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The Latin American Economic Debt and Public Policy

Published online by Cambridge University Press:  02 January 2018

Antonio Jorge  and
Jorge Salazar-Carrillo
Antonio Jorge
Affiliation:
Florida International University (Miami) and the Graduate School of International Studies, University of Miami
Jorge Salazar-Carrillo
Affiliation:
Center for Economic Research at Florida International University (Miami) and Brookings Institution
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Extract

Since the 1970s, the international environment has been one of successive shocks. These took place during the consolidation of the Eurodollar market as a system independent of the lenders of last resort in the different countries. As the international monetary authorities delinked from gold, they accepted the float of currency exchange rates. At the same time, inflation and interest rates were allowed to vary widely, reaching their highest levels in two decades. Confronting these shocks and these international conditions, the Latin Americans decided against slowing their wheels of industry by consuming less oil but, instead, to increase their rates of growth.

Type
Research Article
Information
Journal of Interamerican Studies and World Affairs , Volume 31 , Issue 1-2: Special Issue: Latin America at the Crossroads: Major Public Policy Issues , Spring/Summer 1989 , pp. 233 - 248
Copyright
Copyright © University of Miami 1989

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