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Modelos de crises cambiais de terceira geração versus fatos estilizados na América Latina

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  • Filho, Otaviano Canuto dos Santos

Abstract

The paper reviews the so-called "third generation" models of currency crises. After presenting a few selected models from the literature, the paper discusses whether they contribute to the understanding of the recent currency crises in Latin America - in particular the Mexican crisis of 1994 and the Brazilian crisis of 1999. It is argued that the empirical evidence suggests that "third generation" models are more useful in the case of the Asian crises than in the Latin American case.

Suggested Citation

  • Filho, Otaviano Canuto dos Santos, 2001. "Modelos de crises cambiais de terceira geração versus fatos estilizados na América Latina," Revista Economia e Sociedade, Instituto de Economia, Universidade Estadual de Campinas (UNICAMP), vol. 16, pages 1-22, January.
    • Handle: RePEc:euc:ancoec:wpaper:1185
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    1. Roberto Chang & Andres Velasco, 1998. "Financial crises in emerging markets: a canonical model," FRB Atlanta Working Paper 98-10, Federal Reserve Bank of Atlanta.
    2. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
    3. Krugman, Paul, 1979. "A Model of Balance-of-Payments Crises," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 11(3), pages 311-325, August.
    4. Jan Kregel, 2000. "The Brazilian Crisis: From Inertial Inflation to Fiscal Fragility," Macroeconomics 0004040, University Library of Munich, Germany.
    5. Roberto Chang & Andres Velasco, 1998. "Financial Crises in Emerging Markets," NBER Working Papers 6606, National Bureau of Economic Research, Inc.
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