IDEAS home Printed from
MyIDEAS: Log in (now much improved!) to save this paper

Comparison between Asian, Russian and Turkish financial crises

Listed author(s):
  • Johanna Lukkarila

    (University of Helsinki)

Registered author(s):

    Since the start of the 1990s, several countries have abandoned fixed- but-adjustable exchange rate regimes. The tendency towards floating exchange rate regimes, or alternatively monetary unions, has given rise to a debate on the disappearance of pure currency crises, and the literature has focused more on general financial crises and large-scale crises of financial systems. The Asian crisis in particular generated much new research that combines currency and banking crises. The currency crisis literature has been criticised on the basis that crisis models are revised or new ones developed after every major crisis episode. Because of crisis-specific features, it is unlikely that a single model would be capable of encompassing the whole character of all crises. The paper discusses the relevance of the new currency and financial crisis theories, ie third generation theories, for the crisis episodes in Asia. It also compares the theories and Asian events to financial crises in Russia and Turkey. The paper shows that the traditional models are still relevant, but to some extent they fall short in explaining the most recent crises of the 1990s, which had features of both currency and financial crises.

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

    File URL:
    Download Restriction: no

    Paper provided by EconWPA in its series International Finance with number 0405001.

    in new window

    Date of creation: 03 May 2004
    Handle: RePEc:wpa:wuwpif:0405001
    Note: Type of Document - pdf
    Contact details of provider: Web page:

    No references listed on IDEAS
    You can help add them by filling out this form.

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    When requesting a correction, please mention this item's handle: RePEc:wpa:wuwpif:0405001. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (EconWPA)

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.