Do Private Sector Deficits Matter?

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During the 1990s, recurrent crises linked to abrupt changes in the direction of international financial flows have been observed in Mexico and most of the Southeast Asian economies. This publication notes that all of the economies in which financial crises occurred exhibited significant current account deficits while their fiscal accounts were under control. Drawing on this observation, this study emphasizes the links between external vulnerability and excess domestic spending explained by private sector behavior.


UN/Economic Commission for Latin America and the Caribbean
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Temas de Coyuntura

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