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| Author: | Ghosh, S.R. Ghosh, A.R. |
| Title: | Structural vulnerabilities and currency crises |
| Journal: | IMF Staff papers
2003 : VOL. 50:3, p. 481-506 |
| Index terms: | Currency Economic crisis |
| Freeterms: | Structural factors |
| Language: | eng |
| Abstract: | The role of structural factors - governance and rule of law, corporate sector governance (creditor rights and shareholder rights), corporate financing structure - as well as macroeconomic variables in currency crises. Using a technique known as a binary recursive tree allows for interactions between the various explanatory variables. It is found that structural vulnerabilities play an important role in the occurrence of "deep" currency crises (those with a real GDP growth decline of at least 3 percentage points) and there are complex interactions between these structural vulnerabilities and macroeconomic imbalances. |
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