Crises financeira nos anos 1990 e poupança externa

AUTOR(ES)

Pereira, Luiz Carlos Bresser

DATA DE PUBLICAÇÃO

23/12/2008

RESUMO

Differently of what says conventional economic analysis, the cause of the 1990s financial crises in Mexico, Asia, Brazil and Argentina was not primarily fiscal, but the decision of governments to grow with foreign savings, i.e., with current account deficits. These were balance of payment crises triggered by a overvalued local currency and the high level of the foreign debt and/or the fast growth of the current account deficit. Given that, foreign creditors suddenly become persuaded that the country does not face just a liquidity but a solvency problem, and stop rolling over the debt. An econometric test substantiates these claims

ASSUNTO(S)

financial crisis; balance of payment crisis; foreign savings; exchange rate

Documentos Relacionados

• Crises financeiras nos anos 1990 e poupança externa
• Crises financeiras recentes e poupança externa
• Integração financeira, poupança externa e convergência de renda: teoria e evidência
• Vulnerabilidade externa dos países emergentes : fatores internos e internacionais nas crises financeiras desde os anos 1990
• Câmbio real, poupança doméstica e poupança externa: análise teórica e evidências empíricas