Fundamental determinants of the Asian crisis: The role of financial fragility and external imbalances (a comment)
Motivated by the severe Asian crisis of 1997, Giancarlo Corsetti, Paolo Pesenti, and Nouriel Roubini make a fine contribution to the growing literature that analyzes the symptoms of a country's vulnerability to currency crises. While the sample of countries covered in the empirical analysis encompasses diverse regions, the discussion in the paper focuses primarily on the Asian crisis. In particular, the authors stress, as they have in their earlier papers, the key role played by weak fundamentals in undermining several of the Asian currencies. Financial sector fundamentals play an important role, but the authors also devote considerable attention to the countries' capacity to back their "implicit" contingent liabilities, particularly those of the local banking sector.
|Date of creation:||2001|
|Publication status:||Published in Regional and Global Capital Flows: Macroeconomic Causes and Consequences (2001): pp. 42-45|
|Contact details of provider:|| Postal: Ludwigstraße 33, D-80539 Munich, Germany|
Web page: https://mpra.ub.uni-muenchen.de
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- Graciela L. Kaminsky & Carmen M. Reinhart, 1996.
"The twin crises: the causes of banking and balance-of-payments problems,"
International Finance Discussion Papers
544, Board of Governors of the Federal Reserve System (U.S.).
- Reinhart, Carmen & Kaminsky, Graciela, 2000.
"Las crisis gemelas: las causas de los problemas bancarios y de balanza de pagos
[The twin crises: Te causes of banking and balance of payments problems]," MPRA Paper 13842, University Library of Munich, Germany.
- Reinhart, Carmen & Kaminsky, Graciela, 1999. "The twin crises: The causes of banking and balance of payments problems," MPRA Paper 14081, University Library of Munich, Germany.
- 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.
- Guillermo A. Calvo & Enrique G. Mendoza, 1996. "Mexico's balance-of-payments crisis: a chronicle of death foretold," International Finance Discussion Papers 545, Board of Governors of the Federal Reserve System (U.S.).
- Reinhart, Carmen & Calvo, Guillermo, 2000. "When Capital Inflows Come to a Sudden Stop: Consequences and Policy Options," MPRA Paper 6982, University Library of Munich, Germany. Full references (including those not matched with items on IDEAS)
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- Reinhart, Carmen & Kaminsky, Graciela, 2000. "Las crisis gemelas: las causas de los problemas bancarios y de balanza de pagos