The cross-country variation in the severity of the crisis was largely determined by three fundamentals: the strength of the banking system, the real appreciation, and the international liquidity of the country. We also find that the rule that links fundamentals to the crisis severity has been the same in both the Tequila and Asian crises.
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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number
7139.
Length: Date of creation: May 1999 Date of revision: Handle: RePEc:nbr:nberwo:7139
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Find related papers by JEL classification: E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
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