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Emerging Economies Crises: Lessons from the 1990’

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  • Sebastjan Strasek

    (University of Maribor, Slovenia)

  • Timotej Jagric

    (University of Maribor, Slovenia)

  • Natasa Spes

    (University of Maribor, Slovenia)

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    Abstract

    The paper examines the financial crises of the 1990s. They represent a new kind of crises, as they do not seem to conform to the so-called first generation and second generation literature on currency crises. The outburst of the Asian crises brought a new challenge for economic policy. The attention has been placed on the self-fulfilling character of the speculative attacks and microeconomic weaknesses. The first part of the paper reviews the recent theoretical literature on financial crises, the second part addresses some lessons for emerging economies. The authors consider the policies to manage financial crises and reduce the risks associated with them.

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    Bibliographic Info

    Article provided by University of Primorska, Faculty of Management Koper in its journal Managing Global Transitions.

    Volume (Year): 5 (2007)
    Issue (Month): 3 ()
    Pages: 289-304

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    Handle: RePEc:mgt:youmgt:v:5:y:2007:i:3:p:289-304

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    Related research

    Keywords: financial crises; emerging markets; contagion;

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    1. Itay Goldstein, 2005. "Strategic Complementarities and the Twin Crises," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 115(503), pages 368-390, 04.
    2. Reinhart, Carmen & Kaminsky, Graciela, 1999. "The twin crises: The causes of banking and balance of payments problems," MPRA Paper 14081, University Library of Munich, Germany.
    3. Guillermo Calvo, 2007. "Crises in Emerging Market Economies: A Global Perspective," Working Papers Central Bank of Chile, Central Bank of Chile 441, Central Bank of Chile.
    4. Giancarlo Corsetti & Paolo Pesenti & Nouriel Roubini, 1998. "What Caused the Asian Currency and Financial Crisis?," Temi di discussione (Economic working papers), Bank of Italy, Economic Research and International Relations Area 343, Bank of Italy, Economic Research and International Relations Area.
    5. Helmut Reisen, 1999. "After the Great Asian Slump: Towards a Coherent Approach to Global Capital Flows," OECD Development Centre Policy Briefs 16, OECD Publishing.
    6. Roberto Chang & Andres Velasco, 1998. "Financial Crises in Emerging Markets," NBER Working Papers 6606, National Bureau of Economic Research, Inc.
    7. Krugman, Paul, 1979. "A Model of Balance-of-Payments Crises," Journal of Money, Credit and Banking, Blackwell Publishing, Blackwell Publishing, vol. 11(3), pages 311-25, August.
    8. Ronald I. McKinnon & Huw Pill, 1998. "International Overborrowing: A Decomposition of Credit and Currency Risks," Working Papers, Stanford University, Department of Economics 98004, Stanford University, Department of Economics.
    9. Paul R. Masson, 1998. "Contagion," IMF Working Papers 98/142, International Monetary Fund.
    10. Gerlach, Stefan & Smets, Frank, 1994. "Contagious Speculative Attacks," CEPR Discussion Papers 1055, C.E.P.R. Discussion Papers.
    11. Masahiro Kawai & Richard Newfarmer & Sergio L. Schmukler, 2005. "Financial Crises: Nine Lessons from East Asia," Eastern Economic Journal, Eastern Economic Association, vol. 31(2), pages 185-207, Spring.
    12. Sebastjan Strasek & Timotej Jagric, 2002. "Cyclical patterns in aggregate economic activity of Slovene economy," Applied Economics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 34(14), pages 1813-1819.
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