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|Type:||Artigo de periódico|
|Title:||Overcoming crises resulting from adherence to the Washington Consensus: lessons from the Republic of Korea and Brazil|
|Abstract:||Considering the recent experiences of both the Republic of Korea and Brazil, the following lessons should be underscored. (1) Brazil's (and Latin America' s) liberalisation policies approved by the Washington Consensus, and especially the inflation control programmes based on overvalued exchange rates, placed the region's economies in a vulnerable position. (2) The Republic of Korea's experience with liberalisation in the mid-1990s was much more superficial and shorter. However, in terms of its rapid and short-term external indebtedness, the country was quite imprudent. (3) The Republic of Korea's spectacular reversion in its external current account deficit during 1998 clearly underscores the importance of having large national business groups that are sufficiently competitive, industrially and technologically, to react quickly to national policies and decisions. In Brazil, the financial, industrial, and technological weakness of large national business groups, explains, to a large degree, the difficulty of overcoming the balance of payments crisis, despite the reduced inflationary impact of the maxi-devaluation in the exchange rate.|
|Editor:||Blackwell Publ Ltd|
|Appears in Collections:||Unicamp - Artigos e Outros Documentos|
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