Developing countries' anti-cyclical policies in a globalized world

Abstract

The volatility and contagion characteristic of international financial markets, which dominated emerging economies during the 1990s, have deep historical roots./ Indeed, from the mid-1970s to the end of the 1980s, Latin America and many other regions in the developing world experienced a long boom-bust cycle, the most severe of its kind since that of the 1920s and 1930s. The shortening but also the intensity of boom-bust cycles have been distinctive features of the past decade. The latter is reflected, in the words of the Chairman of the Federal Reserve Board, in the fact that the “size of the breakdowns and required official finance to counter them is of a different order of magnitude than in the past” (Greenspan, 1998).

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