Financial Crises In Successful Emerging Economies

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Financial Crises in "successful" Emerging Economies

Ricardo Ffrench-Davis
Financial Crises in successful Emerging Economies Book PDF

Author : Ricardo Ffrench-Davis
Publisher : Brookings Institution Press
Page : 188 pages
File Size : 47,6 Mb
Release : 2001
Category : Asia
ISBN : UCSD:31822031595267

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Financial Crises in "successful" Emerging Economies by Ricardo Ffrench-Davis Pdf

"A Brookings Institution Press and Economic Commission for Latin America and the Caribbean (ECLAC) publication Financial crises in emerging economies are very different today than they were in the past. Between 1940 and the 1970s, such traumas involved large fiscal deficits, repressed domestic financial systems, and balance of payments situations that were associated with a sharp worsening of terms of trade. In recent years, however, a ""new variety"" of crisis has evolved in Asia and Latin America. Many of the emerging economies that have experienced financial trauma have been considered very successful until the crises explode. This collection focuses on such economies. The five contributors provide policy-oriented analysis that seeks to identify crucial variables that affect the probability or intensity of crisis. José Antonio Ocampo (ECLAC) and Ricardo Ffrench-Davis explore the variables that play a part in determining whether a financial crisis is likely to occur. They analyze ""vulnerability zones"" for certain key variables--such as net liquid external liabilities, current-account deficits, and real exchange rates--and examine how and why capital surges have contributed to worsen marcoeconomic fundamentals in emerging economies. Manuel Agosin (University of Chile) draws a parallel between Korea and Taiwan, showing how the two countries had similar histories between the mid-1960s and the early 1990s, then followed different paths during the 1990s. Ricardo Ffrench-Davis (ECLAC) concentrates on Chile's experience with three ""positive"" financial shocks: in the 1970s, in 1991-94, and in 1995-97. Jaime Ros (Notre Dame University) explores contrasting situations in Mexico in 1991-94 and 1996-97, and discusses the variables that explain the marked differences between the two episodes. Ricardo Ffrench-Davis is principal regional adviser at ECLAC and co-founder of the Center for Economic Research on Latin America (CIEPLAN). He is the author or editor of fifteen books on international economics, development, strategies, foreign financial, and Latin American economies, including Reforming the Reforms: Macro, Trade, Finance (Palgrave/Macmillan, 1999). "

Unexpected Outcomes

Carol Wise,Leslie Elliott Armijo,Saori N. Katada
Unexpected Outcomes Book PDF

Author : Carol Wise,Leslie Elliott Armijo,Saori N. Katada
Publisher : Brookings Institution Press
Page : 258 pages
File Size : 52,7 Mb
Release : 2015-03-10
Category : Political Science
ISBN : 9780815724773

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Unexpected Outcomes by Carol Wise,Leslie Elliott Armijo,Saori N. Katada Pdf

This volume documents and explains the remarkable resilience of emerging market nations in East Asia and Latin America when faced with the global financial crisis in 2008-2009. Their quick bounceback from the crisis marked a radical departure from the past, such as when the 1982 debt shocks produced a decade-long recession in Latin America or when the Asian financial crisis dramatically slowed those economies in the late 1990s. Why? This volume suggests that these countries' resistance to the initial financial contagion is a tribute to financial-sector reforms undertaken over the past two decades. The rebound itself was a trade-led phenomenon, favoring the countries that had gone the farthest with macroeconomic restructuring and trade reform. Old labels used to describe "neoliberal versus developmentalist" strategies do not accurately capture the foundations of this recovery. These authors argue that policy learning and institutional reforms adopted in response to previous crises prompted policymakers to combine state and market approaches in effectively coping with the global financial crisis. The nations studied include Korea, China, India, Mexico, Argentina, and Brazil, accompanied by Latin American and Asian regional analyses that bring other emerging markets such as Chile and Peru into the picture. The substantial differences among the nations make their shared success even more remarkable and worthy of investigation. And although 2012 saw slowed growth in some emerging market nations, the authors argue this selective slowing suggests the need for deeper structural reforms in some countries, China and India in particular.

