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Varieties of Capital-Market Crises

In: The Debt Burden and its Consequences for Monetary Policy

Author

Listed:
  • Guillermo A. Calvo

    (University of Maryland)

Abstract

‘It is to be noticed that the position of a country which is preponderantly a creditor in the international short-loan market is quite different from that of a country which is preponderantly a debtor. In the former case, which is that of Great Britain, it is a question of reducing the amount lent; in the latter case it is a question of increasing the amount borrowed. A machinery which is adapted for action of the first kind may be ill suited for action of the second.’ Keynes (1924, p. 18)

Suggested Citation

  • Guillermo A. Calvo, 1998. "Varieties of Capital-Market Crises," International Economic Association Series, in: Guillermo Calvo & Mervyn King (ed.), The Debt Burden and its Consequences for Monetary Policy, chapter 7, pages 181-207, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-26077-5_7
    DOI: 10.1007/978-1-349-26077-5_7
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