20.: Colombia during the financial crisis of the late 1990s
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The crisis of 1999 was Colombia's most significant economic crisis since the civil war of 1899–1902: GDP fell by 4.2 percent in one year, and the unemployment rate reached 16 percent. The trigger of the crisis was an international crisis that reduced capital inflows. Colombia was vulnerable to a reduction in capital inflows due to the high indebtedness of households, firms, and governments at the time. Such indebtedness resulted from a boom in consumption, investment, and public spending during the early and mid‐1990s. There is no consensus among scholars on the role of fiscal and monetary policy in alleviating or worsening the crisis.

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