Financial crises in "successful" emerging economies / Ricardo Ffrench-Davis, editor.

Format:

Book

Contributor:

United Nations. Economic Commission for Latin America and the Caribbean.

Ffrench-Davis, Ricardo.

Language:

English

Subjects (All):

Financial crises--Latin America.

Financial crises.

Financial crises--Asia.

Latin America--Economic conditions.

Latin America.

Asia--Economic conditions.

Asia.

Physical Description:

1 online resource (183 p.)

Edition:

1st ed.

Place of Publication:

Washington, D.C. : United Nations Economic Commission for Latin America and the Caribbean : Brookings Institution Press, c2001.

Language Note:

English

Summary:

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. Jos#65533; 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).

Contents:

Intro

Contents

Preface

1 The Globalization of Financial Volatility: Challenges for Emerging Economies

2 Korea and Taiwan in the Financial Crisis

3 Three Varieties of Capital Surge Management in Chile

4 From the Capital Surge to the Financial Crisis and Beyond: The Mexican Economy in the 1990s

5 An International Financial Architecture for Crisis Prevention

Contributors

Index.

Notes:

Bibliographic Level Mode of Issuance: Monograph

Includes bibliographical references and index.

ISBN:

0-8157-9872-5

OCLC:

70749487