1945

Events in 1998 exposed the region’s vulnerability to the caprices of external capital flows and showed just how little manoeuvring room is available to national economic policy-makers. Countries suffering from chronically high external deficits and those whose trade or fiscal accounts were exposed to international price fluctuations had to restrain domestic demand in order to bring it into line with the meager inflow of foreign capital.

Related Subject(s): Economic and Social Development
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