Differences between the latin american and asian debt crisis


They can occur very rapidly, and can require a much more immediate response than current account crises They occur because holders of a country's debt lose confidence in its ability to service that debt. The only effective policy response in such circumstances is to restore investors' belief that a country will be able fully to meet its debt service obligations. It is never easy to undertake unpopular economic reform; but it is far more difficult when the economy is stagnating, or even contracting, and unemployment is rising. As much of Latin America's loans were short-term, a crisis ensued when their refinancing was refused. I do not mean to suggest that these crises are easy to resolve. The following is a list of external debt for Latin America based on a report by The World Factbook. The ingredients of an appropriate macroeconomic framework might change over time. It is a chance to put public finances on a sound footing, and to press ahead with difficult structural reforms. Views Read Edit View history. Suppose, for instance, that the debt is truly unsustainable and that, for whatever reason, a government fails to introduce economic reforms of the kind needed to rebalance the economy.
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Latin American debt crisis

As we have seen on several occasions, the debt burden can rise suddenly and sharply in the wake of a large currency depreciation. The first is the rapid growth of private capital flows. The Emerging Boom — Chapter 2". Short-term fine-tuning, sometimes with a political undertones, was a familiar sight in many parts of the industrial world even as late as the s. Of course, this is a challenge for many governments beyond Latin America. The region's recent economic history makes it vital that the current breathing space is used profitably. The best time to reform is when—as now—growth is accelerating rather than—as too often in the past—in forced response to crisis. In between the years of to , Latin America's debt levels increased by more than one-thousand percent. That said, I think two factors have affected both the nature of the crises we face, and how we deal with them. Crises where the debt burden of the country is widely regarded as unsustainable present the Fund with a much more difficult challenge.
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I do not propose today to offer a comprehensive analysis of what went wrong. If the structure of the existing debt doesn't change, the total amount that a country can repay will not change. However, as their inability to pay back their foreign debts became apparent, loans ceased, stopping the flow of resources previously available for the innovations and improvements of the previous few years. They must have clear—and clearly articulated—objectives, including control of the public finances, wide-ranging economic reforms along with institutional reform where necessary. Conclusion There are no easy answers to these issues, and at the end of the day each case must be judged on its own merits. Doubts about the sustainability of the exchange rate peg can precipitate a crisis just as quickly as doubts about the ability to service debt. The Fund stands ready to help member countries to achieve these objectives. As we have seen on several occasions, the debt burden can rise suddenly and sharply in the wake of a large currency depreciation. In that circumstance, governments must focus on fiscal and monetary tightening to restore market access.
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Description:As we have seen on several occasions, the debt burden can rise suddenly and sharply in the wake of a large currency depreciation. Challenges for a New Century. Managing the Latin American Debt Crisis: Of course, once a country has defaulted it will no longer be able to access the private capital markets until its debt has been restructured. Again, this problem is not unique to Latin America.

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