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Author: Alexandre Lamfalussy Publisher: Yale University Press ISBN: 9780300082302 Category : Business & Economics Languages : en Pages : 230
Book Description
In this text an international banking expert grapples with issues that surround the trend toward financial globalization and its potential impact on financial fragility. He analyzes four major crisis experiences: Latin America, 1982-3; Mexico, 1994-5; East Asia, 1997-8; and Russia since 1998.
Author: Mr.Stijn Claessens Publisher: International Monetary Fund ISBN: 1475561008 Category : Business & Economics Languages : en Pages : 66
Book Description
This 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.
Author: Martin Feldstein Publisher: University of Chicago Press ISBN: 0226241106 Category : Business & Economics Languages : en Pages : 541
Book Description
In the late 1990s, economic and financial crises raged through East Asia, devastating economies that had previously been considered among the strongest in the developing world. The crises eventually spread to Russia, Turkey, and Latin America, and impacted the economies of many industrialized nations as well. In today's increasingly interdependent world, finding ways to reduce the risk of future crises—and to improve the management of crises when they occur—has become an international policy challenge of paramount importance. This book rises to that challenge, presenting accessible papers and commentaries on the topic not only from leading academic economists, but also from high-ranking government officials (in both industrial and developing nations), senior policymakers at international institutions, and major financial investors. Six non-technical papers, each written by a specialist in the topic, provide essential economic background, introducing sections on exchange rate regimes, financial policies, industrial country policies, IMF stabilization policies, IMF structural programs, and creditor relations. Next, personal statements from the major players give firsthand accounts of what really went on behind the scenes during the crises, giving us a rare glimpse into how international economic policy decisions are actually made. Finally, wide-ranging discussions and debates sparked by these papers and statements are summarized at the end of each section. The result is an indispensable overview of the key issues at work in these crises, written by the people who move markets and reshape economies, and accessible to not just economists and policymakers, but also to educated general readers. Contributors: Montek S. Ahluwalia, Domingo F. Cavallo, William R. Cline, Andrew Crockett, Michael P. Dooley, Sebastian Edwards, Stanley Fischer, Arminio Fraga, Jeffrey Frankel, Jacob Frenkel, Timothy F. Geithner, Morris Goldstein, Paul Keating, Mervyn King, Anne O. Krueger, Roberto Mendoza, Frederic S. Mishkin, Guillermo Ortiz, Yung Chul Park, Nouriel Roubini, Robert Rubin, Jeffrey Sachs, Ammar Siamwalla, George Soros
Author: Skanderbeg Schmusch Publisher: GRIN Verlag ISBN: 3640182618 Category : Business & Economics Languages : en Pages : 29
Book Description
Essay from the year 2008 in the subject Business economics - Miscellaneous, grade: 1.3, Marmara University (Department of Economics), course: Seminar Paper, 34 entries in the bibliography, language: English, abstract: This paper attemps to picture the economical background of Turkey prior to the 2001 crisis, and then analyze the main characteristics of environment in which such a large scale nancial crisis could break out. The following section will rstly introduce an overview of the basic theoretical literature on nancial crises in emerging markets, as this may contribute towards a better comprehension of the economical interrelations of the theoretical framework in which the Turkish nancial crisis is embedded. Section 3, then, provides the Turkish case in detail. To familiarize the reader with the economical and political enviroment in which the crisis could occur, the rst subsection will provide a brief account of the Turkish economy prior to the crisis, special emphasis will be on the nancial liberalization proccess and the resulting changes in the banking sector. The tide of events of the crisis itself as well as its economical consequences and policy responses are part of the second and third subsection respectively. The paper will be concluded by summing up the essential causes and main characteristics of the crisis and an attempt to assign its place in the theoretical framework.
Author: Jonathan Batten Publisher: Emerald Group Publishing ISBN: 0857247549 Category : Business & Economics Languages : en Pages : 745
Book Description
The Global Financial Crisis of 2007-2009 has highlighted the resilience of the financial markets and economies from the developing world. This title investigates and assesses the impact and response to the crisis from an emerging markets perspective including asset pricing, contagion, financial intermediation, market structure and regulation.
Author: Michael P. Dooley Publisher: University of Chicago Press ISBN: 0226155420 Category : Business & Economics Languages : en Pages : 456
Book Description
The management of financial crises in emerging markets is a vital and high-stakes challenge in an increasingly global economy. For this reason, it's also a highly contentious issue in today's public policy circles. In this book, leading economists-many of whom have also participated in policy debates on these issues-consider how best to reduce the frequency and cost of such crises. The contributions here explore the management process from the beginning of a crisis to the long-term effects of the techniques used to minimize it. The first three chapters focus on the earliest responses and the immediate defense of a currency under attack, exploring whether unnecessary damage to economies can be avoided by adopting the right response within the first few days of a financial crisis. Next, contributors examine the adjustment programs that follow, considering how to design these programs so that they shorten the recovery phase, encourage economic growth, and minimize the probability of future difficulties. Finally, the last four papers analyze the actual effects of adjustment programs, asking whether they accomplish what they are designed to do-and whether, as many critics assert, they impose disproportionate costs on the poorest members of society. Recent high-profile currency crises have proven not only how harmful they can be to neighboring economies and trading partners, but also how important policy responses can be in determining their duration and severity. Economists and policymakers will welcome the insightful evaluations in this important volume, and those of its companion, Sebastian Edwards and Jeffrey A. Frankel's Preventing Currency Crises in Emerging Markets.
Author: Reuven Glick
Author: Tuomas Komulainen
Author: Reuven Glick
Author: Taimur Baig
Author: Alexandre Lamfalussy
Author: Mr.Stijn Claessens
Author: Martin Feldstein
Author: Skanderbeg Schmusch
Author: Jonathan Batten
Author: Riku Allan Kinnunen
Author: Michael P. Dooley