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The BIS and the Latin American debt crisis of the 1980s

  • Piet Clement

    ()

    (Bank for International Settlements)

  • Ivo Maes

    ()

    (National Bank of Belgium, Research Department
    Université catholique de Louvain, Robert Triffin Chair
    ICHEC Brussels Management School)

Registered author(s):

    The Latin American debt crisis, which broke out in August 1982, was the first global financial crisis in the postwar period. While the crisis started in the "periphery", it constituted a threat to the "core" of the world economy, as the banking system was under severe pressure. Alongside the IMF, the BIS played an important role in coordinating the international response to the crisis. Moreover, a lot of work at the BIS in the second half of the 1970s had aimed at restraining the debt build-up. Discussions on the rising debt levels were highly influential in shaping the BIS view of financial stability, with the "macroprudential" concept at its core. However, in the analysis of the debt buildup, the role of financial innovations was not really captured. In this paper, we focus on the Latin American debt crisis, discussing first the debt build-up, different initiatives to restrain lending and the BIS role in the management of the crisis. We then turn to the ensuing efforts to strengthen the financial system and the emerging BIS approach to financial stability.

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    File URL: https://www.nbb.be/doc/oc/repec/reswpp/wp247en.pdf
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    Paper provided by National Bank of Belgium in its series Working Paper Research with number 247.

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    Length: 34 pages
    Date of creation: Dec 2013
    Date of revision:
    Handle: RePEc:nbb:reswpp:201312-247
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    1. Bank for International Settlements, 1986. "Recent innovations in international banking (Cross Report)," CGFS Papers, Bank for International Settlements, number 01.
    2. Barry Eichengreen & Naeun Jung & Stephen Moch & Ashoka Mody, 2013. "The eurozone crisis: phoenix miracle or lost decade?," Special Conference Papers 25, Bank of Greece.
    3. Carlos F. Diaz-Alejandro, 1984. "Latin American Debt: I Don't Think We Are in Kansas Anymore," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 15(2), pages 335-403.
    4. Borio, C., 2009. "Implementing the macroprudential approach to financial regulation and supervision," Financial Stability Review, Banque de France, issue 13, pages 31-41, September.
    5. Lamfalussy, Alexandre, 1985. "The Changing Environment of Central Bank Policy," American Economic Review, American Economic Association, vol. 75(2), pages 409-13, May.
    6. Claudio Borio, 2011. "Rediscovering the Macroeconomic Roots of Financial Stability Policy: Journey, Challenges, and a Way Forward," Annual Review of Financial Economics, Annual Reviews, vol. 3(1), pages 87-117, December.
    7. Battilossi, Stefano & Cassis, Youssef (ed.), 2002. "European Banks and the American Challenge: Competition and Cooperation in International Banking Under Bretton Woods," OUP Catalogue, Oxford University Press, number 9780199250271, December.
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