The debt crisis: a re-appraisal
The 1980s' debt crisis is a landmark in developing economies' growth and stabilization. According to the most quoted empirical articles, external shocks and vicissitudes gave rise to crisis just because of delays in stabilization policies, engendered by internal conflicts and institutional...
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| Format: | Article |
| Language: | English |
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Editora 34
2005-09-01
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| Series: | Brazilian Journal of Political Economy |
| Subjects: | |
| Online Access: | http://www.scielo.br/scielo.php?script=sci_arttext&pid=S0101-31572005000300003 |
| _version_ | 1819055439037333504 |
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| author | Carlos Alberto Cinquetti |
| author_facet | Carlos Alberto Cinquetti |
| author_sort | Carlos Alberto Cinquetti |
| collection | DOAJ |
| description | The 1980s' debt crisis is a landmark in developing economies' growth and stabilization. According to the most quoted empirical articles, external shocks and vicissitudes gave rise to crisis just because of delays in stabilization policies, engendered by internal conflicts and institutional immaturity. I review some of these papers, and find out some problems - in the measurement of shocks and foreign indebtedness, namely - whose corrections lead to opposite results: external shocks and foreign indebtedness explain that crisis regardless of domestic policies. At the same time, the strong correlation of income distribution to terms of trade changes and foreign indebtedness suggest that inequality may have contributed differently to that crisis: either through an economic channel, or through a political channel based on delays in reforms. |
| first_indexed | 2024-12-21T13:07:32Z |
| format | Article |
| id | doaj.art-34f0759fc1ad4d75948514f622b8532f |
| institution | Directory Open Access Journal |
| issn | 0101-3157 1809-4538 |
| language | English |
| last_indexed | 2024-12-21T13:07:32Z |
| publishDate | 2005-09-01 |
| publisher | Editora 34 |
| record_format | Article |
| series | Brazilian Journal of Political Economy |
| spelling | doaj.art-34f0759fc1ad4d75948514f622b8532f2022-12-21T19:02:58ZengEditora 34Brazilian Journal of Political Economy0101-31571809-45382005-09-0125320922310.1590/S0101-31572005000300003The debt crisis: a re-appraisalCarlos Alberto CinquettiThe 1980s' debt crisis is a landmark in developing economies' growth and stabilization. According to the most quoted empirical articles, external shocks and vicissitudes gave rise to crisis just because of delays in stabilization policies, engendered by internal conflicts and institutional immaturity. I review some of these papers, and find out some problems - in the measurement of shocks and foreign indebtedness, namely - whose corrections lead to opposite results: external shocks and foreign indebtedness explain that crisis regardless of domestic policies. At the same time, the strong correlation of income distribution to terms of trade changes and foreign indebtedness suggest that inequality may have contributed differently to that crisis: either through an economic channel, or through a political channel based on delays in reforms.http://www.scielo.br/scielo.php?script=sci_arttext&pid=S0101-31572005000300003External ShocksIndebtednessDebt CrisisStabilization PoliciesTrade ProtectionPolitical Economy |
| spellingShingle | Carlos Alberto Cinquetti The debt crisis: a re-appraisal Brazilian Journal of Political Economy External Shocks Indebtedness Debt Crisis Stabilization Policies Trade Protection Political Economy |
| title | The debt crisis: a re-appraisal |
| title_full | The debt crisis: a re-appraisal |
| title_fullStr | The debt crisis: a re-appraisal |
| title_full_unstemmed | The debt crisis: a re-appraisal |
| title_short | The debt crisis: a re-appraisal |
| title_sort | debt crisis a re appraisal |
| topic | External Shocks Indebtedness Debt Crisis Stabilization Policies Trade Protection Political Economy |
| url | http://www.scielo.br/scielo.php?script=sci_arttext&pid=S0101-31572005000300003 |
| work_keys_str_mv | AT carlosalbertocinquetti thedebtcrisisareappraisal AT carlosalbertocinquetti debtcrisisareappraisal |