The Twin Crises
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The Twin Crises
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Author : Graciela Laura Kaminsky
language : en
Publisher:
Release Date : 1996
The Twin Crises written by Graciela Laura Kaminsky and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with Balance of payments categories.
The Twin Crises
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Author : Carmen Reinhart
language : en
Publisher:
Release Date : 2016
The Twin Crises written by Carmen Reinhart and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
In the wake of the Mexican and Asian currency turmoil, the subject of financial crises have come to the forefront of academic and policy discussions. This paper analyzes the links between banking and currency crises. The authors find that problems in the banking sector typically precede a currency crisis - the currency crisis deepens the banking crisis, activating a vicious spiral; financial liberalization often precedes banking crises. The anatomy of these episodes suggests that crises occur as the economy enters a recession, following a prolonged boom in economic activity that was fueled by credit, capital inflows, and accompanied by an overvalued currency.
Twin Crises The Contribution Of Overborrowing To Interdependencies Of Banking And Currency Crises
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Author : Tim Ebner
language : de
Publisher: GRIN Verlag
Release Date : 2013-02-13
Twin Crises The Contribution Of Overborrowing To Interdependencies Of Banking And Currency Crises written by Tim Ebner and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-02-13 with Business & Economics categories.
Bachelorarbeit aus dem Jahr 2009 im Fachbereich VWL - Internationale Wirtschaftsbeziehungen, Note: 2,3, Westfälische Wilhelms-Universität Münster (Institut für Internationale Ökonomie), Sprache: Deutsch, Abstract: The occurrence of twin crises can evoke serious recessions. From 1976 to 2002 there were 38 countries afflicted by at least one twin crisis. McKinnon and Pill (1996, 1997, 1998, 1999) set basic milestones in respect of international overborrowing and drew a linkage to twin crises. Their papers are still increasingly cited by current publications. This paper at first systemizes literature on currency, banking and twin crises and gives a review on several contributions. The second section deals with the third generation model of McKinnon and Pill concerning “The Overborrowing Syndrome”. Their key finding is that loan guarantees may lead via excessive borrowing to a twin crisis. After this, policy conclusions to counteract international overborrowing and a review on the development of theoretical overborrowing papers will complete the second section. In section three it will refer to empirical studies on crises and overborrowing. Section four closes with final remarks.
Capital Flows And The Twin Crises
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Author : Mr.Ilan Goldfajn
language : en
Publisher: International Monetary Fund
Release Date : 1997-07-01
Capital Flows And The Twin Crises written by Mr.Ilan Goldfajn 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 1997-07-01 with Business & Economics categories.
This paper develops a model that focuses on the interaction of liquidity creation by financial intermediaries with capital flows and exchange rate collapses. The intermediaries’ role of transforming maturities is shown to result in larger movements of capital and a higher probability of crisis. These movements resemble the observed cycle in capital flows: large inflows, crisis and abrupt outflows. The model highlights how adverse productivity and international interest rate shocks may trigger a sudden outflow of capital and an exchange collapse. The initial shock is magnified by the behavior of individual foreign investors linked through their deposits in the intermediaries. The expectation of an eventual exchange rate crisis links investors’ behavior even further.
Bonfire Of Illusions
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Author : Alex Callinicos
language : en
Publisher: John Wiley & Sons
Release Date : 2013-04-17
Bonfire Of Illusions written by Alex Callinicos and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-04-17 with Political Science categories.
