English, Article, Journal or magazine article edition: Crises financeira nos anos 1990 e poupança externa Bresser-Pereira, Luiz Carlos

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Bookmark: http://trove.nla.gov.au/version/80524
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Crises financeira nos anos 1990 e poupança externa
Author
  • Bresser-Pereira, Luiz Carlos
Physical Description
  • preprint
Notes
  • Differently of what says conventional economic analysis, the cause of the 1990s financial crises in Mexico, Asia, Brazil and Argentina was not primarily fiscal, but the decision of governments to grow with foreign savings, i.e., with current account deficits. These were balance of payment crises triggered by a overvalued local currency and the high level of the foreign debt and/​or the fast growth of the current account deficit. Given that, foreign creditors suddenly become persuaded that the country does not face just a liquidity but a solvency problem, and stop rolling over the debt. An econometric test substantiates these claims
  • RePEc:fgv:eesptd:172
Language
  • English
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