Common Fundamentals in the Tequila and Asian Crises
We find that in 1995 and 1997 the crisis did not spread in a purely random way. The cross-country variation in the severity of the crisis was largely determined by three fundamentals: the strength of the banking system, the real appreciation, and the international liquidity of the country. We also find that the rule that links fundamentals to the crisis severity has been the same in both the Tequila and Asian crises.
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- Giancarlo Corsetti & Paolo Pesenti & Nouriel Roubini, 1998.
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Temi di discussione (Economic working papers)
343, Bank of Italy, Economic Research and International Relations Area.
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Research Department Publications
4008, Inter-American Development Bank, Research Department.
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