Heading into Trouble: A Comparison of the Latin American Crises and the Euro Area’s Current Crisis

We compare the experience of Latin American external debt crises, in particular the one in the 80s, with the current European one. We do so with the aim of shedding some light on the needed adjustment mechanisms. We argue for the need of much larger debt relief in Europe. To address the moral hazard problems that would arise, we propose providing such relief conditional on the reduction of both the fiscal and the current account deficits to zero as a commitment signal

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Year of publication:	2013
Authors:	-Francia, Manuel Ramos ; Aguilar-Argaez, Ana María ; García-Verdú, Santiago ; Cuadra-García, Gabriel
Published in:	Monetaria. - Centro de Estudios Monetarios Latinoamericanos (CEMLA), ISSN 0185-1136. - Vol. XXXV.2013, 1, p. 87-165
Publisher:	Centro de Estudios Monetarios Latinoamericanos (CEMLA)

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Extent:	application/pdf
Type of publication:	Article
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10010604665