This paper examines the phenomenon of financial distress that has, in the late 1970s and in the 1980s, taken a worldwide dimension. It traces the causes back to external shocks that affected developing countries during that period and to over-expansionary domestic policies and their consequences. It concludes that financial distress has a sever impact on mobilization and allocation of financial resources and thereby on economic and financial development.
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详细
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1988/06/01
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工作文件
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37326
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1
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1
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2006/09/20
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Disclosed
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Crisis in the financial sector
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high real interest rate