Examining the causes of the acute Latin American debt crisis
that began in mid-1982, North American analysts have typically
focused on deficiencies in the debtor countries' economic policies
and on shocks from the world economy. Much less emphasis has been
placed on the role of the region's principal creditors--private
banks--in the development of the crisis. Robert Devlin rounds out
the story of Latin America's debt problem by demonstrating that the
banks were an endogenous source of instability in the region's debt
cycle, as they overexpanded on the upside and overcontracted on the
downside.
Originally published in 1993.
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