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Author : Robert Rudy
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (115 download)
Download or read book The Mexican Peso Crisis written by Robert Rudy and published by . This book was released on 1995 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : John C. Whitehead
Publisher :
ISBN 13 :
Total Pages : 60 pages
Book Rating : 4.:/5 (318 download)
Download or read book Lessons of the Mexican Peso Crisis written by John C. Whitehead and published by . This book was released on 1996 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Stephany Griffith-Jones
Publisher :
ISBN 13 :
Total Pages : 56 pages
Book Rating : 4.:/5 (318 download)
Download or read book Causes and Lessons of the Mexican Peso Crisis written by Stephany Griffith-Jones and published by . This book was released on 1997 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : David D. Hale
Publisher :
ISBN 13 :
Total Pages : 15 pages
Book Rating : 4.:/5 (122 download)
Download or read book Lessons for the Mexican Peso Crisis of 1995 for International Economic Policy written by David D. Hale and published by . This book was released on 1995 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Stephany Griffith-Jones
Publisher :
ISBN 13 :
Total Pages : 37 pages
Book Rating : 4.:/5 (466 download)
Download or read book Causes and Lessons of the Mexican Peso Crises written by Stephany Griffith-Jones and published by . This book was released on 1997 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Sebastian Edwards
Publisher :
ISBN 13 :
Total Pages : 56 pages
Book Rating : 4.:/5 (318 download)
Download or read book The Mexican Peso Crisis written by Sebastian Edwards and published by . This book was released on 1997 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Mexican crisis of 1994 raised, throughout the world, a number of questions about the sustainability -- and even the merits -- of the market oriented reform process in Latin America and other regions. Understanding the way events unfolded in Mexico during the early 1990s continues to be fundamentally important to assess the mechanics of currency crises. More importantly, perhaps, the eruption of the East Asian currency crises in the summer and fall of 1997 has raised the question of whether the lessons from Mexico have indeed been learned by policy makers, private sector analysts and international civil servants. More specifically, as a result of the recent events in South East Asia, many observers have argued that the international financial organizations -- the IMF and the World Bank -- and the governments of the advanced countries have failed to revamp the early warning system that was supposed to prevent a repetition of a Mexico-style crisis. This paper analyzes the causes behind the Mexican crisis, emphasizing the role of capital inflows, inflationary inertia and real exchange rate overvaluation. I also ask a number of questions regarding the predictability of the crisis: Should Wall Street analysts have known that things were getting out of hand? And if they did, why didn't they alert their clients? And, how much did officials at the US Treasury know about the depth of the Mexican problems? And, what was the role of the media? I conclude that although the US Treasury was fully aware of what was going on, most private sector analysts were unaware of the seriousness of the situation.
Author : Mr.Paul R. Masson
Publisher : International Monetary Fund
ISBN 13 : 1451929099
Total Pages : 36 pages
Book Rating : 4.4/5 (519 download)
Download or read book The Mexican Peso Crisis written by Mr.Paul R. Masson and published by International Monetary Fund. This book was released on 1996-01-01 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines credibility and reputational factors in explaining the December 1994 crisis of the Mexican peso. After reviewing events leading to the crisis, a model emphasizing the inflation-competitiveness trade-off is presented to explain the formation of devaluation expectations. Estimation results indicate that investors appear to have seriously underestimated the risk of devaluation, despite early warning signals. The collapse of confidence that followed the December 20 devaluation may have been the result of a shift in the perceived commitment of the authorities to exchange rate stability.
Author : Gerard Caprio
Publisher : Rowman & Littlefield
ISBN 13 : 0815797966
Total Pages : 300 pages
Book Rating : 4.8/5 (157 download)
Download or read book Financial Crises written by Gerard Caprio and published by Rowman & Littlefield. This book was released on 2005-12-06 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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?
Author : Nancy Birdsall
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Lessons from the Mexico Crisis written by Nancy Birdsall and published by . This book was released on 1998 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: First, the paper discusses salient aspects of the Mexican reforms and its 1989-1994 recovery, making no attempt to be comprehensive but instead focusing on developments of direct relevance for the argument. Next, it discusses three important features of the crisis and renewed recovery: Recovery was rapid, the domestic financial system was pivotal, and fiscal policy was contractionary. The paper evaluates four reasons that are often given for the causes of the Mexican crisis: a faulty exchange-rate policy; low domestic saving; large current account deficits; and the issuance, mainly during 1994, of the tesobonos. Three alternative lessons of the crisis are presented.
