资本流入(capital inflow)
资本流入(capital inflow)
资本流入(capital inflow)
Why would Argentina have to give the United States seigniorage if it gave up its peso and dollarized its economy completely? How would you measure the size of Argentina's sacrifice of seigniorage? (To do this exercise,think through the actual steps Argentina would have to take to dollarize its economy.You may assume that the Argentine central bank's assets consist 100 percent of interest-bearing U.S. Treasury bonds.)
Given output,a country can improve its current account by either cutting investment or cutting consumption(private or government).After the debt crisis of the 1980s began,many developing countries achieved improvements in their current accounts by cutting investment.Is this a sensible strategy?
During the 1980s debt crises,economist Peter B.Kenen of Princeton University suggested the creation of a government-sponsored International Debt Discount Corporation(IDDC)that would issue its own long-term bonds to banks in exchange for their loans to developing countries.How might an IDCC have facilitated debt relief for developing countries? What problems can you see in operating such a facility? (For a symposium on these and related questions,see the Winter 1990 issue of the Journal of Economic Perspectives.)
How might a developing country's decision to reduce trade restrictions such as import tariffs affect its ability to borrow in the world capital market?
Much developing country borrowing during the 1970s was carried out by stateowned companies.In some of these countries there have been moves to privatize the economy by selling state companies to private owners.Would the countries have borrowed more or less if their economies had been privatized earlier?
The external debt buildup of some developing countries(such as Argentina)in the 1970s was in part due to(legal or illegal)capital flight in the face of expected currency devaluation.(Governments and central banks borrowed foreign currencies to prop up their exchange rates,and these funds found their way into private hands and into bank accounts in New York and elsewhere.)Since capital flight leaves a government with a large debt but creates an offsetting foreign asset for citizens who take money abroad,the consolidated net debt of the country as a whole does not change.Does this mean that countries whose external government debt is largely the result of capital flight face no debt problem?
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