haku: @indexterm BALANCE OF PAYMENTS / yhteensä: 219
viite: 14 / 219
| Tekijä: | Kaminsky, G. Reinhart, C. |
| Otsikko: | The twin crises: the causes of banking and balance-of- payments problems |
| Lehti: | American Economic Review
1999 : JUN, VOL. 89:3, p. 473-500 |
| Asiasana: | ECONOMICS BANKS BALANCE OF PAYMENTS |
| Kieli: | eng |
| Tiivistelmä: | In the wake of the Mexican and Asian currency turmoil, the subject of financial crises has come to the forefront of academic and policy discussions. This paper analyzes the links between banking and currency crises. The authors find that: problems in the banking sector typically precede a currency crisis -- the currency crisis deepens the banking crisis, activating a vicious spiral; financial liberalization often precedes banking crises. The anatomy of those episodes suggests that crises occur as the economy enters a recession, following a prolonged boom in economic activity that was fueled by credit, capital flows, and accompanied by an overvalued currency. |
SCIMA