The debt crisis: Another look.

摘要

This report examines the macroeconomic performance of selected Latin American and East Asian countries over the period 1982-1992, the period immediately following the international debt crisis. The methodology follows that of an earlier paper by Jeffrey Sachs, entitled "External Debt and Macroeconomic Performance in Latin America and East Asia". The aim of the report is to compare the performance of the two regions and establish the causes of different debt and macroeconomic performance.; While many researchers have focused on particular aspects of economic performance and policy, there is a limited number of comprehensive studies on these areas. In this report, the results from the updated version of Sachs study are considered in the context of models of stabilization policy for developing countries.; The findings of this report are that differences in economic performance relate more to exchange rate management and trade policies than external shocks and levels of government expenditure. In addition, analysis of the empirical results provides evidence that monetary stabilization programs can be more effective than fiscal type stabilization programs.