The Twin Crises: The Causes of Banking and Balance-Of-Payments Problems
Опубликовано на портале: 16-03-2005
American Economic Review.
1999.
Vol. 89.
No. 3.
P. 473-500.
Тематический раздел:
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. We 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 these episodes suggests that crises occur as the economy enters
a recession, following a prolonged boom in economic activity that was fueled by credit,
capital inflows, and accompanied by an overvalued currency.
Статья рекомендована при изучении программы Corporate Finance and Financial Crises (Allen F.)
Ключевые слова
banking crises capital flows financial crisis financial liberalisation банковский кризис движение капитала финансовая либерализация финансовый кризис
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