Changing fortunes : the world's money and the threat to American leadership by Volcker Paul A;Gyohten Toyoo & Gyohten Toyoo

Author:Volcker, Paul A;Gyohten, Toyoo & Gyohten, Toyoo
Language: eng
Format: epub
Tags: Finance, Non-Classifiable, Money, History, International economic relatio, International economic relations, International finance, Business/Economics, Internationales Währungssystem, Internationale kapitaalmarkt, Financiële politiek
Publisher: New York : Times Books
Published: 1992-02-15T00:00:00+00:00

CHANGING FORTUNES

acquiescence in the crimes of another, because we were all sinners to some extent. This situation has not changed appreciably. It is one major source of frustration on the part of the United States and it is an almost continuous source of frustration and discontent in any coordination effort that we now undertake.

HUH CRISIS

PAUL VOLCKER

OVERVIEW

The Latin American debt crisis was more than five years in the making, and it came to a head in a few weeks during the summer of [982. Treasuries and centra] banks of ereditor eountries, the IMF, the commercial bank lenders, and—critically important—the borrowing countries themselves mounted a remarkable cooperative effort. Together, they defused and diffused a situation that had the potential for upsetting the financial stability of the industrialized world and undercutting prospects for growth, not only in Latin America but the world generally. Even a decade later, the wounds in Latin America itself have not fully healed. For some oi those countries (and for those similarly affected in Africa), the [980s was a lost decade in terms of growth and price stability.

Yet, for all the pain, the implications were not entirely negative. At the start of the 1990s, a number of important countries were poised for progress: Mexico, Chile, Colombia, Venezuela, and even Argentina, where the shortfall from potential has been most glaring. Their governing philosophies, their economic policies, and even their political systems were fundamentally revamped from the stultifying approaches

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