Crises financeira nos anos 1990 e poupança externa
Differently of what says conventional economic analysis, the cause of the 1990s financial crises in Mexico, Asia, Brazil and Argentina was not primarily fiscal, but the decision of governments to grow with foreign savings, i.e., with current account deficits. These were balance of payment crises tri...
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| Tipo de recurso: | artículo |
| Estado: | Versión publicada |
| Fecha de publicación: | 2008 |
| País: | Brasil |
| Institución: | Fundação Getulio Vargas (FGV) |
| Repositorio: | Repositório Institucional do FGV (FGV Repositório Digital) |
| Idioma: | portugués |
| OAI Identifier: | oai:repositorio.fgv.br:10438/2168 |
| Acceso en línea: | http://hdl.handle.net/10438/2168 |
| Access Level: | acceso abierto |
| Palabra clave: | Financial crisis Balance of payment crisis Foreign savings Exchange rate Economia Crise financeira Poupança Taxas de câmbio |
| Sumario: | Differently of what says conventional economic analysis, the cause of the 1990s financial crises in Mexico, Asia, Brazil and Argentina was not primarily fiscal, but the decision of governments to grow with foreign savings, i.e., with current account deficits. These were balance of payment crises triggered by a overvalued local currency and the high level of the foreign debt and/or the fast growth of the current account deficit. Given that, foreign creditors suddenly become persuaded that the country does not face just a liquidity but a solvency problem, and stop rolling over the debt. An econometric test substantiates these claims |
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