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Exchange Rate Regimes And Monetary Cooperation: Lessons From East Asia And Latin America

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  • TAKATOSHI ITO

Abstract

This paper analyses the mechanisms of, and draws lessons from, currency crises in Asian and Latin American countries in the 1990s and 2000s. In Asian countries fiscal deficits were insignificant in size, and were not part of a crisis trigger, while in Latin America they played a major role in the crisis story. Crisis management by international financial institutions has been evolving over the last 10 years, and private‐sector involvement (PSI) has occupied centre‐stage in efforts to reform the international financial architecture. Sovereign debts, a focus of PSI discussions, were neither a cause nor a propagation of the Asian crises.

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  • Takatoshi Ito, 2004. "Exchange Rate Regimes And Monetary Cooperation: Lessons From East Asia And Latin America," The Japanese Economic Review, Japanese Economic Association, vol. 55(3), pages 240-266, September.
    • Handle: RePEc:bla:jecrev:v:55:y:2004:i:3:p:240-266
    DOI: 10.1111/j.1468-5876.2004.00280.x
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    References listed on IDEAS

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    1. Morris Goldstein & Graciela Kaminsky & Carmen Reinhart, 2017. "Methodology and Empirical Results," World Scientific Book Chapters, in: TRADE CURRENCIES AND FINANCE, chapter 11, pages 397-436, World Scientific Publishing Co. Pte. Ltd..
    2. Reinhart, Carmen & Goldstein, Morris & Kaminsky, Graciela, 2000. "Assessing financial vulnerability, an early warning system for emerging markets: Introduction," MPRA Paper 13629, University Library of Munich, Germany.
    3. Joseph E. Stiglitz & Shahid Yusuf, 2001. "Rethinking the East Asian Miracle," World Bank Publications - Books, The World Bank Group, number 13969, April.
    4. Ms. Catherine A Pattillo & Mr. Andrew Berg & Mr. Gian M Milesi-Ferretti & Mr. Eduardo Borensztein, 2000. "Anticipating Balance of Payments Crises--The Role of Early Warning Systems," IMF Occasional Papers 2000/004, International Monetary Fund.
    5. John Williamson, 2000. "Exchange Rate Regimes for Emerging Markets: Reviving the Intermediate Option," Peterson Institute Press: All Books, Peterson Institute for International Economics, number pa60.
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    Cited by:

    1. Takatoshi Ito, 2012. "Can Asia Overcome the IMF Stigma?," American Economic Review, American Economic Association, vol. 102(3), pages 198-202, May.
    2. Susanne Durst & Ann Svensson & Mariano Martin Genaro Palacios Acuache, 2021. "Peruvian Small and Medium-Sized Enterprises in Times of Crisis—Or What Is Happening over Time?," Sustainability, MDPI, vol. 13(24), pages 1-17, December.
    3. Takatoshi Ito & Keisuke Orii, 2009. "Early Warning Systems of Currency Crises," Public Policy Review, Policy Research Institute, Ministry of Finance Japan, vol. 5(1), pages 1-24, October.

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