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The Role Of Latin American Banks In The Region’s Currency Crises

  • Carroll Howard GRIFFIN

    (Fontbonne University, 6800 Wydown Blvd., St. Louis MO 63105)

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    The frequency of currency crises in Latin America has not abated in the last few years, as the Mexican Peso crises of 1982 and 1995, the Brazilian Real Crisis of 1998 and the Argentine Peso crisis of 2001 attest. Although many factors are involved in these crises, Latin American banks have played an important, yet previously unstudied role in the frequency and severity of the region’s financial crises. This paper examines four of the most recent currency crises in the region to determine if there are any commonalities or root causes to be found in the region’s banking system. It is found that, indeed, the region’s banks have had a profound role.

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    Article provided by Alexandru Ioan Cuza University, Faculty of Economics and Business Administration in its journal Review of Economic and Business Studies.

    Volume (Year): (2010)
    Issue (Month): 5 (June)
    Pages: 55-71

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    Handle: RePEc:aic:revebs:y:2010:i:5:griffinc
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    1. Paul Krugman, 1996. "Are Currency Crises Self-Fulfilling?," NBER Chapters, in: NBER Macroeconomics Annual 1996, Volume 11, pages 345-407 National Bureau of Economic Research, Inc.
    2. Miller, Victoria, 1996. "Exchange rate crises with domestic bank runs: evidence from the 1980s," Journal of International Money and Finance, Elsevier, vol. 15(4), pages 637-656, August.
    3. Reinhart, Carmen & Kaminsky, Graciela & Vegh, Carlos, 2003. "The unholy trinity of financial contagion," MPRA Paper 13878, University Library of Munich, Germany.
    4. Fukuhara, Masahiro & Saruwatari, Yasufumi, 2003. "An Analysis of Contagion in Emerging Currency Markets Using Multivariate Extreme Value Theory," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, vol. 21(2), pages 113-131, August.
    5. Glick, Reuven & Rose, Andrew K., 1999. "Contagion and trade: Why are currency crises regional?," Journal of International Money and Finance, Elsevier, vol. 18(4), pages 603-617, August.
    6. 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.
    7. Miller, Victoria, 1998. "The Double Drain with a Cross-Border Twist: More on the Relationship between Banking and Currency Crises," American Economic Review, American Economic Association, vol. 88(2), pages 439-43, May.
    8. Kaminsky, Graciela L. & Reinhart, Carmen M., 2000. "On crises, contagion, and confusion," Journal of International Economics, Elsevier, vol. 51(1), pages 145-168, June.
    9. Buch, Claudia M & Heinrich, Ralph P, 1999. "Twin Crises and the Intermediary Role of Banks," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 4(4), pages 313-23, October.
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