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CEPAL Review

Cepal Review is the leading journal for the study of economic and social development issues in Latin America and the Caribbean. Edited by the Economic Commission for Latin America, each issue focuses on economic trends, industrialization, income distribution, technological development and monetary systems, as well as the implementation of economic reform and transfer of technology. Written in English and Spanish (Revista de la Cepal), each tri-annual issue offers approximately 12 studies and essays undertaken by authoritative experts or gathered from conference proceedings.

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Costa Rica: Crisis, adjustment policies and rural development

At the end of the 1970s Gista Rica was hit by the worst crisis in its history. The coffee boom ended abruptly in 1978, causing a sizeable drop in export earnings. Furthermore, public spending increased sharply, generating a deficit which was financed largely by short-term foreign borrowing. In addition, the exchange-rate slippage, in conjunction with the deterioration in the terms of trade, brought about the exhaustion of monetary reserves, and this situation was exacerbated even further by the higher interest rates in the international market.

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