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Determinative common factors of currency and financial crisis

Author

Listed:
  • Cristina Fátima Martins de Bessa
  • Tito Belchior Silva Moreira
  • Maurício de Paula Pinto Barata
  • Fernando Antônio Ribeiro Soares

Abstract

This paper identifies and evaluates determinative common factors of currency and financial crisis in relation to 86 crises episodes between 1970-2004, based on factor analysis, cluster and discriminant analysis. One evidenced that the rise of the ratios of domestic credit, fiscal deficit and residents bank deposits to the GDP is inherent to the different types of crises classified for economic literature. It was also identified as common factors to these episodes some indicators that capture the excessive monetary expansion of the economies and that reflect the fall in international reserves, represented by M2/Reserves and Imports/Reserves ratios and also the total volume of international reserves. JEL Classification: F31; F41.

Suggested Citation

  • Cristina Fátima Martins de Bessa & Tito Belchior Silva Moreira & Maurício de Paula Pinto Barata & Fernando Antônio Ribeiro Soares, 2010. "Determinative common factors of currency and financial crisis," Brazilian Journal of Political Economy, Center of Political Economy, vol. 30(4), pages 604-624.
    • Handle: RePEc:ekm:repojs:v:30:y:2010:i:4:p:604-624:id:461
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    More about this item

    Keywords

    currency and financial crisis; factor analysis; discriminant analysis;
    All these keywords.

    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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