Reinhart, Carmen and Kaminsky, Graciela (2000): Crisis financieras en Asia y Latinoamerica: ahora y entonces. Published in: Sistemas Financieros ante la Globalización (2000): pp. 113-121.
Download (112Kb) | Preview
The authors' earlier work on financial crises suggested that economies behave differently on the eve of crises (see Kaminsky and Reinhart, 1996). Typically, financial crises occur as an economy enters a recession that follows a prolonged boom in economic activity fueled by credit creation and surges in capital inflows. The cycle of overlending is exacerbated by implicit or explicit deposit guarantees, poor supervision, and moral-hazard problems in the banking sector. Crises are accompanied by an overvaluation of the currency, weakening exports, and the bursting of asset price bubbles. In this paper, the authors extend that work by analyzing the extent to which past crises share common characteristics in Latin America, Asia, Europe, and the Middle East. In addition, the authors examine the recent crises in Asia and in Latin America to determine whether the considerable regional differences that they find for the earlier sample have eroded.
|Item Type:||MPRA Paper|
|Original Title:||Crisis financieras en Asia y Latinoamerica: ahora y entonces|
|English Title:||Financial Crises in Asia and Latin America Different: Then and Now|
|Keywords:||crisis financciera bancos devaluacion reservas flujos de capital|
|Subjects:||E - Macroeconomics and Monetary Economics > E3 - Prices, Business Fluctuations, and Cycles > E32 - Business Fluctuations; Cycles
F - International Economics > F3 - International Finance > F30 - General
|Depositing User:||Carmen Reinhart|
|Date Deposited:||03. Mar 2009 13:49|
|Last Modified:||15. Feb 2013 15:02|
Bhattacharya, A.; Claessens, S., y Hernandez, L. (1997): Recent Financial Market Turbulence in Southeast Asia, mimeo, The World Bank, octubre.
Edison, H. J., y Miller, M. (1997): The Hong Kong Handover: Hidden Pitfalls?, mimeo, Board of Governors of the Federal Reserve, julio.
Kaminsky, G. L., Y Reinhart, C. M. (1996): The Twin Crises: the Causes of Banking and Balance of Payments Problems, mimeo, Board of Governors of the Federal Reserve, agosto.
McKinnon, R., y Pill, H. (1994): Credible Liberalizations and International Capital Flows: the Overborrowing Syndrome, mimeo, Universidad de Standford.
Montiel, P.; Reinhart, C. M. (1997): «The Dynamics of Capital Movements to Emerging Economies During the 1990s», en S. Griffith-Jones y M. Montes (eds.), Short-term Capital Movements and Balance of Payments Crises, Helsinki: UNUIWIDER.