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Banking and currency crisis recovery: Brazil's turnaround of 1999

  • William C. Gruben
  • John H. Welch
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    Of the many countries that suffered exchange rate crises in the 1990s, Brazil and Korea recovered most rapidly. This article analyzes the Brazilian recovery. William Gruben and John Welch focus on the freedom that Brazilian bank health gave to the central bank to pursue a postcrisis monetary policy that would settle markets, reestablish price stability, and encourage investment and the return of foreign capital. Brazilian bank health was not an accident; it reflected not only bank responses to precrisis changes in government regulations, but also to large precrisis interest rate increases associated in part with Brazil's efforts to defend its currency.

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    File URL: http://www.dallasfed.org/assets/documents/research/efr/2001/efr0104b.pdf
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    Article provided by Federal Reserve Bank of Dallas in its journal Economic and Financial Policy Review.

    Volume (Year): (2001)
    Issue (Month): Q IV ()
    Pages: 12-23

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    Handle: RePEc:fip:fedder:y:2001:i:qiv:p:12-23
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    1. Reinhart, Carmen & Kaminsky, Graciela & Lizondo, Saul, 1998. "Leading Indicators of Currency Crises," MPRA Paper 6981, University Library of Munich, Germany.
    2. Ilan Goldfajn, 2000. "The swings in capital flows and the brazilian crisis," Textos para discussão 422, Department of Economics PUC-Rio (Brazil).
    3. Guillermo A. Calvo, 1995. "Varieties of Capital-Market Crises," Research Department Publications 4008, Inter-American Development Bank, Research Department.
    4. Calvo, Guillermo A. & Mendoza, Enrique G., 1996. "Mexico's balance-of-payments crisis: a chronicle of a death foretold," Journal of International Economics, Elsevier, vol. 41(3-4), pages 235-264, November.
    5. Graciela L. Kaminsky, 1998. "Currency and banking crises: the early warnings of distress," International Finance Discussion Papers 629, Board of Governors of the Federal Reserve System (U.S.).
    6. Dooley, Michael P., 2000. "Debt management and crisis in developing countries," Journal of Development Economics, Elsevier, vol. 63(1), pages 45-58, October.
    7. Kamin, Steven B. & Rogers, John H., 1996. "Monetary policy in the end-game to exchange-rate based stabilizations: the case of Mexico," Journal of International Economics, Elsevier, vol. 41(3-4), pages 285-307, November.
    8. Afonso S. Bevilaqua & Eduardo Loyo, 1998. "Openness and efficiency in Brazilian banking," Textos para discussão 390, Department of Economics PUC-Rio (Brazil).
    9. Jean-Claude Cosset & Jean Roy, 1991. "The Determinants of Country Risk Ratings," Journal of International Business Studies, Palgrave Macmillan, vol. 22(1), pages 135-142, March.
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