Market discipline and exuberant foreign borrowing

dc.contributor.author	Fernández-Arias, Eduardo
dc.contributor.author	Lombardo, Davide
dc.date.accessioned	2019-11-01T00:01:37Z
dc.date.available	2019-11-01T00:01:37Z
dc.date.issued	2002
dc.identifier.isbn	956-7421-072
dc.identifier.uri	https://hdl.handle.net/20.500.12580/3646
dc.description	The debt crisis of the 1980s confirmed what most economists already knew well: the public sector cannot be trusted to make the rigth choices on behalf of society, especially in matters-such as foreign borrowing- whose ultimate costs may not be fully internalized by voters. The failure of the public sector suggested market discipline as the solution for the efficient channeling of foreign savings into capital-scare developing countries, to be implemented through the liberalization of the capital account and fiscal restraint.
dc.format	.pdf
dc.format.extent	Sección o Parte de un Documento
dc.format.medium	p. 333-360
dc.language.iso	eng
dc.publisher	Banco Central de Chile
dc.relation.ispartof	Serieson Central Banking, Analysis, and Economic Policies, no. 3
dc.rights	Attribution-NonCommercial-NoDerivs 3.0 Chile	*
dc.rights.uri	http://creativecommons.org/licenses/by-nc-nd/3.0/cl/	*
dc.subject	CRISIS ECONÓMICA 1980	es_ES
dc.subject	PRÉSTAMOS INTERNACIONALES	es_ES
dc.title	Market discipline and exuberant foreign borrowing
dc.type.doc	Artículo
dc.file.name	BCCh-sbc-v03-p333_360

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