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Author: Olivier Accominotti Publisher: ISBN: Category : Languages : en Pages :
Book Description
This dissertation is a collection of three essays, all dealing with unexplored aspects of international financial instability during the 1920s and 1930s. The research included in these papers aims to provide a better understanding of the destabilizing monetary policies of the interwar years, and of the spread of financial crises, as well as to bring new historical perspectives to current policy issues in international finance. The first chapter revisits the French international reserves policy of the interwar years. Based on original data documenting the currency composition of the foreign reserves, the chapter identifies the motivations behind the Bank of France's disastrous policy of this period. The second chapter deals with the international transmission of the 1931 global financial crisis. Relying on bank balance sheet data collected in the archives, it explores the precise transmission channel through which the Central European crisis of the spring 1931 propagated to the most important financial center of the period, London, endangered the British banking system and eventually led to the sterling crisis of September. Last, the third chapter identifies the main factors of international financial crisis propagation during the 1930s, based on an extensive dataset documenting exchange markets, bond markets and stock markets. The statistical analysis in this chapter reveals that the 1931 crisis was the most global financial shock of the Great Depression and that net importers of capital were hit first.
Author: Olivier Accominotti Publisher: ISBN: Category : Languages : en Pages :
Book Description
This dissertation is a collection of three essays, all dealing with unexplored aspects of international financial instability during the 1920s and 1930s. The research included in these papers aims to provide a better understanding of the destabilizing monetary policies of the interwar years, and of the spread of financial crises, as well as to bring new historical perspectives to current policy issues in international finance. The first chapter revisits the French international reserves policy of the interwar years. Based on original data documenting the currency composition of the foreign reserves, the chapter identifies the motivations behind the Bank of France's disastrous policy of this period. The second chapter deals with the international transmission of the 1931 global financial crisis. Relying on bank balance sheet data collected in the archives, it explores the precise transmission channel through which the Central European crisis of the spring 1931 propagated to the most important financial center of the period, London, endangered the British banking system and eventually led to the sterling crisis of September. Last, the third chapter identifies the main factors of international financial crisis propagation during the 1930s, based on an extensive dataset documenting exchange markets, bond markets and stock markets. The statistical analysis in this chapter reveals that the 1931 crisis was the most global financial shock of the Great Depression and that net importers of capital were hit first.
Author: Masahiro Kawai Publisher: World Bank Publications ISBN: Category : Banks and banking Languages : en Pages : 60
Book Description
Currency and banking crises such as those originating in Mexico (1994), Thailand (1997), and the Russian Federation (1998) tend to be associated and often take place together across countries. The East Asian experience was a fruitful laboratory for examining key questions. For example: How did contagion occur so extensively, and why was it so devastating? Did policy responses to crises and contagion minimize their impact on the real economy? What type of international financial architecture is needed to prevent and manage crises and contagion?
Author: Julia Lowell Publisher: RAND Corporation ISBN: Category : Business & Economics Languages : en Pages : 78
Book Description
Explores why some financial crises appear to be contagious, and why some financial markets in emerging market countries appear to be vulnerable to contagion whereas others are not.
Author: Ms.Nada Choueiri Publisher: International Monetary Fund ISBN: 1451844786 Category : Business & Economics Languages : en Pages : 27
Book Description
This 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.
Author: Friedrich L. Sell Publisher: Edward Elgar Publishing ISBN: 9781781956250 Category : Business & Economics Languages : en Pages : 248
Book Description
This book aims to integrate the notions of contagion in epidemiology and contagion in financial market crises to discover why emerging markets are so susceptible to financial crises. The author first provides a brief introduction of the contagious spill-over of recent financial market crises and models the pattern of these crises. He finds that the contagion between crises in emerging markets, such as that of the crises in Russia and Brazil in 1998-1999, is explicable, despite the fact that at first sight they appear to have little in common. Finally, Friedrich Sell integrates these findings to outline a proposal for a 'new international financial architecture'.