Managing Currency Crises in Emerging Markets

Michael P. Dooley,Jeffrey A. Frankel
Managing Currency Crises in Emerging Markets Book PDF

Author : Michael P. Dooley,Jeffrey A. Frankel
Publisher : University of Chicago Press
Page : 456 pages
File Size : 40,7 Mb
Release : 2007-11-01
Category : Business & Economics
ISBN : 9780226155425

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Managing Currency Crises in Emerging Markets by Michael P. Dooley,Jeffrey A. Frankel Pdf

The management of financial crises in emerging markets is a vital and high-stakes challenge in an increasingly global economy. For this reason, it's also a highly contentious issue in today's public policy circles. In this book, leading economists-many of whom have also participated in policy debates on these issues-consider how best to reduce the frequency and cost of such crises. The contributions here explore the management process from the beginning of a crisis to the long-term effects of the techniques used to minimize it. The first three chapters focus on the earliest responses and the immediate defense of a currency under attack, exploring whether unnecessary damage to economies can be avoided by adopting the right response within the first few days of a financial crisis. Next, contributors examine the adjustment programs that follow, considering how to design these programs so that they shorten the recovery phase, encourage economic growth, and minimize the probability of future difficulties. Finally, the last four papers analyze the actual effects of adjustment programs, asking whether they accomplish what they are designed to do-and whether, as many critics assert, they impose disproportionate costs on the poorest members of society. Recent high-profile currency crises have proven not only how harmful they can be to neighboring economies and trading partners, but also how important policy responses can be in determining their duration and severity. Economists and policymakers will welcome the insightful evaluations in this important volume, and those of its companion, Sebastian Edwards and Jeffrey A. Frankel's Preventing Currency Crises in Emerging Markets.

Financial Crises

Gerard Caprio,James A. Hanson,Robert E. Litan
Financial Crises Book PDF

Author : Gerard Caprio,James A. Hanson,Robert E. Litan
Publisher : Rowman & Littlefield
Page : 300 pages
File Size : 53,9 Mb
Release : 2005-12-06
Category : Business & Economics
ISBN : 9780815797968

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Financial Crises by Gerard Caprio,James A. Hanson,Robert E. Litan Pdf

A Brookings Institution Press and World Bank Group publication Throughout the 1990s, numerous financial crises rocked the world financial sector. The Asian bubble burst, for example; Argentina and Brazil suffered currency crises; and the post-Soviet economy bottomed out in Russia. In Financial Crises, a distinguished group of economists and policy analysts examine and draw lessons from attempts to recover from past crises. They also consider some potential hazards facing the world economy in the 21st century and discuss ways to avoid them and minimize the severity of any future downturn. This important new volume emerges from the seventh annual conference on emerging markets finance, cosponsored and organized by the World Bank and the Brookings Institution. In the book, noted experts address the following questions: How effective were post-crisis policies in Latin America, Eastern Europe, and East and Central Asia? Where do international financial markets stand ten years after the worldwide debt crisis? How can the provision of financial services resume vigorously, yet safely? What are the viable policy options for reducing systemic financial vulnerability? What will the next emerging-market financial crisis look like? Will lessons learned from past experiences help to avoid future disasters? How can nations reform their pension systems to deal with retirement challenges in the 21st century?

Economic and Financial Crises in Emerging Market Economies

Martin Feldstein
Economic and Financial Crises in Emerging Market Economies Book PDF

Author : Martin Feldstein
Publisher : University of Chicago Press
Page : 540 pages
File Size : 53,7 Mb
Release : 2007-11-01
Category : Business & Economics
ISBN : 9780226241104

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Economic and Financial Crises in Emerging Market Economies by Martin Feldstein Pdf

