Lessons from Argentina’s Experience with the IMF, Debt and Financial Crises
نویسنده
چکیده
A New World of Citizen Action, Analysis, and Policy Options However, facts and data indicate that the default and crisis were the logical outcome of a massive debt accumulation process which was the direct result of: 1) the negative effects of policy prescriptions by the IMF and the World Bank (WB), enthusiastically implemented by Argentine officials and 2) a series of exogenous shocks which ranged from U.S. interest rate hikes to financial crises in Asia, Russia, and Brazil. These shocks led to spiraling costs of public sector borrowing and to massive capital flight as the system unraveled.
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