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La política económica de las crisis financieras: una aproximación empírica

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  • Juan Ricardo Perilla Jiménez

    () (Departamento Nacional de Planeación)

Abstract

The paper presents a model of political loss to analyze the interrelationship between the political nature of economic decisions and their influence on the probability of financial crisis. Two different definitions of crises, currency and balance of payments, are used to verify the explanatory power of political factors on both definitions of crisis. Also, a probit model is used on a sample of 63 countries between 1985 and 2000. The statistical evidence shows that while political factors are robust when they explain currency crises, they are more ambiguous in the explanation of balance of payments crises.

Suggested Citation

  • Juan Ricardo Perilla Jiménez, 2008. "La política económica de las crisis financieras: una aproximación empírica," Revista de Economía Institucional, Universidad Externado de Colombia - Facultad de Economía, vol. 10(18), pages 179-211, January-J.
  • Handle: RePEc:rei:ecoins:v:10:y:2008:i:18:p:179-211
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    File URL: http://www.uexternado.edu.co/facecono/ecoinstitucional/workingpapers/jperilla18.pdf
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    References listed on IDEAS

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    1. Robison, Richard & Rosser, Andrew, 1998. "Contesting reform: Indonesia's new order and the IMF," World Development, Elsevier, vol. 26(8), pages 1593-1609, August.
    2. Bussiere, Matthieu & Mulder, Christian, 2000. "Political Instability and Economic Vulnerability," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 5(4), pages 309-330, October.
    3. Allan Drazen, 2000. "Political Contagion in Currency Crises," NBER Chapters,in: Currency Crises, pages 47-67 National Bureau of Economic Research, Inc.
    4. repec:wsi:wschap:9789813108448_0005 is not listed on IDEAS
    5. Howard J. Shatz & David G. Tarr, 2017. "Exchange Rate Overvaluation and Trade Protection: Lessons from Experience," World Scientific Book Chapters,in: Trade Policies for Development and Transition, chapter 5, pages 115-127 World Scientific Publishing Co. Pte. Ltd..
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    financial crises; truncated and censored models;

    JEL classification:

    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission
    • O19 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - International Linkages to Development; Role of International Organizations

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