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Financial Crises in Emerging Markets

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Reuven Glick, Ramon Moreno, Mark M. Spiegel, Michael M. Hutchison, Andrew K. Rose, Paul R. Masson, Paolo Pesenti, Kristen Forbes, Kenneth Kasa, Joshua Aizenman, Nancy Marion, Menzie D. Chinn, Kenneth M. Kletzer, Roberto Chang, Michael P. Dooley, Inseok Shin, Carmen M. Reinhart, Assaf Razin, Efraim Sadka, Chi-Wa Yuen, Maurice Obstfeld, Stijn Claessens, Simeon Djankov, Tatiana Nenova, Richard K. Lyons, Robert Dekle, Cheng Hsiao, Siyan Wang, Pierre-Richard Agenor, David Gould, Steven Kamin, Henning Bohn, Hali J. Edison
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  • Date Published: May 2012
  • availability: This ISBN is for an eBook version which is distributed on our behalf by a third party.
  • format: Adobe eBook Reader
  • isbn: 9781139244404

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  • This book looks at numerous financial crises, beginning with Mexico in 1994–5, the Asian crisis of 1997–8, and the crises in Russia, Brazil, and other Latin American countries in 1998–9. Such contemporary crises illustrate the risks of financial volatility and macroeconomic instability during the process of economic growth and development. They also raise issues regarding the management of risks associated with liberalization and global integration, particularly in financial markets. Concerns about the implications of international capital flows for developing countries have grown with the sharply increased volume of these flows since the late 1980s. The essays in this volume provide analysis and evidence on the determinants of currency and banking crises in emerging markets, the specific roles of capital flows and the financial sector, and the appropriateness of various policy responses.

    • Comprehensive theoretical and empirical assessment of financial crises
    • Particular coverage of East Asia but also draws on Latin America, East/Central Europe, with lessons applicable globally
    • World-class contributors include R. Glick, A. Rose, P. Masson, J. Aizenman, K. Kletzer, M. Dooley, A. Razin, E. Sadka, M. Obstfeld, R. Lyons, C. Hsiao, P, Agenor
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    Product details

    • Date Published: May 2012
    • format: Adobe eBook Reader
    • isbn: 9781139244404
    • availability: This ISBN is for an eBook version which is distributed on our behalf by a third party.
  • Table of Contents

    Preface
    Contributors
    1. Financial crises in emerging markets: an introductory overview Reuven Glick, Ramon Moreno, and Mark M. Spiegel
    Part I. Determinants and Propagation of Financial Crises:
    2. Banking and currency crises: how common are twins? Reuven Glick and Michael M. Hutchison
    Discussion Andrew K. Rose
    3. Multiple equilibria, contagion, and the emerging market crises Paul R. Masson
    Discussion Paolo Pesenti
    4. How are shocks propagated internationally? Firm-level evidence from the Russian and East Asian crises Kristen Forbes
    Discussion Kenneth Kasa
    Part II. Capital Flows and Reversals:
    5. Uncertainty and the disappearance of international credit Joshua Aizenman and Nancy Marion
    Discussion Mark M. Spiegel
    6. International capital inflows, domestic financial intermediation, and financial crises under imperfect information Menzie D. Chinn and Kenneth M. Kletzer
    Discussion Roberto Chang
    7. Private inflows when crises are anticipated: a case study of Korea Michael P. Dooley and Inseok Shin
    Discussion Carmen M. Reinhart
    Part III. Institutional Factors and Financial Structure:
    8. Excessive FDI Flows under asymmetric information Assaf Razin, Efraim Sadka, and Chi-Wa Yuen
    Discussion Maurice Obstfeld
    9. Corporate growth and risk around the world Stijn Claessens, Simeon Djankov, and Tatiana Nenova
    Discussion Richard K. Lyons
    Part IV. Policy Responses:
    10. Interest rate stabilization of exchange rates and contagion in the Asian Crisis countries Robert Dekle, Cheng Hsiao, and Siyan Wang
    Discussion Pierre-Richard Agénor
    11. The impact of monetary policy on exchange rates during financial crises David Gould and Steven Kamin
    Discussion Henning Bohn
    12. Capital controls during financial crises: the cases of Malaysia and Thailand Hali J. Edison and Carmen M. Reinhart
    Index.

  • Editors

    Reuven Glick, Federal Reserve Bank of San Francisco

    Ramon Moreno, Federal Reserve Bank of San Francisco

    Mark M. Spiegel, Federal Reserve Bank of San Francisco

    Contributors

    Reuven Glick, Ramon Moreno, Mark M. Spiegel, Michael M. Hutchison, Andrew K. Rose, Paul R. Masson, Paolo Pesenti, Kristen Forbes, Kenneth Kasa, Joshua Aizenman, Nancy Marion, Menzie D. Chinn, Kenneth M. Kletzer, Roberto Chang, Michael P. Dooley, Inseok Shin, Carmen M. Reinhart, Assaf Razin, Efraim Sadka, Chi-Wa Yuen, Maurice Obstfeld, Stijn Claessens, Simeon Djankov, Tatiana Nenova, Richard K. Lyons, Robert Dekle, Cheng Hsiao, Siyan Wang, Pierre-Richard Agenor, David Gould, Steven Kamin, Henning Bohn, Hali J. Edison

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