, states in this regard that the…
Economic growth in western countries
Economic history, from the end of the reconstruction period—that is, since 1950—is profoundly different from that of the interwar period. Industrialized capitalist countries have experienced, for more than fifteen years, a ve…
Economic balance periods
The essential difference between the “balance” of the period 1950–1958 and that of 1958–1965 must be found in the results achieved in external payments. From 1959 onward, the current account balance not only remained in equil…