=+5. The external debt buildup of some developing countries (such as Argentina) in the 1970s was due,
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=+5. The external debt buildup of some developing countries (such as Argentina) in the 1970s was due, in part, to (legal or illegal) capital flight in the face of expected currency devaluation. (Governments and central banks borrowed foreign currencies to prop up their exchange rates, and these funds found their way into private hands and
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International Economics
ISBN: 9780132146654
9th Edition
Authors: Paul R. Krugman, Maurice Obstfeld, Marc Melitz
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