Author : Jeffrey Sachs
Publisher :
ISBN 13 :
Total Pages : 68 pages
Book Rating : 4.:/5 (318 download)
Download or read book The Collapse of the Mexican Peso written by Jeffrey Sachs and published by . This book was released on 1995 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the first quarter of 1995 Mexico found itself in the grip of an intense financial panic. Foreign investors fled Mexico despite very high interest rates on Mexican securities, an undervalued currency, and financial indicators that pointed to long-term solvency. The fundamental conditions of the Mexican economy cannot account for the entire crisis. The crisis was due to unexpected shocks that occurred in 1994, and the inadequate policy response to those shocks. In the aftermath of the March assassination the exchange rate experienced a nominal devaluation of around 10 percent and interest rates increased by around 7 percentage points. However, the capital outflow continued. The policy response to this was to maintain the exchange rate rule, and to prevent further increases in interest rates by expanding domestic credit and by converting short-term peso- denominated government liabilities (Cetes) falling due into dollar- denominated bonds (Tesobonos). A fall in international reserves and an increase in short-term dollar-denominated debt resulted. The government simply ended up illiquid, and therefore financially vulnerable. Illiquidity exposed Mexico to a self-fulfilling panic.
Author : Eliana Cardoso
Publisher :
ISBN 13 :
Total Pages : 33 pages
Book Rating : 4.:/5 (546 download)
Download or read book Lessons from the Mexican Crisis for Reforming Economies /cEliana Cardoso written by Eliana Cardoso and published by . This book was released on 1996 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Timothy J. Kehoe
Publisher : U of Minnesota Press
ISBN 13 : 1452965846
Total Pages : 643 pages
Book Rating : 4.4/5 (529 download)
Download or read book A Monetary and Fiscal History of Latin America, 1960–2017 written by Timothy J. Kehoe and published by U of Minnesota Press. This book was released on 2022-01-11 with total page 643 pages. Available in PDF, EPUB and Kindle. Book excerpt: A major, new, and comprehensive look at six decades of macroeconomic policies across the region What went wrong with the economic development of Latin America over the past half-century? Along with periods of poor economic performance, the region’s countries have been plagued by a wide variety of economic crises. This major new work brings together dozens of leading economists to explore the economic performance of the ten largest countries in South America and of Mexico. Together they advance the fundamental hypothesis that, despite different manifestations, these crises all have been the result of poorly designed or poorly implemented fiscal and monetary policies. Each country is treated in its own section of the book, with a lead chapter presenting a comprehensive database of the country’s fiscal, monetary, and economic data from 1960 to 2017. The chapters are drawn from one-day academic conferences—hosted in all but one case, in the focus country—with participants including noted economists and former leading policy makers. Cowritten with Nobel Prize winner Thomas J. Sargent, the editors’ introduction provides a conceptual framework for analyzing fiscal and monetary policy in countries around the world, particularly those less developed. A final chapter draws conclusions and suggests directions for further research. A vital resource for advanced undergraduate and graduate students of economics and for economic researchers and policy makers, A Monetary and Fiscal History of Latin America, 1960–2017 goes further than any book in stressing both the singularities and the similarities of the economic histories of Latin America’s largest countries. Contributors: Mark Aguiar, Princeton U; Fernando Alvarez, U of Chicago; Manuel Amador, U of Minnesota; Joao Ayres, Inter-American Development Bank; Saki Bigio, UCLA; Luigi Bocola, Stanford U; Francisco J. Buera, Washington U, St. Louis; Guillermo Calvo, Columbia U; Rodrigo Caputo, U of Santiago; Roberto Chang, Rutgers U; Carlos Javier Charotti, Central Bank of Paraguay; Simón Cueva, TNK Economics; Julián P. Díaz, Loyola U Chicago; Sebastian Edwards, UCLA; Carlos Esquivel, Rutgers U; Eduardo Fernández Arias, Peking U; Carlos Fernández Valdovinos (former Central Bank of Paraguay); Arturo José Galindo, Banco de la República, Colombia; Márcio Garcia, PUC-Rio; Felipe González Soley, U of Southampton; Diogo Guillen, PUC-Rio; Lars Peter Hansen, U of Chicago; Patrick Kehoe, Stanford U; Carlos Gustavo Machicado Salas, Bolivian Catholic U; Joaquín Marandino, U Torcuato Di Tella; Alberto Martin, U Pompeu Fabra; Cesar Martinelli, George Mason U; Felipe Meza, Instituto Tecnológico Autónomo de México; Pablo Andrés Neumeyer, U Torcuato Di Tella; Gabriel Oddone, U de la República; Daniel Osorio, Banco de la República; José Peres Cajías, U of Barcelona; David Perez-Reyna, U de los Andes; Fabrizio Perri, Minneapolis Fed; Andrew Powell, Inter-American Development Bank; Diego Restuccia, U of Toronto; Diego Saravia, U de los Andes; Thomas J. Sargent, New York U; José A. Scheinkman, Columbia U; Teresa Ter-Minassian (formerly IMF); Marco Vega, Pontificia U Católica del Perú; Carlos Végh, Johns Hopkins U; François R. Velde, Chicago Fed; Alejandro Werner, IMF.
