Since the beginning of the developing-country debt crisi in mid-1982, economists have puzzled iver its origins. Why did market forces not dater creditors from lending and debtors from borrowing so very much more than could, in retrospect, be repaid? Moreover, once the crisis was under way, why were market forces apparently unable to resolve it on their own? Why was nonmarket intervention employed? Was such intervention rational on ex ante theoretical grounds? Was it justifiable on ex post empirical grounds?
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Length: 70 pages Date of creation: 1997 Date of revision: Handle: RePEc:fth:prinfi:83
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Find related papers by JEL classification: F34 - International Economics - - International Finance - - - International Lending and Debt Problems H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management
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