Varieties of Capital-Market Crises
AbstractIn this post-modern world of high capital mobility, countries are being disciplined by the anonymous capital market. One view of the situation -perhaps the prevalent view among economists- is that Wall Street gets into your hair because you are running an unsustainable economic program and crises are bound to happen. A polar view is that countries are at the mercy of the capital market. This paper attempts to bring these views under one roof, putting special emphasis on balance-of-payment crises.
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Bibliographic InfoPaper provided by Inter-American Development Bank, Research Department in its series Research Department Publications with number 4008.
Date of creation: Aug 1995
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