Author : Sebastian Edwards
Publisher :
ISBN 13 :
Total Pages : 76 pages
Book Rating : 4.:/5 (318 download)
Download or read book On Crisis Prevention written by Sebastian Edwards and published by . This book was released on 1999 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides a comparative analysis of the East Asian and Mexican crises, and draws lessons for the emerging economies. Although much of the discussion concentrates on East Asia and Mexico, I also draw on the history of some previous crisis episodes. I argue that in spite of the efforts to understand the anatomy of currency crises, there are still a large number of controversial and unresolved issues. More to the point, I argue that some of the lessons extracted from these crises are based on a misreading of the historical record. As a result, some of the policy implications that have emerged from this debate are, to say the least, questionable. In particular, I make two points: First, I argue that, in general, current account ratios have limited usefulness in determining a country's financial health. Although I fall short of taking the position that the current account is completely irrelevant, I do argue that a rigid interpretation of current account ratios may be highly misleading. Second, I argue that the rapidly growing popularity of controls on capital inflows as a device for reducing external vulnerability is rooted in a misreading of the recent history of external crises.
Author : Ms.Christina Daseking
Publisher : International Monetary Fund
ISBN 13 : 1589063597
Total Pages : 63 pages
Book Rating : 4.5/5 (89 download)
Download or read book Lessons from the Crisis in Argentina written by Ms.Christina Daseking and published by International Monetary Fund. This book was released on 2005-02-10 with total page 63 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 2001- 02, Argentina experienced one of the worst economic crises in its history. A default on government debt, which occurred against the backdrop of a prolonged recession, sent the Argentine currency and economy into a tailspin. Although the economy has since recovered from the worst, the crisis has imposed hardships on the people of Argentina, and the road back to sustained growth and stability is long. The crisis was all the more troubling in light of the fact that Argentina was widely considered a model reformer and was engaged in a succession of IMF-supported programs through much of the 1990s. This Occasional Paper examines the origins of the crisis and its evolution up to early 2002 and draws general policy lessons, both for countries’ efforts to prevent crises and for the IMF’s surveillance and use of its financial resources.
Author : Jan Joost Teunissen
Publisher :
ISBN 13 :
Total Pages : 126 pages
Book Rating : 4.3/5 ( download)
Download or read book Can Currency Crises be Prevented Or Better Managed? written by Jan Joost Teunissen and published by . This book was released on 1996 with total page 126 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : James M. Sheehan
Publisher :
ISBN 13 :
Total Pages : 1 pages
Book Rating : 4.:/5 (42 download)
Download or read book Lessons from the Mexico Crisis written by James M. Sheehan and published by . This book was released on 1995 with total page 1 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Benn Steil
Publisher : Council on Foreign Relations
ISBN 13 : 0876094329
Total Pages : 52 pages
Book Rating : 4.8/5 (76 download)
Download or read book Lessons of the Financial Crisis written by Benn Steil and published by Council on Foreign Relations. This book was released on 2009 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: The current financial and economic crisis is a classic bust of a credit boom, the boom having been fueled by policies whose combined effects were to increase the demand for debt to unsustainable levels. U.S. monetary policy, taxation policy, and home ownership promotion policy were so conducive to credit expansion that the idea, understandably popular in Washington and Brussels, that preventing future such crises can be accomplished simply by waking up regulators "asleep at the switch" is dangerously simplistic. The United States in particular, given that it effectively sets monetary and credit conditions for a significant portion of the global economy, needs to put in place policies that can better discourage, recognize, and curtail a credit boom, and ensure that systemically important financial institutions can withstand its unwinding.
