Abstract
The 1980s crises undermined many if not most third world financial systems. Double-digit inflation eroded living standards. Surpluses poured out of the third world into the first, much of it to pay interest to foreign banks. Foreign debt payments gobbled a major share of foreign exchange earnings. Countries fell into default or pirouetted on its edge. Financial systems struggled to survive under intensive care.
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© 1994 Ann Seidman and Robert B. Seidman
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Seidman, A., Seidman, R.B. (1994). Financial Crises. In: State and Law in the Development Process. International Political Economy Series. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-23615-2_15
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DOI: https://doi.org/10.1007/978-1-349-23615-2_15
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-0-333-60148-8
Online ISBN: 978-1-349-23615-2
eBook Packages: Palgrave Economics & Finance CollectionEconomics and Finance (R0)