This paper provides evidence on the differential effects of alternative policy responses to external shocks in newly industrializing economies during the three-year period following the quadrupling of oil prices in 1973-74 and two-and-a-half fold increase in oil prices in 1979-80. It is concluded that, after a temporary slowdown, the continued application of outward oriented policies permitted regaining relatively high rates of economic growth while limiting external indebtedness. In turn, inward orientation was often accompanied by extensive foreign borrowing and, in the absence of the efficient use of borrowed funds, external debt and debt service ratios increased, eventually necessitating the rescheduling of the debt and the application of deflationary policies.
Detalhes
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Autor
Balassa, Bela
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Data do documento
1985/01/01
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TIpo de documento
Artigo de revista
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No. do relatório
REP355
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Nº do volume
1
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Total Volume(s)
1
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País
Chile, Brasil
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Região
Sul da Ásia, Leste Asiático e Pacífico, Europa e Ásia Central, América Latina e Caribe,
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Data de divulgação
2010/07/01
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Nome do documento
Adjusting to external shocks : the newly industrializing developing economies in 1974-76 and 1979-81
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Palavras-chave
export market share;import substitution;external shock;Exchange Rates;real exchange rate;debt service ratio;increase in interest rate;balance of payment;high debt service ratio;high rates of inflation;real exchange rate change;positive real interest rates;terms of trade loss;base period;interest rate effect;oil price;average trade;reliance on foreign;external debt ratios;deflationary measure;manufactured goods;net external debt;efficiency of investment;Foreign Exchange Reserve;reduction in tariffs;government budget deficit;foreign exchange revenue;positive interest rate;foreign exchange receipts;pace of expansion;investment in capital;savings and investment;foreign exchange allocation;rate of consumption;Balance of Trade;rate of inflation;quantitative import restriction;expansionary fiscal policy;debt service payment;continuation of policy;rate of devaluation;acceleration of inflation;liberalization of trade;rate of investment;nondurable consumer goods;capital assistance;high oil price;world financial market;expansionary policy;foreign borrowing;export subsidies;export subsidy;trade effect;export volume;export promotion;foreign demand;import protection;external financing;external borrowing;incentive system;
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