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The great Latin American debt crisis: a decade of asymmetric adjustment

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  • Devlin, Robert
  • Ffrench-Davis, Ricardo

Abstract

Latin America has entered a new phase of abundance of capital inflows, bearingsome resemblance to the episode of 70’s. In this paper a review is made of the origins of indebtmentin the 70’s, of the emergence of the crisis in the early 80’s, and of the managementby creditors and debtors during that decade. Some lessons are derived about the working ofinternational financial markets and policy implications. JEL Classification: F11; F31; F34.
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  • Devlin, Robert & Ffrench-Davis, Ricardo, 1994. "The great Latin American debt crisis: a decade of asymmetric adjustment," Sede de la CEPAL en Santiago (Estudios e Investigaciones) 34050, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    • Handle: RePEc:ecr:col093:34050
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    References listed on IDEAS

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    1. Guillermo A. Calvo & Leonardo Leiderman & Carmen M. Reinhart, 1993. "Capital Inflows and Real Exchange Rate Appreciation in Latin America: The Role of External Factors," IMF Staff Papers, Palgrave Macmillan, vol. 40(1), pages 108-151, March.
    2. Oscar Altimir & Robert Devlin, 1993. "An Overview of Debt Moratoria in Latin America," Development Policy Review, Overseas Development Institute, vol. 11(4), pages 339-366, December.
    3. -, 1990. "Latin America and the Caribbean: options to reduce the debt burden," Libros de la CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), number 37864 edited by Eclac, May.
    4. -, 1987. "Deuda interna y estabilidad financiera," Series Históricas 8986, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    5. Devlin, Robert, 1987. "Economic restructuring in Latin America in the face of the foreign debt and the external transfer problem," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), August.
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    1. Titelman Kardonsky, Daniel & Uthoff, Andras & Ffrench-Davis, Ricardo, 1994. "International competitiveness and the macroeconomics of capital account opening," Sede de la CEPAL en Santiago (Estudios e Investigaciones) 35136, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    2. Sayantan Ghosal & Dania Thomas, 2023. "Informal creditors and sovereign debt restructuring," Indian Economic Review, Springer, vol. 58(1), pages 211-226, July.
    3. D. M. Nachane, 2016. "Global Crisis, Regulatory Reform and International Policy Coordination," South Asian Journal of Macroeconomics and Public Finance, , vol. 5(1), pages 63-95, June.
    4. Francesca Caselli & Matilde Faralli & Paolo Manasse & Ugo Panizza, 2021. "On the Benefits of Repaying," IMF Working Papers 2021/233, International Monetary Fund.

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    More about this item

    JEL classification:

    • F11 - International Economics - - Trade - - - Neoclassical Models of Trade
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems

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