Any comments?

Brad De Long delong at econ.Berkeley.EDU
Tue Apr 11 22:47:52 PDT 2000

>Brad De Long wrote:
>>How, exactly? You become indentured to the IMF only if you hit the
>>wall. Keep yourself from hitting the wall and you have all the
>>freedom of engagement that you want...
>How do you keep yourself from hitting the wall if you're a commodity
>exporter facing declining terms of trade, or if your productivity
>growth lags the First World's, or if debt service and profit
>repatriations drain your surplus and put you in a chronic c/a
>deficit, or IMF-dictated austerity puts you into depression, or...


But if you hit the wall, and if there's no IMF to loan you anything, then what do you do? You have your freedom of action, you just have no money to pay for your imports...

Brad DeLong

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