Saturday, July 14, 2007

For Discussion

"The major macroeconomic crisis that afflicted many developing countries during the eighties- the international debt crisis- was at bottom a fiscal phenomenon, while the major crisis of the nineties- the Mexican and Asian crises- arose from interactions between inappropriate financial sector and exchange rate polices in a context of increased financial integration."

- Montiel,Macroeconomics in Emerging Markets, p. 11
Discuss.

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