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Democratic and authoritarian responses to the debt issue: Argentina, Brazil, Mexico

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  • Kaufman, Robert R.

Abstract

For Latin American governments, mediating between their national societies and the international economy, the contemporary debt issue poses some excruciating dilemmas. On the one side, these governments are under intense pressure to arrive at satisfactory formulas for settling their debts–satisfactory, that is, to the banks and creditor agencies that control access to international financial markets. Loss of such access would threaten vital capital and trade flows, and for this reason virtually every Latin American government has so far placed a high priority on meeting its external obligations. But governmental elites, if they are to remain in power, must also answer to (or repress) their own populations. And the price to be paid for external help with “liquidity problems” has typically involved politically dangerous stabilization measures (devaluations, wage and credit restrictions, and fiscal deficit reductions)–measures that often arouse the strong opposition of major social forces.

Suggested Citation

  • Kaufman, Robert R., 1985. "Democratic and authoritarian responses to the debt issue: Argentina, Brazil, Mexico," International Organization, Cambridge University Press, vol. 39(3), pages 473-503, July.
  • Handle: RePEc:cup:intorg:v:39:y:1985:i:03:p:473-503_01
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    Cited by:

    1. Stephan Haggard & Robert Kaufman, 1989. "The Politics of Stabilization and Structural Adjustment," NBER Chapters, in: Developing Country Debt and the World Economy, pages 263-274, National Bureau of Economic Research, Inc.
    2. Dharam Ghai & Cynthia Hewitt de Alcántara, 1990. "The Crisis of the 1980s in Sub‐Saharan Africa, Latin America and the Caribbean: Economic Impact, Social Change and Political Implications," Development and Change, International Institute of Social Studies, vol. 21(3), pages 389-426, July.
    3. Ball, Richard & Rausser, Gordon C., 1993. "Governance structures and the durability of economic reforms; evidence from inflation stabilizations," Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series qt7qt9r513, Department of Agricultural & Resource Economics, UC Berkeley.
    4. Ana Carolina Garriga, 2009. "Regime Type and Bilateral Treaty Formalization," Journal of Conflict Resolution, Peace Science Society (International), vol. 53(5), pages 698-726, October.
    5. Ball, Richard & Rausser, Gordon, 1995. "Governance structures and the durability of economic reforms: Evidence from inflation stabilizations," World Development, Elsevier, vol. 23(6), pages 897-912, June.

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