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Financial Crises and What to Do About Them$
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Barry Eichengreen

Print publication date: 2002

Print ISBN-13: 9780199257430

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780199257430.001.0001

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Lessons of Recent Experience

Lessons of Recent Experience

(p.101) Chapter 4 Lessons of Recent Experience
Financial Crises and What to Do About Them

Barry Eichengreen

Oxford University Press

This chapter discusses the lessons that can be learned from recent experience of financial crises. The Argentinean and the Turkish financial crises affected different sectors but both experienced similar symptoms that include post-stabilization economic growth and extended period of economic stagnation. Shortly after the onset of the crisis, the exports of the two countries surged, but was insufficient to finance buoyant import demands. This made both economies dependent on capital inflows and vulnerable to deteriorating external conditions.

Keywords:   financial crises, Argentina, Turkey, economic stagnation, import demands, capital inflows

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