Adjustments After Speculative Attacks In Latin America And Asia

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Adjustments After Speculative Attacks in Latin America and Asia

Author : Guillermo Perry
Publisher : World Bank Publications
ISBN 13 : 9780821345412
Total Pages : 54 pages
Book Rating : 4.3/5 (454 download)

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Book Synopsis Adjustments After Speculative Attacks in Latin America and Asia by : Guillermo Perry

Download or read book Adjustments After Speculative Attacks in Latin America and Asia written by Guillermo Perry and published by World Bank Publications. This book was released on 1999-01-01 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Many articles have been written about the causes of financial crises in emerging markets... ...Much less attention has been devoted to the effectiveness of alternative policy responses and the ensuing process of recovery of the real economy..." This paper analyzes the adjustment process in the aftermath of speculative attacks in six countries: Argentina, Brazil, Mexico, Indonesia, Korea, and Thailand. As implied by the title, the main question to be addressed is whether the tales of adjustment in these Latin American and Asian economies were similar. This comparison is interesting for several reasons. The six countries came under the aegis of adjustment programs supported by international financial institutions, and the associated policy prescriptions have been at the center of attention. Of the six cases, one is an example of a "successful" defense of the currency, while another exemplifies a temporarily successful defense followed by an incomplete adjustment program. The others experienced dramatic currency devaluations. This small sample of episodes of adjustment also offers variety in the magnitude of the ensuing economic decline. While the Mexican and Argentine crises of 1995, and even the Brazilian adjustment after the October 1997 attack against its currency, were certainly costly, the Asian crises have been deeper and the recovery of the real economy has been slower. The paper draws policy implications for reducing the costs of the macroeconomic adjustment after currency crises.

Speculative Attacks and Currency Crises

Author : Ms.Inci Ötker
Publisher : International Monetary Fund
ISBN 13 : 1451853548
Total Pages : 38 pages
Book Rating : 4.4/5 (518 download)

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Book Synopsis Speculative Attacks and Currency Crises by : Ms.Inci Ötker

Download or read book Speculative Attacks and Currency Crises written by Ms.Inci Ötker and published by International Monetary Fund. This book was released on 1995-11-01 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper estimates a speculative attack model of currency crises in order to identify the role of economic fundamentals and any early warning signals of a potential currency crisis. The data from the Mexican economy was used to illustrate the model. Based on the results, a deterioration in fundamentals appears to have generated high one-step-ahead probabilities for the regime changes during the sample period 1982-1994. Particularly, increases in inflation differentials, appreciations of the real exchange rate, foreign reserve losses, expansionary monetary and fiscal policies, and increases in the share of short-term foreign currency debt appear to have contributed to the market pressures and regime changes in that period.

Finance & Development, September 2003

Author : International Monetary Fund. External Relations Dept.
Publisher : International Monetary Fund
ISBN 13 : 1451952414
Total Pages : 60 pages
Book Rating : 4.4/5 (519 download)

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Book Synopsis Finance & Development, September 2003 by : International Monetary Fund. External Relations Dept.

Download or read book Finance & Development, September 2003 written by International Monetary Fund. External Relations Dept. and published by International Monetary Fund. This book was released on 2003-08-22 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper highlights that the Washington Consensus helped fill the need for an economic policy framework following the discrediting of central planning and import-substitution trade strategies. Latin American governments championed the Consensus in the early 1990s, and the policy agenda delivered some of the things it was supposed to—healthier budgets, lower inflation, lower external debt ratios, and economic growth. But unemployment rose in many countries and poverty remained widespread, while the emphasis on market openness made states vulnerable to the side effects of globalization.

New Approaches to the Latin American Debt Crisis

Author : Jeffrey Sachs
Publisher :
ISBN 13 :
Total Pages : 60 pages
Book Rating : 4.:/5 (321 download)

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Book Synopsis New Approaches to the Latin American Debt Crisis by : Jeffrey Sachs

Download or read book New Approaches to the Latin American Debt Crisis written by Jeffrey Sachs and published by . This book was released on 1989 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Central Banking in Latin America

Author : Mr.Luis Ignacio Jácome
Publisher : International Monetary Fund
ISBN 13 : 1484303180
Total Pages : 57 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Central Banking in Latin America by : Mr.Luis Ignacio Jácome

Download or read book Central Banking in Latin America written by Mr.Luis Ignacio Jácome and published by International Monetary Fund. This book was released on 2015-03-17 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides a brief historical journey of central banking in Latin America to shed light on the debate about monetary policy in the post-global financial crisis period. The paper distinguishes three periods in Latin America’s central bank history: the early years, when central banks endorsed the gold standard and coped with the collapse of this monetary system; a second period, in which central banks turned into development banks under the aegis of governments at the expense of increasing inflation; and the “golden years,” when central banks succeeded in preserving price stability in an environment of political independence. The paper concludes by cautioning against overburdening central banks in Latin America with multiple mandates as this could end up undermining their hard-won monetary policy credibility.

