The dismal experience of many developing countries with the use of large inflows of commercial bank loans and official development assistance in the 1970s and 1980s has manifested the continuous external vulnerability of their economies.
The central argument of this study is that the segmented and oligopolistic financial and commodity markets, large income inequalities, and diverging accumulation behaviour of public and private sector agents are the structural and institutional features underlying the persistent macroeconomic imbalances.
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