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Pastimes : Let's Talk About Our Feelings!!!
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To: nihil who wrote (57813)10/7/1999 10:14:00 PM
From: Dayuhan  Read Replies (1) of 108807
 
One thing I hope economists have learned is that a model which works in one economy will not necessarily work in another. Some of the technicians that were here with the multilateral agencies at that time were really scary people.

There were serious complications in the economy: basic commodity prices had been subsidized for years under Marcos. When Aquino came in, the IMF et. al. insisted that all subidies be immediately halted. Prices, which devaluation had already pushed to record levels, went through the roof. The subsequent "inflation" was "cured" by pushing interest rates up to as much as 35-40%, crunching the economy and throwing thousands out of work.

I don't think many of the economists looked away from their monitors for long enough to notice what was going on. One wonders if they could be sued for malpractice.
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