Structural Vulnerabilities and Currency Crises
This paper examines the role of structural factors - governance and rule of law, corporate sector governance (creditor rights and shareholder rights), corporate financing structure - as well as macroeconomic variables in currency crises. Using a technique known as a binary recursive tree allows for interactions between the various explanatory variables. It is found that structural vulnerabilities play an important role in the occurrence of "deep" currency crises (those with a real GDP growth decline of at least 3 percentage points) and that there are complex interactions between these structural vulnerabilities and macroeconomic imbalances. Copyright 2003, International Monetary Fund
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Volume (Year): 50 (2003)
Issue (Month): 3 ()
Pages: 1-7
| Handle: | RePEc:pal:imfstp:v:50:y:2003:i:3:p:7 |
| Contact details of provider: | Web page: http://www.palgrave-journals.com/
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| Order Information: | Web: http://www.springer.com/economics/journal/41308/PS2 |
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