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On the Causes of the Latin American and Asian Currency Crises of the 1990s

In: Latin American Economic Crises

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  • Marcel Fratzscher

Abstract

Asia’s 1997 severe financial crisis surprised many policy-makers, economists and investors; as did the Latin American crisis in December 1994. These crises shocked not only by their severity, with large currency devaluations, widespread financial-sector failures and sharp output contractions, but also by their contagious character — spreading among regional economies. One controversial issue remains as to the factors responsible for this spread of currency crises. Could the weakness of economic fundamentals in affected countries explain their transmission, or was it the acts of speculators, and of panic and herding behaviour by investors fearful of financial loss fleeing regional markets? This chapter attempts to shed light on this question by comparing the spread of the Thai crisis in 1997 and the Mexican crisis in 1994–95.

Suggested Citation

  • Marcel Fratzscher, 2004. "On the Causes of the Latin American and Asian Currency Crises of the 1990s," International Economic Association Series, in: Enrique Bour & Daniel Heymann & Fernando Navajas (ed.), Latin American Economic Crises, chapter 4, pages 58-80, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-4039-4385-9_4
    DOI: 10.1057/9781403943859_4
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