Lessons of Recent Experience
Lessons of Recent Experience
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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