Exchange Rate, Monetary and Financial Issues and Policies in Asia

Author : Ramkishen S. Rajan
Publisher : World Scientific
ISBN 13 : 9812834583
Total Pages : 325 pages
Book Rating : 4.8/5 (128 download)

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Book Synopsis Exchange Rate, Monetary and Financial Issues and Policies in Asia by : Ramkishen S. Rajan

Download or read book Exchange Rate, Monetary and Financial Issues and Policies in Asia written by Ramkishen S. Rajan and published by World Scientific. This book was released on 2009 with total page 325 pages. Available in PDF, EPUB and Kindle. Book excerpt: A decade has passed since the Asian crisis of 1997OCo1998 which decimated many of the regional economies. While the crisis itself led to severe economic and political consequences, its primary cause was an inappropriate mix of policies, as regional economies attempted to simultaneously maintain fairly rigid exchange rates (soft US dollar pegs) and monetary policy autonomy in the presence of large-scale capital outflows. The chapters in this volume focus on selected exchange rate, monetary and financial issues and policies that are of contemporary relevance and importance to Asia, including choice of exchange rate regimes, causes and consequences of reserve accumulation, international capital flows, macroeconomic synchronization, and regional monetary and financial cooperation.

Financial Crises and the Politics of Macroeconomic Adjustments

Author : Stefanie Walter
Publisher : Cambridge University Press
ISBN 13 : 1107028701
Total Pages : 273 pages
Book Rating : 4.1/5 (7 download)

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Book Synopsis Financial Crises and the Politics of Macroeconomic Adjustments by : Stefanie Walter

Download or read book Financial Crises and the Politics of Macroeconomic Adjustments written by Stefanie Walter and published by Cambridge University Press. This book was released on 2013-10-31 with total page 273 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explains why governments respond differently to macroeconomic problems and why necessary reforms are sometimes delayed until a serious financial crisis erupts. It argues that voter vulnerability to different reform strategies varies, and that these vulnerabilities influence the type and timing of governments' policy responses to economic crises. Empirical analyses at both the individual level across a broad range of countries and case studies of national policy responses to financial and economic crises in Asia and Eastern Europe support the argument.

Global Waves of Debt

Author : M. Ayhan Kose
Publisher : World Bank Publications
ISBN 13 : 1464815453
Total Pages : 403 pages
Book Rating : 4.4/5 (648 download)

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Book Synopsis Global Waves of Debt by : M. Ayhan Kose

Download or read book Global Waves of Debt written by M. Ayhan Kose and published by World Bank Publications. This book was released on 2021-03-03 with total page 403 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.

Global Trends 2040

Author : National Intelligence Council
Publisher : Cosimo Reports
ISBN 13 : 9781646794973
Total Pages : 158 pages
Book Rating : 4.7/5 (949 download)

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Book Synopsis Global Trends 2040 by : National Intelligence Council

Download or read book Global Trends 2040 written by National Intelligence Council and published by Cosimo Reports. This book was released on 2021-03 with total page 158 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The ongoing COVID-19 pandemic marks the most significant, singular global disruption since World War II, with health, economic, political, and security implications that will ripple for years to come." -Global Trends 2040 (2021) Global Trends 2040-A More Contested World (2021), released by the US National Intelligence Council, is the latest report in its series of reports starting in 1997 about megatrends and the world's future. This report, strongly influenced by the COVID-19 pandemic, paints a bleak picture of the future and describes a contested, fragmented and turbulent world. It specifically discusses the four main trends that will shape tomorrow's world: - Demographics-by 2040, 1.4 billion people will be added mostly in Africa and South Asia. - Economics-increased government debt and concentrated economic power will escalate problems for the poor and middleclass. - Climate-a hotter world will increase water, food, and health insecurity. - Technology-the emergence of new technologies could both solve and cause problems for human life. Students of trends, policymakers, entrepreneurs, academics, journalists and anyone eager for a glimpse into the next decades, will find this report, with colored graphs, essential reading.

The East Asian Crisis

Author : Ms.Kalpana Kochhar
Publisher : International Monetary Fund
ISBN 13 : 1451935544
Total Pages : 56 pages
Book Rating : 4.4/5 (519 download)

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Book Synopsis The East Asian Crisis by : Ms.Kalpana Kochhar

Download or read book The East Asian Crisis written by Ms.Kalpana Kochhar and published by International Monetary Fund. This book was released on 1998-09-01 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews macroeconomic developments during the first year of the crisis in east Asia and draws some preliminary policy lessons. The crisis is rooted in the interaction of large capital inflows and weak private and public sector governance. At the same time, macroeconomic adjustment in these countries has resulted in some surprising outcomes, including severe economic contractions, low inflation, and rapid external adjustment. The lessons for crisis resolution include the importance of tight monetary policy early on for exchange rate stabilization, flexible fiscal policy, and comprehensive structural reform. Crises are avoided by prudent macroeconomic policies, diligent bank supervision, transparent data dissemination, strong governance, and forward-looking policymaking, even in good times.

Journal of International Money and Finance

Author :
Publisher :
ISBN 13 :
Total Pages : 1182 pages
Book Rating : 4.5/5 (66 download)

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Book Synopsis Journal of International Money and Finance by :

Download or read book Journal of International Money and Finance written by and published by . This book was released on 2003 with total page 1182 pages. Available in PDF, EPUB and Kindle. Book excerpt: Earlier place of publication varies.

