Financial Crises in Emerging Markets

doi:10.1017/CBO9780511572159

This book looks at numerous financial crises, beginning with Mexico in 1994–5, the Asian crisis of 1997–8, and the crises in Russia, Brazil, and other Latin American countries in 1998–9. 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.

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Contents

Frontmatter
pp i-iv
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Contents
pp v-vi
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Preface
pp vii-viii
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Contributors
pp ix-xii
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1 - Financial Crises in Emerging Markets: An Introductory Overview
pp 1-32
- By Reuven Glick, Ramon Moreno, Mark M. Spiegel
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PART I - DETERMINANTS AND PROPAGATION OF FINANCIAL CRISES
pp 33-34
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2 - Banking and Currency Crises: How Common Are Twins?
pp 35-69
- By Reuven Glick, Michael M. Hutchison
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Discussion
pp 70-72
- By Andrew K. Rose
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3 - Multiple Equilibria, Contagion, and the Emerging Market Crises
pp 73-98
- By Paul R. Masson
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Discussion
pp 99-105
- By Paolo Pesenti
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4 - How Are Shocks Propagated Internationally?
pp 106-159
Firm–Level Evidence from the Russian and East Asian Crises
- By Kristin Forbes
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Discussion
pp 160-164
- By Kenneth Kasa
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PART II - CAPITAL FLOWS AND REVERSALS
pp 165-166
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5 - Uncertainty and the Disappearance of International Credit
pp 167-190
- By Joshua Aizenman, Nancy Marion
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Discussion
pp 191-195
- By Mark M. Spiegel
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Discussion
pp 238-242
- By Roberto Chang
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7 - Private Inflows when Crises Are Anticipated: A Case Study of Korea
pp 243-274
- By Michael P. Dooley, Inseok Shin
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Discussion
pp 275-280
- By Carmen M. Reinhart
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PART III - INSTITUTIONAL FACTORS AND FINANCIAL STRUCTURE
pp 281-282
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8 - Excessive FDI Flows under Asymmetric Information
pp 283-301
- By Assaf Razin, Efraim Sadka, Chi-Wa Yuen
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Discussion
pp 302-304
- By Maurice Obstfeld
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9 - Corporate Growth and Risk around the World
pp 305-338
- By Stijn Claessens, Simeon Djankov, Tatiana Nenova
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Discussion
pp 339-344
- By Richard K. Lyons
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PART IV - POLICY RESPONSES
pp 345-346
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10 - Interest Rate Stabilization of Exchange Rates and Contagion in the Asian Crisis Countries
pp 347-379
- By Robert Dekle, Cheng Hsiao, Siyan Wang
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Discussion
pp 380-383
- By Pierre-Richard Agénor
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11 - The Impact of Monetary Policy on Exchange Rates during Financial Crises
pp 384-420
- By David Gould, Steven Kamin
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Discussion
pp 421-426
- By Henning Bohn
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12 - Capital Controls during Financial Crises: The Cases of Malaysia and Thailand
pp 427-456
- By Hali J. Edison, Carmen M. Reinhart
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