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Author : Kenneth Froot
Publisher :
ISBN 13 :
Total Pages : 25 pages
Book Rating : 4.:/5 (16 download)
Download or read book ˜Theœ 1994-95 Mexican Peso Crisis written by Kenneth Froot and published by . This book was released on 1999 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 : Nicole Susan LaBossière
Publisher :
ISBN 13 :
Total Pages : 130 pages
Book Rating : 4.:/5 (428 download)
Download or read book The Mexican Peso Crisis of 1994/1995 written by Nicole Susan LaBossière and published by . This book was released on 1996 with total page 130 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Sebastian Edwards
Publisher :
ISBN 13 :
Total Pages : 98 pages
Book Rating : 4.:/5 (318 download)
Download or read book The Morning After written by Sebastian Edwards and published by . This book was released on 1998 with total page 98 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Mexican peso crisis of December 1994 shocked politicians, analysits, and pundits. Shock was followed by panic, as investors flew the country. It took a massive bail-out package put together by the IMF and the US Treasury to generate some tranquility in the markets in mid to late 1995. From early on the Mexican authorities stated that stabilizing the value of the peso, within the context of a freely floating exchange rate regime, was one of their most important objectives. During most of 1995 this objective seemed to be highly elusive. Starting in 1996, however, the peso began to exhibit an impressive degree of stability. So much so that a number of analysts began to wonder whether this stability was consistent with a freely floating regime. Some even argued that it was d'j ... vu' all over again, and that the Bank of Mexico was manipulating monetary policy in order to artificially maintain a strong peso. In this paper we try to explain the relative stability exhibited by the peso/dollar nominal exchange rate since late 1995. Specifically, we approach this issue from two main angles: First, we ask whether the behavior of the peso/dollar rate since 1995 is broadly comparable or consistent with the behavior of a 'typical' floating exchange rate. Our answer to this question was a qualified yes. Second, we explore whether during 1996-97 the Bank of Mexico followed some sort of feedback rule from the exchange rate to monetary policy. Our answer to this question was another qualified yes, but perhaps more strongly qualified than the first one.
Author : Ms.Inci Ötker
Publisher : International Monetary Fund
ISBN 13 : 1451853548
Total Pages : 38 pages
Book Rating : 4.4/5 (518 download)
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.
Author : Celia Ortega Sotes
Publisher :
ISBN 13 :
Total Pages : 71 pages
Book Rating : 4.:/5 (715 download)
Download or read book A Legal Approach to the Resolution of the Mexican Peso Crisis 1994-95 written by Celia Ortega Sotes and published by . This book was released on 1998 with total page 71 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Carlos Alberto Ibarra-Niño
Publisher :
ISBN 13 :
Total Pages : 170 pages
Book Rating : 4.:/5 (246 download)
Download or read book Three Essays on the 1994 - 95 Mexican Currency Crisis written by Carlos Alberto Ibarra-Niño and published by . This book was released on 1997 with total page 170 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Christian McNamara
Publisher :
ISBN 13 :
Total Pages : 13 pages
Book Rating : 4.:/5 (13 download)
Download or read book Restructuring and Forgiveness in Financial Crises A written by Christian McNamara and published by . This book was released on 2016 with total page 13 pages. Available in PDF, EPUB and Kindle. Book excerpt: Following a year in which repeated political turmoil sapped investor confidence in Mexico, putting pressure on the peso and draining the country's foreign exchange reserves, on December 22, 1994 the Mexican government sparked a financial crisis by unexpectedly abandoning its policy of anchoring the peso to the US dollar and instead allowing it to float freely. The resulting collapse of the peso left Mexico with $40 billion to $50 billion in external debt (much of it dollar-indexed) coming due in the near term and almost no foreign exchange reserves. Faced with the prospect that Mexico would either default on its obligations or impose exchange controls (with either scenario being seen by many as likely to result in contagion), officials from both the US and abroad scrambled to craft a response to what had been dubbed “the first financial crisis of the twenty-first century” because of its origins in an emerging market economy within globalized financial markets. On January 31, 1995, an assistance package comprised primarily of funds from the US and the IMF was announced. Backed by $20 billion from the US Treasury's Exchange Stabilization Fund (ESF) and a $17.8 billion stand-by arrangement from the IMF, Mexico met its immediate obligations, restructured short-term debt into longer-term debt and implemented a strict economic reform plan. While the country experienced significant economic hardship in the immediate aftermath of the crisis, by 1996-1997 the economy had rebounded and by 2000 Mexico had paid back all outstanding obligations under the assistance package.
Author : Morris Goldstein
Publisher : Peterson Institute
ISBN 13 : 9780881322613
Total Pages : 236 pages
Book Rating : 4.3/5 (226 download)
Download or read book The Asian Financial Crisis written by Morris Goldstein and published by Peterson Institute. This book was released on 1998 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt: The turmoil that has rocked Asian markets since the middle of 1997, and that is now having such deep effects on the economies in the region, is the third major currency crisis of the 1990s. This study explains how the Asian crisis arose and spread. It then outlines the corrective policy measures that could help end the crisis, and the shortcomings that have been revealed in the international financial system that require reform to reduce the chances of a recurrence.
