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Staying Afloat When the Wind Shifts: External Factors and Emerging-Market Banking Crises

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Author Info
Eichengreen, Barry
Rose, Andrew K

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Abstract

We analyse banking crises using a panel of macroeconomic and financial data for more than 100 developing countries from 1975 through 1992. We find that banking crises in emerging markets are strongly associated with adverse external conditions. In particular, high Northern interest rates are strongly associated with the onset of banking crises in developing countries, even after taking into account a host of internal macroeconomic factors.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 1828.

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Date of creation: Apr 1998
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Handle: RePEc:cpr:ceprdp:1828

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Keywords: Country; Developing; Empirical; Interest; Northern; Panel; statistical;

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Find related papers by JEL classification:
F34 - International Economics - - International Finance - - - International Lending and Debt Problems

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    Other versions:
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  6. Barry Eichengreen and Richard S. Grossman., 1994. "Debt Deflation and Financial Instability: Two Historical Explorations," Economics Working Papers 94-231, University of California at Berkeley. [Downloadable!]
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  19. Guillermo Calvo & Carmen Reinhart & Leonardo Leiderman, 1992. "Capital Inflows and Real Exchange Rate Appreciation in Latin America: The Role of External Factors," IMF Working Papers 92/62, International Monetary Fund.
    Other versions:
  20. Guillermo A. Calvo, 1996. "Capital flows and macroeconomic management: tequila lessons," Working Papers in Applied Economic Theory 96-02, Federal Reserve Bank of San Francisco.
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  23. Katerina Simons & Stephen Cross, 1991. "Do capital markets predict problems in large commercial banks?," New England Economic Review, Federal Reserve Bank of Boston, issue May, pages 51-56.
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