Contagious Currency Crises
Author: Barry J. Eichengreen
Publisher:
Published: 1996
Total Pages: 60
ISBN-13:
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International Financial Contagion
Author: Stijn Claessens
Publisher: Springer Science & Business Media
Published: 2013-04-17
Total Pages: 461
ISBN-13: 1475733143
DOWNLOAD EBOOKNo sooner had the Asian crisis broken out in 1997 than the witch-hunt started. With great indignation every Asian economy pointed fingers. They were innocent bystanders. The fundamental reason for the crisis was this or that - most prominently contagion - but also the decline in exports of the new commodities (high-tech goods), the steep rise of the dollar, speculators, etc. The prominent question, of course, is whether contagion could really have been the key factor and, if so, what are the channels and mechanisms through which it operated in such a powerful manner. The question is obvious because until 1997, Asia's economies were generally believed to be immensely successful, stable and well managed. This question is of great importance not only in understanding just what happened, but also in shaping policies. In a world of pure contagion, i.e. when innocent bystanders are caught up and trampled by events not of their making and when consequences go far beyond ordinary international shocks, countries will need to look for better protective policies in the future. In such a world, the international financial system will need to change in order to offer better preventive and reactive policy measures to help avoid, or at least contain, financial crises.
Changes in Exchange Rates in Rapidly Developing Countries
Author: Takatoshi Ito
Publisher: University of Chicago Press
Published: 2007-12-01
Total Pages: 466
ISBN-13: 0226386937
DOWNLOAD EBOOKThe exchange rate is a crucial variable linking a nation's domestic economy to the international market. Thus choice of an exchange rate regime is a central component in the economic policy of developing countries and a key factor affecting economic growth. Historically, most developing nations have employed strict exchange rate controls and heavy protection of domestic industry-policies now thought to be at odds with sustainable and desirable rates of economic growth. By contrast, many East Asian nations maintained exchange rate regimes designed to achieve an attractive climate for exports and an "outer-oriented" development strategy. The result has been rapid and consistent economic growth over the past few decades. Changes in Exchange Rates in Rapidly Developing Countries explores the impact of such diverse exchange control regimes in both historical and regional contexts, focusing particular attention on East Asia. This comprehensive, carefully researched volume will surely become a standard reference for scholars and policymakers.
Capital Flows and Crises
Author: Barry J. Eichengreen
Publisher: MIT Press
Published: 2004
Total Pages: 396
ISBN-13: 9780262550598
DOWNLOAD EBOOKAn analysis of the connections between capital flows and financial crises as well as between capital flows and economic growth.
A Model of Contagious Currency Crises with Application to Argentina
Author: Ms.Nada Choueiri
Publisher: International Monetary Fund
Published: 1999-03-01
Total Pages: 27
ISBN-13: 1451844786
DOWNLOAD EBOOKThis paper proposes a model of contagious currency crises: crises transmit across countries by raising the risk premium on government bonds. Three types of equilibria can occur: a “no-collapse” equilibrium (crises never transmit from abroad); a “collapse” equilibrium (crises are inevitably contagious); or a “fundamentals” equilibrium (crises are contagious if domestic fundamentals are weak). A calibration exercise finds that the 1995 turmoil in Argentina coexisted with a combination of risk-averse investors and weak credibility in the currency board arrangement. This turmoil could only be attributed to a Tequila effect from the Mexican crisis alone if investors were excessively risk-averse.
Preventing Currency Crises in Emerging Markets
Author: Sebastian Edwards
Publisher: University of Chicago Press
Published: 2002-11-15
Total Pages: 782
ISBN-13: 9780226184944
DOWNLOAD EBOOKEconomists and policymakers are still trying to understand the lessons recent financial crises in Asia and other emerging market countries hold for the future of the global financial system. In this timely and important volume, distinguished academics, officials in multilateral organizations, and public and private sector economists explore the causes of and effective policy responses to international currency crises. Topics covered include exchange rate regimes, contagion (transmission of currency crises across countries), the current account of the balance of payments, the role of private sector investors and of speculators, the reaction of the official sector (including the multilaterals), capital controls, bank supervision and weaknesses, and the roles of cronyism, corruption, and large players (including hedge funds). Ably balancing detailed case studies, cross-country comparisons, and theoretical concerns, this book will make a major contribution to ongoing efforts to understand and prevent international currency crises.
Financial Crises Explanations, Types, and Implications
Author: Mr.Stijn Claessens
Publisher: International Monetary Fund
Published: 2013-01-30
Total Pages: 66
ISBN-13: 1475561008
DOWNLOAD EBOOKThis paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since many theories on the sources of financial crises highlight the importance of sharp fluctuations in asset and credit markets, the paper briefly reviews theoretical and empirical studies on developments in these markets around financial crises. Second, what are the major types of financial crises? The paper focuses on the main theoretical and empirical explanations of four types of financial crises—currency crises, sudden stops, debt crises, and banking crises—and presents a survey of the literature that attempts to identify these episodes. Third, what are the real and financial sector implications of crises? The paper briefly reviews the short- and medium-run implications of crises for the real economy and financial sector. It concludes with a summary of the main lessons from the literature and future research directions.
This Time Is Different
Author: Carmen M. Reinhart
Publisher: Princeton University Press
Published: 2011-08-07
Total Pages: 513
ISBN-13: 0691152640
DOWNLOAD EBOOKAn empirical investigation of financial crises during the last 800 years.
Current Account Reversals and Currency Crises
Author: Mr.Gian Milesi-Ferretti
Publisher: International Monetary Fund
Published: 1998-06-01
Total Pages: 45
ISBN-13: 1451952422
DOWNLOAD EBOOKThis paper studies large reductions in current account deficits and exchange rate depreciations in low- and middle-income countries. It examines which factors help predict the occurrence of a reversal or a currency crisis, and how these events affect macroeconomic performance. Both domestic factors, such as the low reserves, and external factors, such as unfavorable terms of trade, are found to trigger reversals and currency crises. The two types of events are, however, distinct; an exchange rate crash is associated with a fall in output growth and a recovery thereafter, while for reversals there is no systematic evidence of a growth slowdown.
The Unstable EMS
Author: Barry J. Eichengreen
Publisher:
Published: 1993
Total Pages: 118
ISBN-13:
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