All of the following contributed to a surge in international lending to developing countries in the mid-1970s to early 1980s EXCEPT

• Oil-exporting countries had a high short-run propensity to save out of their extra income.
• The governments of the developing countries discouraged foreign direct investment (FDI).
• Oil-exporting countries invested most of their increased savings in government bonds issued by developing-country governments.
• There was widespread pessimism about the profits that could be earned through new business investments in the industrial countries.