Author: Padma Desai Publisher: Princeton University Press ISBN: 1400865379 Category : Business & Economics Languages : en Pages : 319
Book Description
This book provides a sweeping, up-to-date, and boldly critical account of the financial crises that rocked East Asia and other parts of the world beginning with the collapse of the Thai baht in 1997. Retracing the story of Asia's "Crisis Five"--Indonesia, Malaysia, South Korea, the Philippines, and Thailand--Padma Desai argues that the region's imprudently fast-paced opening to the free flow of capital was pushed by determined advocates, official and private, in the global economy's U.S.-led developed center. Turmoil ensued in these peripheral economies, the Russian ruble faltered, and Brazil was eventually hit. The inequitable center-periphery relationship also extended to the policy measures that the crisis-swept economies implemented under International Monetary Fund bailouts, which intensified the downturns induced by the panic-driven outflows of short-term capital. Financial Crisis, Contagion, and Containment examines crisis origin and resolution in a comparative perspective by combing empirical evidence from the most robust economies to the least. Why is the U.S. relatively successful at weathering economic ups and downs? Why is Japan stuck in policy paralysis? Why is the European Central Bank unable to achieve both inflation control and stable growth? How can emerging markets avoid turbulence amid free-flowing speculative capital from private lenders of the developed center? Engaging and nontechnical yet deeply insightful, this book appears at a time when the continuing turmoil in Argentina has revived policy debates for avoiding and addressing financial crises in emerging market economies.
Author: Marek Dabrowski Publisher: Springer Science & Business Media ISBN: 1461503434 Category : Business & Economics Languages : en Pages : 309
Book Description
Currency Crises in Emerging Markets, prepared by Warsaw-based Center for Social and Economic Research (CASE), discusses various aspects of currency crises in emerging-market economies: The definitions and theoretical models of currency crises, the causes, management and propagation (contagion effect) of crises, their economic, social and policy consequences, the role of international financial institutions, and crisis prevention. In addition, five case studies of currency crises in Central and Eastern Europe are presented.
Author: Rob Quail Publisher: John Wiley & Sons ISBN: 1118016521 Category : Business & Economics Languages : en Pages : 570
Book Description
"Financial Contagion: The Viral Threat to the Wealth of Nations covers a lot of territory. It is, of course, terribly important to analyze case histories to discover potential triggers, mechanisms of transmission, and viable ways to contain the damage of financial contagion. The problem is, as these articles amply demonstrate, that there’s always a new virus or a mutation of a former one lurking in some corner of the financial world. We don’t know what it is or where it is. And, even if we had some inkling, there’s almost never enough time to develop a financial flu shot." --SeekingAlpha.com The latest insights on financial contagion and how both nations and investors can effectively deal with it. The domino-style structure in which the financial system exists is a perilous one. Although historically, the financial system has been able to deal with major shocks, the fact remains that our financial system is not as secure as it should be. Recent years have brought about too many examples of contagion and systemic risk. That is why Financial Contagion is such an important read. In it, the serious concerns that revolve around our fragile economic system are investigated, researched, and explained. Throughout the book, Kolb offers valuable insights on this dilemma as he compiles the history of financial contagion, highlights the latest research on systemic failure and interrelated markets, and analyzes the risks and consequences we face moving forward. Examines the importance of careful regulation and what must be done to stabilize the global financial system Includes contributed chapters from both academics and experienced professionals, offering a variety of perspectives and a rich interplay of ideas Details how close we are to witnessing a financial contagion that could devastate the world economy We have been harshly reminded of how fragile our economic ecosystem is. With Financial Contagion, you'll hold a better understanding of what needs to be done to strengthen our system and safeguard our financial future.
Author: Allan Drazen Publisher: ISBN: Category : Contagion (Social psychology) Languages : en Pages : 48
Book Description
Existing models of contagious currency crises are summarized and surveyed, and it is argued that more weight should be put on political factors. Towards this end, the concept of political contagion introduced, whereby contagion in speculative attacks across currencies arises solely because of political objectives of countries. A specific model of membership' contagion is presented. The desire to be part of a political-economic union, where maintaining a fixed exchange rate is a condition for membership and where the value of membership depends positively on who else is a member, is shown to give rise to potential contagion. We then present evidence suggesting that political contagion may have been important in the 1992-3 EMS crisis.
Author: Olivier Accominotti
Author: Olivier Accominotti
Author: Masahiro Kawai
Author: Julia Lowell
Author: Ms.Nada Choueiri
Author: Friedrich L. Sell
Author: Padma Desai
Author: Marek Dabrowski
Author: Roberto Chang
Author: Rob Quail
Author: Allan Drazen