Over the past 20 years there has been a proliferation of emerging market crises and a vast accumulation of commentary -- descriptive, theoretical and applied -- highlighting the origins and mechanics of each crisis and of crises in general. And there is plenty of analysis on how to deal with crises both in terms of prevention and of cures. Is it possible now to distill from all this a simple set of propositions that summarize the experience and capture the chief lessons? This paper sets out a few propositions that summarize what is known and accepted. The interest in doing so is to promote a set of presumptions about what is unsound practice with a presumption that it cannot fail to engender, in time, a crisis. At the center of that discussion is the role of balance sheets. Moreover, crises are not just financial experiences but rather involve large and lasting social costs and important redistribution of income and wealth. That makes it especially important to secure agreement on what constitutes bad practice and identify areas of continuing controversy.
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8326.
Length: Date of creation: Jun 2001 Date of revision: Publication status: published relationship to a non-chapter. This should not happen. Please contact NBER. Handle: RePEc:nbr:nberwo:8326
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Chapter
Rudi Dornbusch, 2002.
"A Primer on Emerging-Market Crises,"
NBER Chapters,
in: Preventing Currency Crises in Emerging Markets, pages 743-754
National Bureau of Economic Research, Inc.
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Find related papers by JEL classification: F3 - International Economics - - International Finance
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Fernando Tenjo & Enrique Lopez, 2003.
"Credit bubble and stagnation in Colombia, 1990-2001,"
Colombian Economic Journal,
Academia Colombiana de Ciencias Economicas, Colegio Mayor de Nuestra Senora del Rosario, Pontificia Universidad Javeriana, Universidad de Antioquia, Universidad de los Andes, Universidad del Valle, Un, vol. 1(1), pages 151-191, December.
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Maurice Obstfeld, 2004.
"External Adjustment,"
NBER Working Papers
10843, National Bureau of Economic Research, Inc.
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