Banking and currency crisis recovery: Brazil's turnaround of 1999

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Banking and currency crisis recovery: Brazil's turnaround of 1999

Author Info

William C. Gruben
John H. Welch

Abstract

Of the many countries that suffered exchange rate crises in the 1990s, Brazil and Korea recovered most rapidly. This article analyzes the Brazilian recovery. William Gruben and John Welch focus on the freedom that Brazilian bank health gave to the central bank to pursue a postcrisis monetary policy that would settle markets, reestablish price stability, and encourage investment and the return of foreign capital. Brazilian bank health was not an accident; it reflected not only bank responses to precrisis changes in government regulations, but also to large precrisis interest rate increases associated in part with Brazil's efforts to defend its currency.

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Publisher Info
Article provided by Federal Reserve Bank of Dallas in its journal Economic and Financial Policy Review.

Volume (Year): (2001)
Issue (Month): Q IV ()
Pages: 12-23
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Handle: RePEc:fip:fedder:y:2001:i:qiv:p:12-23

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

Afonso S. Bevilaqua & Eduardo Loyo, 1998. "Openness and efficiency in Brazilian banking," Textos para discussÃ£o 390, Department of Economics PUC-Rio (Brazil). [Downloadable!]
Graciela L. Kaminsky, 1998. "Currency and banking crises: the early warnings of distress," International Finance Discussion Papers 629, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
Other versions:
- Graciela Laura Kaminsky, 1999. "Currency and Banking Crises - The Early Warnings of Distress," IMF Working Papers 99/178, International Monetary Fund.
Kaminsky, Graciela & Lizondo, Saul & Reinhart, Carmen M., 1997. "Leading indicators of currency crises," Policy Research Working Paper Series 1852, The World Bank. [Downloadable!]
Other versions:
- Graciela Laura Kaminsky, 1997. "Leading Indicators of Currency Crises," IMF Working Papers 97/79, International Monetary Fund.
- Reinhart, Carmen & Kaminsky, Graciela & Lizondo, Saul, 1998. "Leading Indicators of Currency Crises," MPRA Paper 6981, University Library of Munich, Germany. [Downloadable!]
- Graciela Kaminsky & Saul Lizondo & Carmen Reinhart, 1998. "Leading Indicators of Currency Crisis," IMF Staff Papers, Palgrave Macmillan Journals, vol. 45(1), pages 1. [Downloadable!] (restricted)
Kamin, Steven B. & Rogers, John H., 1996. "Monetary policy in the end-game to exchange-rate based stabilizations: the case of Mexico," Journal of International Economics, Elsevier, vol. 41(3-4), pages 285-307, November. [Downloadable!] (restricted)
Other versions:
- Steven B. Kamin & John H. Rogers, 1996. "Monetary policy in the end-game to exchange-rate based stabilizations: the case of Mexico," International Finance Discussion Papers 540, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
Guillermo A. Calvo, 1995. "Varieties of Capital-Market Crises," RES Working Papers 4008, Inter-American Development Bank, Research Department. [Downloadable!]
Ilan Goldfajn, 2000. "The swings in capital flows and the brazilian crisis," Textos para discussÃ£o 422, Department of Economics PUC-Rio (Brazil). [Downloadable!]
Calvo, Guillermo A. & Mendoza, Enrique G., 1996. "Mexico's balance-of-payments crisis: a chronicle of a death foretold," Journal of International Economics, Elsevier, vol. 41(3-4), pages 235-264, November. [Downloadable!] (restricted)
Other versions:
- Guillermo A. Calvo & Enrique G. Mendoza, 1996. "Mexico's balance-of-payments crisis: a chronicle of death foretold," International Finance Discussion Papers 545, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
Dooley, Michael P., 2000. "Debt management and crisis in developing countries," Journal of Development Economics, Elsevier, vol. 63(1), pages 45-58, October. [Downloadable!] (restricted)
Jean-Claude Cosset & Jean Roy, 1991. "The Determinants of Country Risk Ratings," Journal of International Business Studies, Palgrave Macmillan Journals, vol. 22(1), pages 135-142, March. [Downloadable!] (restricted)

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