Financial crisis in Asia and Latin America: Then and now

An earlier work on financial crises suggested that economies behave differently on the eve of crises. Crises are accompanied by an overvaluation of the currency, weakening exports, and the bursting of asset price bubbles. In this paper, the previous work is extended by analyzing the extent to which...

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Bibliographic Details
Published in:The American economic review 1998-05, Vol.88 (2), p.444
Main Authors: Kaminsky, Graciela L, Reinhart, Carmen M
Format: Article
Language:English
Subjects:
American dollar
Bailouts
Bank reserves
Banking
Banking industry
Central banks
Currency
Currency devaluation
Economic conditions
Economic crisis
Economic impact
Economic theory
Economics
Equity
Exports
Finance
Foreign exchange rates
GDP
Gross Domestic Product
Interest rates
International trade
Monetary policy
Prices
Regional differences
Regions
Statistical data
Studies
Terms of trade
Volatility
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Summary:An earlier work on financial crises suggested that economies behave differently on the eve of crises. Crises are accompanied by an overvaluation of the currency, weakening exports, and the bursting of asset price bubbles. In this paper, the previous work is extended by analyzing the extent to which past crises share common characteristics in Latin America, Asia, Europe, and the Middle East. In addition the recent crises in Asia and in Latin America are examined to determine whether the considerable regional differences that are found for the earlier sample have eroded.
ISSN:0002-8282
1944-7981