Market discipline and exuberant foreign borrowing

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...

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Autores principales:	Fernández-Arias, Eduardo, Lombardo, Davide
Formato:	Artículo
Lenguaje:	eng
Publicado:	Banco Central de Chile 2019
Materias:	CRISIS ECONÓMICA 1980 PRÉSTAMOS INTERNACIONALES
Acceso en línea:	https://hdl.handle.net/20.500.12580/3646
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spelling	oai-20.500.12580-36462021-04-24T10:57:23Z Market discipline and exuberant foreign borrowing Fernández-Arias, Eduardo Lombardo, Davide CRISIS ECONÓMICA 1980 PRÉSTAMOS INTERNACIONALES 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. 2019-11-01T00:01:37Z 2019-11-01T00:01:37Z 2002 Artículo 956-7421-072 https://hdl.handle.net/20.500.12580/3646 eng Serieson Central Banking, Analysis, and Economic Policies, no. 3 Attribution-NonCommercial-NoDerivs 3.0 Chile http://creativecommons.org/licenses/by-nc-nd/3.0/cl/ .pdf Sección o Parte de un Documento p. 333-360 application/pdf Banco Central de Chile
institution	Banco Central
collection	Banco Central
language	eng
topic	CRISIS ECONÓMICA 1980 PRÉSTAMOS INTERNACIONALES
spellingShingle	CRISIS ECONÓMICA 1980 PRÉSTAMOS INTERNACIONALES Fernández-Arias, Eduardo Lombardo, Davide Market discipline and exuberant foreign borrowing
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.
format	Artículo
author	Fernández-Arias, Eduardo Lombardo, Davide
author_facet	Fernández-Arias, Eduardo Lombardo, Davide
author_sort	Fernández-Arias, Eduardo
title	Market discipline and exuberant foreign borrowing
title_short	Market discipline and exuberant foreign borrowing
title_full	Market discipline and exuberant foreign borrowing
title_fullStr	Market discipline and exuberant foreign borrowing
title_full_unstemmed	Market discipline and exuberant foreign borrowing
title_sort	market discipline and exuberant foreign borrowing
publisher	Banco Central de Chile
publishDate	2019
url	https://hdl.handle.net/20.500.12580/3646
work_keys_str_mv	AT fernandezariaseduardo marketdisciplineandexuberantforeignborrowing AT lombardodavide marketdisciplineandexuberantforeignborrowing
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Market discipline and exuberant foreign borrowing

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