Speculative Attacks and Models of Balance of Payments Crises

Author : Mr.Robert P. Flood
Publisher : International Monetary Fund
ISBN 13 : 1451852185
Total Pages : 64 pages
Book Rating : 4.4/5 (518 download)

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Book Synopsis Speculative Attacks and Models of Balance of Payments Crises by : Mr.Robert P. Flood

Download or read book Speculative Attacks and Models of Balance of Payments Crises written by Mr.Robert P. Flood and published by International Monetary Fund. This book was released on 1991-10-01 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews recent developments in the theoretical and empirical analysis of balance-of-payments crises. A simple analytical model highlighting the process leading to such crises is first developed. The basic framework is then extended to deal with a variety of issues, such as: alternative post-collapse regimes, uncertainty, real sector effects, external borrowing and capital controls, imperfect asset substitutability, sticky prices, and endogenous policy switches. Empirical evidence on the collapse of exchange rate regimes is also examined, and the major implications of the analysis for macroeconomic policy discussed.

Financial Crises Explanations, Types, and Implications

Author : Mr.Stijn Claessens
Publisher : International Monetary Fund
ISBN 13 : 1475561008
Total Pages : 66 pages
Book Rating : 4.4/5 (755 download)

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Book Synopsis Financial Crises Explanations, Types, and Implications by : Mr.Stijn Claessens

Download or read book Financial Crises Explanations, Types, and Implications written by Mr.Stijn Claessens and published by International Monetary Fund. This book was released on 2013-01-30 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since many theories on the sources of financial crises highlight the importance of sharp fluctuations in asset and credit markets, the paper briefly reviews theoretical and empirical studies on developments in these markets around financial crises. Second, what are the major types of financial crises? The paper focuses on the main theoretical and empirical explanations of four types of financial crises—currency crises, sudden stops, debt crises, and banking crises—and presents a survey of the literature that attempts to identify these episodes. Third, what are the real and financial sector implications of crises? The paper briefly reviews the short- and medium-run implications of crises for the real economy and financial sector. It concludes with a summary of the main lessons from the literature and future research directions.

Seoul Journal of Economics

Author :
Publisher :
ISBN 13 :
Total Pages : 532 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis Seoul Journal of Economics by :

Download or read book Seoul Journal of Economics written by and published by . This book was released on 2007 with total page 532 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Managing Elevated Risk

Author : Iwan J. Azis
Publisher : Springer
ISBN 13 : 9812872841
Total Pages : 129 pages
Book Rating : 4.8/5 (128 download)

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Book Synopsis Managing Elevated Risk by : Iwan J. Azis

Download or read book Managing Elevated Risk written by Iwan J. Azis and published by Springer. This book was released on 2014-12-11 with total page 129 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book discusses the risks and opportunities that arise in Emerging Asia given the context of a new environment in global liquidity and capital flows. It elaborates on the need to ensure financial and overall economic stability in the region through improved financial regulation and other policy measures to minimize the emergent risks. "Managing Elevated Risk: Global Liquidity, Capital Flows, and Macroprudential Policy—An Asian Perspective" also explores the range of policy options that may be deployed to address the impact of global liquidity on domestic financial and socio-economic conditions including income inequality. The book is primarily aimed at policy makers, financial market regulators and supervisory agencies to help them improve national regulatory systems and to promote harmonization of national regulations and practices in line with global standards. Scholars and researchers will also gain important information and knowledge about the overall impacts of changing global liquidity from the book.

Economic and Financial Crises in Emerging Market Economies

Author : Martin Feldstein
Publisher : University of Chicago Press
ISBN 13 : 0226241106
Total Pages : 541 pages
Book Rating : 4.2/5 (262 download)

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Book Synopsis Economic and Financial Crises in Emerging Market Economies by : Martin Feldstein

Download or read book Economic and Financial Crises in Emerging Market Economies written by Martin Feldstein and published by University of Chicago Press. This book was released on 2007-11-01 with total page 541 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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

Regional and Global Capital Flows

Author : Takatoshi Ito
Publisher : University of Chicago Press
ISBN 13 : 0226387011
Total Pages : 404 pages
Book Rating : 4.2/5 (263 download)

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Book Synopsis Regional and Global Capital Flows by : Takatoshi Ito

Download or read book Regional and Global Capital Flows written by Takatoshi Ito and published by University of Chicago Press. This book was released on 2009-02-15 with total page 404 pages. Available in PDF, EPUB and Kindle. Book excerpt: The volume of capital flows between industrial and developing countries has grown dramatically in the past decade and has become a major issue in a world that is increasingly "globalized." Here Takatoshi Ito and Anne O. Krueger, two leading experts on this topic, have assembled a group of scholars who address different types of capital flows—bank lending, bonds, direct foreign investment—and the implications they hold for economic performance. With its particular focus on the Asian financial crises, this work presents a new model for policy makers everywhere in thinking about the role of private capital flows.