In the late 1990s, economic and financial crises raged through East Asia, devastating economies that had previously been considered among the strongest in the developing world. The crises eventually spread to Russia, Turkey, and Latin America, and impacted the economies of many industrialized nations as well. In today's increasingly interdependent world, finding ways to reduce the risk of future crises—and to improve the management of crises when they occur—has become an international policy challenge of paramount importance. This book rises to that challenge, presenting accessible papers and commentaries on the topic not only from leading academic economists, but also from high-ranking government officials (in both industrial and developing nations), senior policymakers at international institutions, and major financial investors. Six non-technical papers, each written by a specialist in the topic, provide essential economic background, introducing sections on exchange rate regimes, financial policies, industrial country policies, IMF stabilization policies, IMF structural programs, and creditor relations. Next, personal statements from the major players give firsthand accounts of what really went on behind the scenes during the crises, giving us a rare glimpse into how international economic policy decisions are actually made. Finally, wide-ranging discussions and debates sparked by these papers and statements are summarized at the end of each section. The result is an indispensable overview of the key issues at work in these crises, written by the people who move markets and reshape economies, and accessible to not just economists and policymakers, but also to educated general readers. Contributors: Montek S. Ahluwalia, Domingo F. Cavallo, William R. Cline, Andrew Crockett, Michael P. Dooley, Sebastian Edwards, Stanley Fischer, Arminio Fraga, Jeffrey Frankel, Jacob Frenkel, Timothy F. Geithner, Morris Goldstein, Paul Keating, Mervyn King, Anne O. Krueger, Roberto Mendoza, Frederic S. Mishkin, Guillermo Ortiz, Yung Chul Park, Nouriel Roubini, Robert Rubin, Jeffrey Sachs, Ammar Siamwalla, George Soros

Dangerous Markets

Dominic Barton,Roberto Newell,Gregory Wilson
Dangerous Markets Book PDF

Author : Dominic Barton,Roberto Newell,Gregory Wilson
Publisher : John Wiley & Sons
Page : 323 pages
File Size : 42,9 Mb
Release : 2002-10-02
Category : Business & Economics
ISBN : 9780471429739

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Dangerous Markets by Dominic Barton,Roberto Newell,Gregory Wilson Pdf

A corporate guide to crisis management in volatile financial markets Current financial crises in Argentina, Japan, and Turkey are being played out on the front pages of newspapers, and these are just the most recent financial crises that have rolled across the globe in the last decade and whose far-reaching impact hurts business around the world. Dangerous Markets: Managing in Financial Crises recognizes that no global corporation or financial institution can afford to ignore the potential of a financial storm and will help top management and financial professionals navigate through this often disastrous maze. While many books discuss financial crises and their ramifications, none has presented an action plan for managing these storms—until now. Dangerous Markets: Managing in Financial Crises presents a method that allows executives and financial professionals to recognize the warning signs of a financial crisis and act appropriately before the situation spirals out of control. Based on years of research and practice in cleaning up the mess, McKinsey consultants Barton, Newell, and Wilson reveal the warning signs of potential financial catastrophes and provide unique principles that can be followed to shape and manage a strategy for survival.

Unexpected Outcomes

Carol Wise,Leslie Elliott Armijo,Saori N. Katada
Unexpected Outcomes Book PDF

Author : Carol Wise,Leslie Elliott Armijo,Saori N. Katada
Publisher : Brookings Institution Press
Page : 258 pages
File Size : 43,6 Mb
Release : 2015-03-10
Category : Political Science
ISBN : 9780815724773

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Unexpected Outcomes by Carol Wise,Leslie Elliott Armijo,Saori N. Katada Pdf

This volume documents and explains the remarkable resilience of emerging market nations in East Asia and Latin America when faced with the global financial crisis in 2008-2009. Their quick bounceback from the crisis marked a radical departure from the past, such as when the 1982 debt shocks produced a decade-long recession in Latin America or when the Asian financial crisis dramatically slowed those economies in the late 1990s. Why? This volume suggests that these countries' resistance to the initial financial contagion is a tribute to financial-sector reforms undertaken over the past two decades. The rebound itself was a trade-led phenomenon, favoring the countries that had gone the farthest with macroeconomic restructuring and trade reform. Old labels used to describe "neoliberal versus developmentalist" strategies do not accurately capture the foundations of this recovery. These authors argue that policy learning and institutional reforms adopted in response to previous crises prompted policymakers to combine state and market approaches in effectively coping with the global financial crisis. The nations studied include Korea, China, India, Mexico, Argentina, and Brazil, accompanied by Latin American and Asian regional analyses that bring other emerging markets such as Chile and Peru into the picture. The substantial differences among the nations make their shared success even more remarkable and worthy of investigation. And although 2012 saw slowed growth in some emerging market nations, the authors argue this selective slowing suggests the need for deeper structural reforms in some countries, China and India in particular.

