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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.
|Publisher:||Palgrave Macmillan UK|
|Series:||Southampton Series in International Economics Series|
|Edition description:||1st ed. 1992|
|Product dimensions:||5.51(w) x 8.50(h) x 0.02(d)|