Varieties of Capital-Market Crises

Guillermo Calvo

No 4008, Research Department Publications from Inter-American Development Bank, Research Department

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.

Date: 1995-08
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Citations: View citations in EconPapers (90)

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Related works:
Chapter: Varieties of Capital-Market Crises (1998)
Working Paper: Varieties of Capital-Market Crises (1995)
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