Currency Crises In Emerging Markets
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Managing Currency Crises In Emerging Markets
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Author : Michael P. Dooley
language : en
Publisher: University of Chicago Press
Release Date : 2007-11-01
Managing Currency Crises In Emerging Markets written by Michael P. Dooley and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-11-01 with Business & Economics categories.
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.
Preventing Currency Crises In Emerging Markets
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Author : Sebastian Edwards
language : en
Publisher: University of Chicago Press
Release Date : 2009-02-15
Preventing Currency Crises In Emerging Markets written by Sebastian Edwards and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-02-15 with Business & Economics categories.
Economists and policymakers are still trying to understand the lessons recent financial crises in Asia and other emerging market countries hold for the future of the global financial system. In this timely and important volume, distinguished academics, officials in multilateral organizations, and public and private sector economists explore the causes of and effective policy responses to international currency crises. Topics covered include exchange rate regimes, contagion (transmission of currency crises across countries), the current account of the balance of payments, the role of private sector investors and of speculators, the reaction of the official sector (including the multilaterals), capital controls, bank supervision and weaknesses, and the roles of cronyism, corruption, and large players (including hedge funds). Ably balancing detailed case studies, cross-country comparisons, and theoretical concerns, this book will make a major contribution to ongoing efforts to understand and prevent international currency crises.
Currency Crises In Emerging Markets
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Author : Marek Dabrowski
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Currency Crises In Emerging Markets written by Marek Dabrowski and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.
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.
Financial Crises In Emerging Markets
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Author : Reuven Glick
language : en
Publisher: Cambridge University Press
Release Date : 2001-04-23
Financial Crises In Emerging Markets written by Reuven Glick and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001-04-23 with Business & Economics categories.
The essays in this volume analyze causes of financial crises in emerging markets and different policy responses.
Comparing The Performance Of Logit And Probit Early Warning Systems For Currency Crises In Emerging Market Economies
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Author : Mr. Fabio Comelli
language : en
Publisher: International Monetary Fund
Release Date : 2014-04-17
Comparing The Performance Of Logit And Probit Early Warning Systems For Currency Crises In Emerging Market Economies written by Mr. Fabio Comelli and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-04-17 with Business & Economics categories.
We compare how logit (fixed effects) and probit early warning systems (EWS) predict insample and out-of-sample currency crises in emerging markets (EMs). We look at episodes of currency crises that took place in 29 EMs between January 1995 and December 2012. Stronger real GDP growth rates and higher net foreign assets significantly reduce the probability of experiencing a currency crisis, while high levels of credit to the private sector increase it. We find that the logit and probit EWS out-of-sample performances are broadly similar, and that the EWS performance can be very sensitive both to the size of the estimation sample, and to the crisis definition employed. For macroeconomic policy purposes, we conclude that a currency crisis definition identifying more rather than less crisis episodes should be used, even if this may lead to the risk of issuing false alarms.
Assessing Financial Vulnerability
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Author : Morris Goldstein
language : en
Publisher: Peterson Institute
Release Date : 2000
Assessing Financial Vulnerability written by Morris Goldstein and has been published by Peterson Institute this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Business & Economics categories.
This study reviews the literature on the origins of currency and banking crises. It presents empirical tests on the performance of alternative early-warning indicators for emerging-market economies. The book also identifies crisis-threshold values for early-warning indicators.
Other People S Money
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Author : Barry Eichengreen
language : en
Publisher: University of Chicago Press
Release Date : 2010-04-15
Other People S Money written by Barry Eichengreen and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-04-15 with Business & Economics categories.
Recent crises in emerging markets have been heavily driven by balance-sheet or net-worth effects. Episodes in countries as far-flung as Indonesia and Argentina have shown that exchange rate adjustments that would normally help to restore balance can be destabilizing, even catastrophic, for countries whose debts are denominated in foreign currencies. Many economists instinctually assume that developing countries allow their foreign debts to be denominated in dollars, yen, or euros because they simply don't know better. Presenting evidence that even emerging markets with strong policies and institutions experience this problem, Other People's Money recognizes that the situation must be attributed to more than ignorance. Instead, the contributors suggest that the problem is linked to the operation of international financial markets, which prevent countries from borrowing in their own currencies. A comprehensive analysis of the sources of this problem and its consequences, Other People's Money takes the study one step further, proposing a solution that would involve having the World Bank and regional development banks themselves borrow and lend in emerging market currencies.
Currency Crises In Emerging Market Economies
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Author : Marek Dąbrowski
language : en
Publisher:
Release Date : 2002
Currency Crises In Emerging Market Economies written by Marek Dąbrowski and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with categories.
Essays On Financial Crises In Emerging Markets
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Author : Tuomas Komulainen
language : en
Publisher:
Release Date : 2004
Essays On Financial Crises In Emerging Markets written by Tuomas Komulainen and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Currency crises categories.
Tiivistelmä.
Exchange Rate Regimes For Emerging Markets
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Author : John Williamson
language : en
Publisher: Peterson Institute
Release Date : 2000
Exchange Rate Regimes For Emerging Markets written by John Williamson and has been published by Peterson Institute this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Business & Economics categories.
In the aftermath of the Asian/global financial crises of 1997-98, how should emerging markets now structure their exchange rate systems to prevent new crises from occurring? This study challenges current orthodoxy by advocating the revival of intermediate exchange rate regimes. In so doing, Williamson presents a reasoned challenge to the new prevailing attitude which claims that all countries involved in the international capital markets need to polarize to one of the extreme regimes (to a fixed rate with either a currency board or dollarization, or to a lightly-managed float). He concludes that although there is some truth in the allegation that intermediate regimes are vulnerable to speculative crises, they still offer offsetting advantages. He also contends that it would be possible to redesign them to be more flexible so as to reduce their vulnerability to crises.