Varieties of Capital-Market Crises
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.
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| Format: | Working Papers biblioteca |
| Language: | English |
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Inter-American Development Bank
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| Subjects: | Fiscal Management, Financial Crisis and Structural Adjustement, Financial Market, WP-306;speculative attacks;domestic debt;fiscal deficit;Talvi effects;Krugman's model, |
| Online Access: | http://dx.doi.org/10.18235/0011612 https://publications.iadb.org/en/varieties-capital-market-crises |
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| Summary: | 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. |
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