Thesis advisor: Vladimir Bandera / The purpose of this dissertation is to analyze the balance-of-payments problems of a particular debtor country by focusing on the effects of rapid external debt accumulation and of expanding debt servicing obligations on external balance. Brazil from 1948 to 1963 Is a logical choice for a study of this type since severe debt servicing problems were experienced throughout this period, particularly between 1955 and 1963. The Intention is not to portray Brazil as a typical debtor country since its problems were more intense and more immediate than related problems in most other debtor countries in the process of development. / Thesis (PhD) — Boston College, 1967. / Submitted to: Boston College. Graduate School of Arts and Sciences. / Discipline: Economics.