Financial Crises

Mr.Stijn Claessens,Mr.Ayhan Kose,Mr.Luc Laeven,Mr.Fabian Valencia
Financial Crises Book PDF

Author : Mr.Stijn Claessens,Mr.Ayhan Kose,Mr.Luc Laeven,Mr.Fabian Valencia
Publisher : International Monetary Fund
Page : 670 pages
File Size : 44,5 Mb
Release : 2014-02-19
Category : Business & Economics
ISBN : 9781475543407

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Financial Crises by Mr.Stijn Claessens,Mr.Ayhan Kose,Mr.Luc Laeven,Mr.Fabian Valencia Pdf

The lingering effects of the economic crisis are still visible—this shows a clear need to improve our understanding of financial crises. This book surveys a wide range of crises, including banking, balance of payments, and sovereign debt crises. It begins with an overview of the various types of crises and introduces a comprehensive database of crises. Broad lessons on crisis prevention and management, as well as the short-term economic effects of crises, recessions, and recoveries, are discussed.

Financial Policies and the Prevention of Financial Crises in Emerging Market Economics

Frederic S. Mishkin
Financial Policies and the Prevention of Financial Crises in Emerging Market Economics Book PDF

Author : Frederic S. Mishkin
Publisher : World Bank Publications
Page : 48 pages
File Size : 48,6 Mb
Release : 2001
Category : Crisis financiera - Paises en desarrollo
ISBN : 8210379456XXX

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Financial Policies and the Prevention of Financial Crises in Emerging Market Economics by Frederic S. Mishkin Pdf

In recent years we have seen a growing number of banking and financial crises in emerging market countries, with great costs to their economies. But we now have a much better understanding of why these crises occur and a better idea how they can be prevented.

Assessing Financial Vulnerability

Morris Goldstein,Graciela Laura Kaminsky,Carmen M. Reinhart
Assessing Financial Vulnerability Book PDF

Author : Morris Goldstein,Graciela Laura Kaminsky,Carmen M. Reinhart
Publisher : Peterson Institute
Page : 166 pages
File Size : 48,6 Mb
Release : 2000
Category : Business & Economics
ISBN : 0881322377

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Assessing Financial Vulnerability by Morris Goldstein,Graciela Laura Kaminsky,Carmen M. Reinhart Pdf

This study reviews the literature on the origins of currency and banking crises. It presents empirical tests on the performance of alternative early-warning indicators for emerging-market economies. The book also identifies crisis-threshold values for early-warning indicators.

Preventing Currency Crises in Emerging Markets

Sebastian Edwards,Jeffrey A. Frankel
Preventing Currency Crises in Emerging Markets Book PDF

Author : Sebastian Edwards,Jeffrey A. Frankel
Publisher : University of Chicago Press
Page : 783 pages
File Size : 45,6 Mb
Release : 2009-02-15
Category : Business & Economics
ISBN : 9780226185057

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Preventing Currency Crises in Emerging Markets by Sebastian Edwards,Jeffrey A. Frankel Pdf

Economists and policymakers are still trying to understand the lessons recent financial crises in Asia and other emerging market countries hold for the future of the global financial system. In this timely and important volume, distinguished academics, officials in multilateral organizations, and public and private sector economists explore the causes of and effective policy responses to international currency crises. Topics covered include exchange rate regimes, contagion (transmission of currency crises across countries), the current account of the balance of payments, the role of private sector investors and of speculators, the reaction of the official sector (including the multilaterals), capital controls, bank supervision and weaknesses, and the roles of cronyism, corruption, and large players (including hedge funds). Ably balancing detailed case studies, cross-country comparisons, and theoretical concerns, this book will make a major contribution to ongoing efforts to understand and prevent international currency crises.

The Inexorable Evolution of Financialisation

Domna M. Michailidou
The Inexorable Evolution of Financialisation Book PDF

Author : Domna M. Michailidou
Publisher : Springer
Page : 200 pages
File Size : 43,9 Mb
Release : 2016-04-29
Category : Business & Economics
ISBN : 9781137553645

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The Inexorable Evolution of Financialisation by Domna M. Michailidou Pdf

Since the 2007 financial crisis, discussion on issues related to the size, spread and frequency of financial crises has captivated a wide variety of audiences. Why has the world economy experienced such a marked increase in financial transactions and private and public indebtedness since the 1980s? How have middle-income developing countries suddenly become a part of this dynamic? And, most importantly, how has the topic of financial crises been featured in households’ daily discussions in both developed and developing parts of the world? Domna Michailidou addresses the questions above through exploring the inexorable evolution of financialisation into financial crisis through the examination of three middle-income countries: Mexico, Brazil and South Korea. Concentrating on emerging economies, and especially choosing three very different economies that all experienced financial crises in the 1990s, this book explores what lessons can be learnt regarding financial fragility, volatility and failure in the wake of capital market liberalisation.

