Economic Crisis in India Southeast Asia & Argentina |
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Caselet 01Between 1980 and 1990, India's internal debt increased from 36 percent to 56 percent and in 1990, the external debt was around $70 billion. The political unrest prevailing during that period and the Gulf war of 1990 worsened the financial situation in India. The Gulf crisis led to a sharp rise in oil prices. Oil imported into India became much costlier and this led to a rapid fall in India's foreign exchange reserves. In 1990-91, India's foreign exchange reserves were as low as $1 billion...
Caselet 03In 1991, Argentina introduced free-market reforms. A currency board was established to control the exchange rate and the money supply. The peso was fixed to the dollar and money supply was restricted to hard currency reserves. The country lifted price controls and regulations on the movement of capital and embarked on a privatization program. Public sector companies in mining, oil, telecommunications, transport, and utilities were privatized...
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