Delays in stabilization or in reforms? The debt crisis
Carregando...
Fontes externas
Fontes externas
Data
Orientador
Coorientador
Pós-graduação
Curso de graduação
Título da Revista
ISSN da Revista
Título de Volume
Editor
Blackwell Publishing
Wiley
Wiley
Tipo
Artigo
Direito de acesso
Acesso restrito
Fontes externas
Fontes externas
Resumo
Empirical analyses attributing the 1980s' debt crisis to inconsistent stabilization policies rest on an inappropriate long-run approach. Revising this long-run approach yields opposite results: terms of trade shocks and foreign indebtedness explain this crisis, regardless of domestic stabilization policies. This prompts us to consider a new hypothesis, of delays in trade-policy reforms, with a model in which terms-of-trade variation (under shocks) is endogenous to export structure and efficiency of resource allocation. Evidence from the structural equations model shows that allocation distortions negatively affect changes in terms of trade, which then explain this crisis. A political economy extension demonstrates that income inequality and regional trade policy determine the distortions, which in turn leads to this crisis.
Descrição
Palavras-chave
Idioma
Inglês
Citação
Developing Economies. Oxford: Blackwell Publishing, v. 46, n. 3, p. 290-314, 2008.
