Barry J. Eichengreen

George & Helen Pardee Professor of Economics & Political Science, University of California, Berkeley


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Contending with Capital Flows: What is Different About the 1990s? (A CFR Paper)

Authors: Barry J. Eichengreen and Albert Fishlow

This paper compares and contrasts three distinct periods of sudden decline in international capital flows to developing countries: the 1930s, the 1980s, and the period following Mexico's sudden balance-of-payments crisis at the end of 1994. Three features are highlighted: 1) the differences in scope are noted; 2) the international response to the problems is differentiated from none to an active role for the International Monetary Fund to direct response by the United States; and 3) the difference in recipient country reaction.

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