Financial Instability and the International Debt Problem

George McKenzie,Stephen Thomas

Financial Instability and the International Debt Problem
Format
Paperback
Publisher
Palgrave Macmillan
Country
United Kingdom
Published
15 January 1992
Pages
211
ISBN
9781349217328

Financial Instability and the International Debt Problem

George McKenzie,Stephen Thomas

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The authors argue clearly and convincingly in this book that the debt crisis which has plagued the world economy for the past ten years is due to the inherent fragility of financial markets. Governments, financial institutions and borrowers, including developing countries, have simply expected too much from these markets. In a world of volatile interest rates, exchange rates and uncertain government policy, it is virtually impossible for financial institutions to effectively distinguish fundamental shifts in economic activity from random shocks.

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