Financial Crises in Emerging Markets

by Edited by Reuven Glick , Ramon Moreno , Mark M. Spiegel

• ISBN13: 9780521172189
• ISBN10: 0521172187
• Edition: Revised
• Format: Paperback
• Copyright: 2011-02-17
• Publisher: Cambridge University Press

Summary

This 2001 book looks at numerous financial crises, beginning with Mexico in 19941995, the Asian crisis of 19971998, and the crises in Russia, Brazil, and other Latin American countries in 19981999. Such contemporary crises illustrate the risks of financial volatility and macroeconomic instability during the process of economic growth and development. They also raise issues regarding the management of risks associated with liberalization and global integration, particularly in financial markets. Concerns about the implications of international capital flows for developing countries have grown with the sharply increased volume of these flows since the late 1980s. The essays in this volume provide analysis and evidence on the determinants of currency and banking crises in emerging markets, the specific roles of capital flows and the financial sector, and the appropriateness of various policy responses.

Table of Contents

Preface

Contributors

Financial crises in emerging markets: an introductory overview

Determinants and Propagation of Financial Crises

Banking and currency crises: how common are twins?

Discussion

Multiple equilibria, contagion, and the emerging market crises

Discussion

How are shocks propagated internationally? Firm-level evidence from the Russian and East Asian crises

Discussion

Capital Flows and Reversals

Uncertainty and the disappearance of international credit

Discussion

International capital inflows, domestic financial intermediation, and financial crises under imperfect information

Discussion

Private inflows when crises are anticipated: a case study of Korea

Discussion

Institutional Factors and Financial Structure

Excessive FDI Flows under asymmetric information

Discussion

Corporate growth and risk around the world

Discussion

Policy Responses

Interest rate stabilization of exchange rates and contagion in the Asian Crisis countries

Discussion

The impact of monetary policy on exchange rates during financial crises

Discussion

Capital controls during financial crises: the cases of Malaysia and Thailand

Index

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