Something dramatic happened in the late summer and autumn of 2008. The post-Cold War world came to an abrupt end. This was the result of two conjoined crises. First, in its brief war with Georgia in August 2008, Russia asserted its military power to halt the expansion of NATO to its very borders. Secondly, on 15 September 2008 the Wall Street investment bank Lehman Brothers collapsed. This precipitated a severe financial crash and helped to push the world economy into the worst slump since the 1930s. Both crises marked a severe setback for the global power of the United States, which had driven NATO expansion and forced through the liberalization of financial markets. More broadly they challenged the consensus that had reigned since the collapse of the Soviet bloc in 1989 that a US-orchestrated liberal capitalist order could offer the world peace and prosperity. Already badly damaged by the Iraq debacle, this consensus has now suffered potentially fatal blows. In Bonfire of Illusions Alex Callinicos explores these twin crises. He traces the credit crunch that developed in 2007-8 to a much more protracted crisis of overaccumulation and profitability that has gripped global capitalism since the late 1960s. He also confronts the interaction between economic and geopolitical events, highlighting the new assertiveness of nation-states and analysing the tense, complex relationship of interdependence and conflict that binds together the US and China. Finally, in response to the revelation that the market is not the solution to the world's problems, Callinicos reviews the prospects for alternatives to capitalism.
Banking And Currency Crises
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Author : Reuven Glick
language : en
Publisher:
Release Date : 2007
Banking And Currency Crises written by Reuven Glick and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with categories.
The coincidence of having both banking and currency crises associated with the Asian financial crisis has drawn renewed attention to causal and common factors linking the two phenomena. In this paper, we analyse the incidence and underlying causes of banking and currency crises in 90 industrial and developing countries over the 1975-97 period. We measure the individual and joint (twin) occurrence of bank and currency crises and assess the extent to which each type of crisis provides information about the likelihood of the other.We find that the twin crisis phenomenon is most common in financially liberalized emerging markets. The strong contemporaneous correlation between currency and bank crises in emerging markets is robust, even after factoring in a host of macroeconomic and financial structure variables and possible simultaneity bias. We also find that the occurrence of banking crises provides a good leading indicator of currency crises in emerging markets. The converse does not hold true, however, as currency crises are not a useful leading indicator of the onset of future banking crises. We conjecture that the openness of emerging markets to international capital flows, combined with a liberalised financial structure, make them particularly vulnerable to twin crises.
Explaining The Twin Crises In Indonesia
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Author : Rahmatina Kasri
language : en
Publisher:
Release Date : 2014
Explaining The Twin Crises In Indonesia written by Rahmatina Kasri and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
The co-existence of the 'twin' banking and currency crises in emerging market economies has raised concerns regarding the underlying causes and potential remedies. Literatures suggest that there are at least three major approaches that could be used to explain the phenomenon: the microeconomic perspective which emphasizes the role of asymmetric information problems inthe banking sector, the macroeconomics perspectives that link the financial liberalization with the banking sector risky behaviors, and the new institutional perspectives incorporating political and financial institutions into the analysis of crisis. Using these frameworks to analyze the twin crises in Indonesia during the 1997-2000 periods, it is suggested that the crises are rooted in and could be well-explained by the asymmetric information model. Although the other models also influence the co-existence of banking and currency crises, it was the asymmetric information problems before and during the crises combined with political turmoil which magnified the contagion effect of the currency crisis in the neighboring countries to the Indonesian economy. Prior to the crises,moral hazard and adverse selection problems both in economic and political fields have significantly contributed to weak micro banking fundamental in the Indonesian banking system. High non-performing loans and weaknesses in the prudential regulation were also evident. Similarly, the post crises experiences demonstrated that uncertainty regarding the economic reform programs and political stability had undermined market confidence, triggered bank panics and worsened currency crisis. Findings of this study are expected to increase understanding on the determinants of twin crises as well as to provide valuable lessons in managing and maintaining robust financial sector in Indonesia.
Banking And Currency Crises
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Author : Reuven Glick
language : en
Publisher:
Release Date : 1999
Banking And Currency Crises written by Reuven Glick and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Bank failures categories.
Twin Crises An Outside To Inside Approach
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Author : Michaël Glauser
language : en
Publisher:
Release Date : 2003
Twin Crises An Outside To Inside Approach written by Michaël Glauser and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with categories.
International Finance Discussion Papers
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Author : Graciela L Kaminsky
language : en
Publisher: Scholar's Choice
Release Date : 2015-02-16
International Finance Discussion Papers written by Graciela L Kaminsky and has been published by Scholar's Choice this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-02-16 with categories.
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