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OF MAGIC DRAGONS AND OTHER STRANGE BEASTS: A REASSESSMENT OF THE LATIN AMERICAN AND ASIAN CRISES
Author(s) -
Metzger Martina
Publication year - 2001
Publication title -
south african journal of economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.502
H-Index - 31
eISSN - 1813-6982
pISSN - 0038-2280
DOI - 10.1111/j.1813-6982.2001.tb00010.x
Subject(s) - citation , latin americans , magic (telescope) , von neumann architecture , political science , humanities , art , law , computer science , physics , operating system , quantum mechanics
THE EAST ASIAN CRISIS WHOSE BEGINNING is usually dated back to the suspension of the Thai bath peg to the US dollar in July 1997 and whose final end no one can foresee at the moment may already be legitimately called the economic event of the closing 20th century. Its course holds a similar relevance for development theory and policy to that of the Latin American debt crisis which kept countless numbers of economists busy during the 1980s. But this is not the only parallel. The contention of the present paper is that in spite of all the apparent differences in the appearance and run of the two crises, their development strategies have been characterised by a build-up of foreign debt which constantly creates depreciation expectations and