A Taxonomy of Financial Crisis Resolution Mechanisms

Charles W. Calomiris,Daniela Klingebiel
A Taxonomy of Financial Crisis Resolution Mechanisms Book PDF

Author : Charles W. Calomiris,Daniela Klingebiel
Publisher : World Bank Publications
Page : 75 pages
File Size : 40,7 Mb
Release : 2004
Category : Finance, Public
ISBN : 8210379456XXX

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A Taxonomy of Financial Crisis Resolution Mechanisms by Charles W. Calomiris,Daniela Klingebiel Pdf

"The goals of financial restructuring are to reestablish the creditor-debtor relationships on which the economy depends for an efficient allocation of capital, and to accomplish that objective at minimal cost. Costs include direct costs to taxpayers of financial assistance and the indirect costs to the economy that result from misallocations of capital and incentive problems resulting from the restructuring. Calomiris, Klingebiel, and Laeven review cases in which countries used alternative mechanisms to restructure their financial and corporate sectors. Countries typically apply a combination of tools, including decentralized, market-based mechanisms, and government-managed programs. Market-based strategies seek to strengthen the capital base of financial institutions and borrowers to enable them to renegotiate debt and resume new credit supply. Government-led restructuring strategies often include the establishment of an entity to which nonperforming loans are transferred or the government's sale of financial institutions, sometimes to foreign entrants. Market-based mechanisms can, in principle, resolve coordination problems that countries face in the wake of massive debtor and creditor insolvency, with acceptably low direct and indirect costs, particularly when those mechanisms are effective in achieving the desirable objective of selectivity. However, these mechanisms depend for their success on an efficient judicial system, a credible supervisory framework and authority with sufficient enforcement capacity, and a lack of corruption in implementation. Government-managed programs may not seem to depend as much on efficient legal and supervisory institutions for their success, but in fact these approaches, in particular the transfer of assets to government-owned asset management companies, also depend on effective legal, regulatory, and political institutions for their success. Further, a lack of attention to incentive problems when designing specific rules governing financial assistance can aggravate moral hazard problems, unnecessarily raising the costs of resolution. These results suggest that policymakers in emerging market economies with weak institutions should not expect to achieve the same level of success in financial restructuring as other countries, and that they should design resolution mechanisms accordingly. Despite the theoretical attraction of some complex market-based mechanisms, simpler mechanisms that afford quick resolution of outstanding debts that improve financial system competitiveness, and that offer little discretion to governments, are most effective. This paper--a product of the Financial Sector and Operations Policy Department--is part of a larger effort in the department to study the containment and resolution of financial crises"--World Bank web site.

The IMF and Global Financial Crises

Joseph P. Joyce
The IMF and Global Financial Crises Book PDF

Author : Joseph P. Joyce
Publisher : Cambridge University Press
Page : 263 pages
File Size : 42,6 Mb
Release : 2013
Category : Business & Economics
ISBN : 9780521874175

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The IMF and Global Financial Crises by Joseph P. Joyce Pdf

Joyce traces the IMF's actions to promote international financial stability from the Bretton Woods era through the recent recession.

The Impact of the Global Financial Crisis on Emerging Financial Markets

Jonathan Batten,Peter G. Szilagyi
The Impact of the Global Financial Crisis on Emerging Financial Markets Book PDF

Author : Jonathan Batten,Peter G. Szilagyi
Publisher : Emerald Group Publishing
Page : 745 pages
File Size : 43,7 Mb
Release : 2011-03-02
Category : Business & Economics
ISBN : 9780857247537

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The Impact of the Global Financial Crisis on Emerging Financial Markets by Jonathan Batten,Peter G. Szilagyi Pdf

The Global Financial Crisis of 2007-2009 has highlighted the resilience of the financial markets and economies from the developing world. This title investigates and assesses the impact and response to the crisis from an emerging markets perspective including asset pricing, contagion, financial intermediation, market structure and regulation.