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Adjusting to external shocks : the newly industrializing developing economies in 1974-76 and 1979-81 (Inglês)

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.




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