Question: 1 An important reason why many developing countries face large external debts is because of stagnating prices for their exports. For instance, the price index

1 An important reason why many developing countries face large external debts is because of stagnating prices for their exports. For instance, the price index of metals—a leading export of many LDCs—has both fluctuated and had a downward trend. Using the price index of metals for the period 1992–2001 are given in the following table:

Source: IMF.

Examine the links between episodes of accumulation of debt and commodity prices for one LDC—say copper for Zambia.

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