Author : Moritz Cruz
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)
Download or read book Expectations, the Business Cycle and the Mexican Peso Crisis written by Moritz Cruz and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The 1994-95 'peso' crisis did not display characteristics which allow it to be easily captured by traditional crisis models. Models based on Minsky's financial fragility hypothesis offer more persuasive accounts but have been supported by relatively little direct empirical evidence. This paper provides such evidence, with particular attention being paid to the role of domestic financial liberalisation in the process. Minsky's hypotheses about the evolution of expectations over the business cycle are tracked using business survey data. In addition, crisis indicators are constructed, reflecting the changing vulnerability of the economy to shocks. The findings support a Minskyian interpretation of the crisis.
Author : Berry K. Wilson
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Financial Fragility and Mexico's 1994 Peso Crisis written by Berry K. Wilson and published by . This book was released on 2000 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Persistent cycles of devaluation, debt repudiation, and financial crisis have been recurrent themes in Latin America and elsewhere. This study focuses on one such event, namely, the Mexican peso devaluation, debt, and financial-sector crisis of 1994-95. This paper utilizes an event-study framework, with daily stock market data, to document financial market responses to the unfolding crisis. In particular, we find that the devaluation itself was viewed as relatively benighn by market participants. The results also show little evidence that investors anticipated the peso devaluation, the declining reserve levels of Mexico's central bank, and the increasing sovereign default risk of Mexico. However, the results suggest that the equity markets did respond positively to remedial actions taken by governmental authorities, such as the Clinton bailout plan.
Author : Robert Cull
Publisher : International Monetary Fund
ISBN 13 : 1475588127
Total Pages : 49 pages
Book Rating : 4.4/5 (755 download)
Download or read book Bank Ownership written by Robert Cull and published by International Monetary Fund. This book was released on 2017-03-22 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents recent trends in bank ownership across countries and summarizes the evidence regarding the implications of bank ownership structure for bank performance and competition, financial stability, and access to finance. The evidence reviewed suggests that foreign-owned banks are more efficient than domestic banks in developing countries, promote competition in host banking sectors, and help stabilize credit when host countries face idiosyncratic shocks. But there are tradeoffs, since foreign-owned banks can transmit external shocks and might not always expand access to credit. The record on the impact of government bank ownership suggests few benefits, especially for developing countries.
Author : Paul R. Masson
Publisher :
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.:/5 (129 download)
Download or read book The Mexican Peso Crisis written by Paul R. Masson and published by . This book was released on 2006 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 : Miles Kahler
Publisher : Cornell University Press
ISBN 13 : 1501731408
Total Pages : 284 pages
Book Rating : 4.5/5 (17 download)
Download or read book Capital Flows and Financial Crises written by Miles Kahler and published by Cornell University Press. This book was released on 2018-09-05 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt: Capital flows to the developing economies have long displayed a boom-and-bust pattern. Rarely has the cycle turned as abruptly as it did in the 1990s, however: surges in lending were followed by the Mexican peso crisis of 1994-95 and the sudden collapse of currencies in Asia in 1997. This volume maps a new and uncertain financial landscape, one in which volatile private capital flows and fragile banking systems produce sudden reversals of fortune for governments and economies. This environment creates dilemmas for both national policymakers who confront the "mixed blessing" of capital inflows and the international institutions that manage the recurrent crises.The authors—leading economists and political scientists—examine private capital flows and their consequences in Latin America, Pacific Asia, and East Europe, placing current cycles of lending in historical perspective. National governments have used a variety of strategies to deal with capital-account instability. The authors evaluate those responses, prescribe new alternatives, and consider whether the new circumstances require novel international policies.
Author : Malak Zein Makki
Publisher :
ISBN 13 :
Total Pages : 150 pages
Book Rating : 4.:/5 (787 download)
Download or read book The 1994 Mexican Peso Crisis written by Malak Zein Makki and published by . This book was released on 2003 with total page 150 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Christina E. Bannier
Publisher :
ISBN 13 :
Total Pages : 50 pages
Book Rating : 4.:/5 (767 download)
Download or read book The Role of Information Disparity in the Mexican Peso Crisis 1994/95 written by Christina E. Bannier and published by . This book was released on 2003 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Christina E. Bannier
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book The Role of Information Disclosure and Uncertainty in the 1994/95 Mexican Peso Crisis written by Christina E. Bannier and published by . This book was released on 2006 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the role that the distribution of information played during the Mexican peso crisis 1994/95. In accordance with theoretical models, we find that, first, an improvement in the mean of posterior beliefs about economic fundamentals generally reduced speculative pressures. Secondly, the standard deviation of beliefs as a measure of information disparity did not significantly influence traders behavior. Information disparity did have a significant impact, however, when combined with the mean of beliefs. The combined effect, moreover, allows a tentative distinction between private or public information having dominated posterior beliefs. In this respect, thirdly, our analysis points to public information having driven speculative pressures.
