The Benefits and Risks of Short-Term Borrowing THE RECENT FINANCIAL CRISES IN EAST
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چکیده
THE RECENT FINANCIAL CRISES IN EAST Asia, Russia, and elsewhere, and the earlier crisis in Mexico, have heightened interest in the subject of short-term borrowing by developing countries and the benefits and risks associated with such debt.1 This chapter examines the growth and determinants of short-term debt from international banks, the behavior of such debt during economic shocks, and its association with financial crises in the 1990s. The chapter’s key messages are the following:
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