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Publications (22)
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The abundance of private capital flows confronts many emerging-market authorities with a transfer problem. They must decide whether to accept or resist the net capital inflow, or how much to accept and how much to resist. This paper aims at assisting that decision by focusing on the rationale, the...
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This paper analyses in depth the causes of the Mexican peso crisis, so as to learn relevant lessons for similar crisis occurring in other developing or transitional economies. The study follows a relatively chronological order, examining first the apparently golden period, when Mexico was acclaimed...
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The emergence of a select group of developing countries as destinations for private portfolio investment in the 1990s (and the subsequent peso crisis in Mexico in 1994) has rekindled the old issues about the responsibilities and capacities public authorities have with regard to managing the...
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– Are There Any Lessons?
We have now witnessed more than half a decade of relatively heavy capital inflows to a large group of highly heterogeneous developing countries and economies in transition in Asia, Eastern Europe, the Former Soviet Union, Latin America, and parts of Africa and the Middle East—in effect, we have...
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This paper discusses the process, problems and impacts of the financial sector reform in Indonesia, particularly since the late 1980s. The reform has encouraged a surge in private sector capital inflows to supplement the already high domestic savings for financial investment and consumption...
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– Tanzania
Tanzania has not yet successfully had an IMF standby arrangement that ran its course, although several programmes have been implemented at various points in time. These programmes combined demand restraint and structural adjustment with the help of external resources. While demand restraint measures...
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– Côte D'Ivoire
Until the 1980s, the Ivory Coast seemed to be one of the most successful examples of economic development, enjoying sustained growth and rising per capita incomes. This process was, however, seen to be fragile in the 1980s when it was brought to an abrupt halt by the slide in the prices of the...
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– Republic of Korea
The Republic of Korea's growth rate averaged nearly 6 per cent in 1981-85, jumping to 10-12 per cent a year in 1986-87. Inflation was cut from 26 per cent in 1980 to around 3 per cent in mid-1987.The author of the following monograph, Dr Alice Amsden, argues that much of the recovery in growth and...
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– India
India's first two bouts of orthodox stabilization policy following independence were quite different. The first, prompted by a prolonged drought at home and the wars with China in 1962 and Pakistan in 1965, was relatively mild in form. The rupee was devalued, the elaborate panoply of export...
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– Argentina
Argentina has had successive stabs at stabilization since the mid-1970s. Throughout most of this time it has had to wrestle with acute problems of hyperinflation, capital flight, rising external debt, a stop-go pattern of output, and for a long time a heavily depressed level of real wages. It has...
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– Brazil
Brazil has undergone three stabilization programmes since 1980: without the IMF in 1981-82; with the IMF in 1983-84, and the Cruzado Plan of 1986. The first two could be said to have been more orthodox in character, given the political and social constraints which have a strong bearing upon the...
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Two factors make the Chilean experience of stabilization policies interesting. One is that probably no other government in Latin America (and perhaps also elsewhere) has been more diligent in pursuing liberal economic policies than the one which took power in Chile in 1973. Almost straightaway it...
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– Egypt
Since joining the International Monetary Fund in 1945 as an original founding member, Egypt has signed four stabilization agreements with the Fund. These agreements were: a credit facility in May, 1962, which collapsed fairly rapidly; a stand-by arrangement in April 1977; an extended fund facility...
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– Peru
Peru ran out of cash in July 1984; a year later President Garcia rejected an IMF agreement and limited debt service payments to 10 per cent of export earnings; and in mid-1986 the President said that Peru would pay 'when it chose and when it could1.Creditors understandably tried to present Peru as a...
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– Mexico
By the time Mexico declared a suspension of debt service payments in August 1982, it had already begun a process of external adjustment that was to prove in the short run outstandingly successful compared with that of other countries, but was based on a total collapse of domestic investment and...
Displaying 16 of 22 results