text: 75. The rapid growth of private bank lending to the developing countrles in the1970s coincidetl nith a period of (eratlvety ro, lnterest rates (anal negative onesin,real terma for sooe years), high erapor t grorth rates of the deveroping countriesanal availability of opEc surplug funds for recycling purpoges. rhe onset of therecession of L980-r982, the extreoery high lntereEt rates that reached a peak inI98I and the stagnation in the export earnings of the developtng countries, dueprimarily to the sharp fau in com'lcdity prlces tnat look prace tn rggr and 1982,greatly impaired the capacity to repay and servlce debts. Changed perceptions onthe part of international frnancial markets reaurted in a sharp cutback of netcommerclal bank lending, incruding "involuntary' lendlng by banks arranged under'rescuen packages. Both export crearits and diiect investment flows to deveropingcountries have also gone through slgniflcant reductions. $hen all net capitalinflows from the developed "outttriei to areveroping countries are taken intoaccount, such neE trangfer of resources to deveroping countries reached the figureof $39.7 billion in l9gl, with 6 alrastlc reduction to g7.7 billion in 1982, a netreverse tranEfer of 95.5 bttrlon to the developed countries ls estimated forres4. !/ 76. wlth the decline in private capltal florrs, ODA has €ssuoed increaslngimportance in the financlng of lnvestment and ba ra nce-of-payments deficits in thedeveloping countries. o\rer the past I0 years, the average rate of increase inA/40/sLg Engli 6h Paqe 33 rror ltl ODA (net disbursements from all Eources tO developlng countries, that is' the Development Asslstance Connittee (DAC) of OECD, OPEC and the Council for uutuaL Economlc Aasistance (cuEA) countries through both bilateral and nultilateraL channels) has been fipre than 4 per cent, measured in constant prices and exchange rates, reaching lhe level of over $34 blllion in 1983. However, the level of total net oDA has declined in resl ter$s since 1981. In 1983, for the DAc menbers aa a
analysis: The text discusses the flow of capital between developed and developing countries, highlighting the decline in private capital flows and the increasing importance of Official Development Assistance (ODA) in financing investment and balance-of-payments deficits in developing countries. It also mentions the impact of interest rates, commodity prices, and recession on the ability of developing countries to repay debts. Given the focus on international economic flows and development assistance, it is likely that the text is related to the field of economic development.