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Agarwal, M. (2013). South-South Economic Cooperation: Emerging Trends and Future Challenges, Background Research Paper Submitted to the High Level Panel on the Post-2015 Development Agenda, May 2013, New York: United Nations.

¹It is difficult to judge whether there was a psychological fear of larger deficits among policymakers. However, we do know that during this period a number of countries in Latin America (LA) were experiencing very high rates of inflation, some even hyperinflation. This may have constrained the scope for expansionary policies more than the state of CAD.

²But it could still be that the experience with the debt crisis was traumatic and countries wished to avoid at all costs the possibility of having to borrow from the IMF.

³The ratio of reserves to other relevant variables such as imports GFCF or short-term liabilities was also rising. For further analysis, see Agarwal (2013).