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Varieties of Capital-Market Crises

Guillermo Calvo

No 6292, IDB Publications (Working Papers) from Inter-American Development Bank

Abstract: In this post-modern world of high capital mobility, countries are being disciplined by the anonymous capital market. One view of the situation -perhaps the prevalent view among economists- is that Wall Street gets into your hair because you are running an unsustainable economic program and crises are bound to happen. A polar view is that countries are at the mercy of the capital market. This paper attempts to bring these views under one roof, putting special emphasis on balance-of-payment crises.

Keywords: Fiscal management; Financial Crises & Structural Adjustement; Financial Markets; WP-306; speculative attacks; domestic debt; fiscal deficit; Talvi effects; Krugman's model (search for similar items in EconPapers)
Date: 1995-08
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