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Apakah Hutang merupakan Sejarah Krisis? Arus Masuk Modal Swasta ke Negara-negara Berkembang'

Author

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  • Michael Dooley
  • Eduardo Fernandez Arias
  • Kenneth Kletzer

Abstract

Harapan tentang pembangunan ekonomi kelompok penting middle income countries telah ditahan kembali oleh arus masuk modal swasta yang subtansial pada tahun 1990-an. Sebagaimana tahun 1970-an, pembangunan ekonomi ini telah diterima dengan optimisme yang berhati-hati. Studi empiris ini membuktikan bahwa meskipun reduksi hutang luar negeri dan reformasi kebijakan di negara-negara debitur telah menjadi determinan penting atas akses yang diperbaharui dalam pasar modal internasional, namun perubahan tingkat bunga internasional telah menjadi faktor yang dominan. Kami menghitung pengaruh perubahan tingkat bunga internasional untuk negara-negara debitur "tertentu". Kesimpulannya bahwa peningkatan tingkat bunga bersamaan dengan kenaikan siklus bisnis di negara-negara industri dapat menekan harga pasar sekunder hutang yang ada ke tingkat yang tidak sejalan dengan arus modal selanjutnya.

Suggested Citation

  • Michael Dooley & Eduardo Fernandez Arias & Kenneth Kletzer, 1997. "Apakah Hutang merupakan Sejarah Krisis? Arus Masuk Modal Swasta ke Negara-negara Berkembang'," Economic Journal of Emerging Markets, Universitas Islam Indonesia, vol. 2(1), pages 95-119.
    • Handle: RePEc:uii:journl:v:2:y:1997:i:1:p:95-119:id:4273
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    Keywords

    arus masuk modal;

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