Currency crises compared

This short article deals only with some interesting features of the monetary arrangements which contributed to the crisis in Turkey and Argentina, adding Russia 1998 for good measure. There were of course in all cases serious problems with government expenditure, foreign debt and the usual weakness of political will, but the aspects here described have had less publicity. All three countries have a history of inflation, and I shall treat them in reverse chronological order.

Turkey

Turkey has for

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