Crisis financieras en Asia y Latinoamerica: ahora y entonces
[Financial Crises in Asia and Latin America Different: Then and Now]
AbstractThe authors' earlier work on financial crises suggested that economies behave differently on the eve of crises (see Kaminsky and Reinhart, 1996). Typically, financial crises occur as an economy enters a recession that follows a prolonged boom in economic activity fueled by credit creation and surges in capital inflows. The cycle of overlending is exacerbated by implicit or explicit deposit guarantees, poor supervision, and moral-hazard problems in the banking sector. Crises are accompanied by an overvaluation of the currency, weakening exports, and the bursting of asset price bubbles. In this paper, the authors extend that work by analyzing the extent to which past crises share common characteristics in Latin America, Asia, Europe, and the Middle East. In addition, the authors examine the recent crises in Asia and in Latin America to determine whether the considerable regional differences that they find for the earlier sample have eroded.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 13735.
Date of creation: 2000
Date of revision:
crisis financciera bancos devaluacion reservas flujos de capital;
Find related papers by JEL classification:
- E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
- F30 - International Economics - - International Finance - - - General
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Graciela L. Kaminsky & Carmen M. Reinhart, 1996.
"The twin crises: the causes of banking and balance-of-payments problems,"
International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.)
544, Board of Governors of the Federal Reserve System (U.S.).
- Carmen M. Reinhart & Graciela L. Kaminsky, 1999. "The Twin Crises: The Causes of Banking and Balance-of-Payments Problems," American Economic Review, American Economic Association, American Economic Association, vol. 89(3), pages 473-500, June.
- 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.
- Ronald I. McKinnon & Huw Pill, 1996. "Credible Liberalizations and International Capital Flows: The “Overborrowing Syndrome”," NBER Chapters, in: Financial Deregulation and Integration in East Asia, NBER-EASE Volume 5, pages 7-50 National Bureau of Economic Research, Inc.
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