Capital Flows and Financial Crises: A Comparative Analysis of East Asia (1997-97) and Argentina (2001-02)
AbstractThis paper suggests, first, that a simple theoretical framework is useful in explaining financial crises in emerging economies. Second, it reviews the East Asian financial crises of 1997-98 . Third, the paper examines the origins of Argentina’s crisis of 2001-02. Fourth, it presents a comparative analysis of both crises, highlighting their similarities and differences. Finally, the conclusions point out the drawbacks of both hard and soft pegs respective to a single foreign currency as well as the need for emerging economies to use capital controls in order to avoid the recurrence of financial crises.
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Bibliographic InfoPaper provided by Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales in its series Documentos de trabajo de la Facultad de Ciencias Económicas y Empresariales with number 2004-17.
Length: 29 pages
Date of creation: 2004
Date of revision:
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- Ignacio Lozano & Ligia Alba Melo B. & Jorge Enrique Ramos F., 2012.
"Flujos de capital y política fiscal en las economías emergentes de América Latina,"
BORRADORES DE ECONOMIA
009439, BANCO DE LA REPÚBLICA.
- Ignacio Lozano & Ligia Alba Melo B. & Jorge Enrique Ramos F., 2012. "Flujos de capital y política fiscal en las economías emergentes de América Latina," Borradores de Economia 702, Banco de la Republica de Colombia.
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