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Emerging Markets Crisis
Arvind Krishnamurthy
Mr. Ricardo J. Caballero
其他書名
An Asset Markets Perspective
出版
International Monetary Fund
, 1999-09-01
主題
Business & Economics / Economics / Macroeconomics
Business & Economics / Economics / General
Business & Economics / International / Economics
ISBN
1451900376
9781451900378
URL
http://books.google.com.hk/books?id=pMrK1lvQgtUC&hl=&source=gbs_api
註釋
The entire difference between a mild downturn and a devastating crisis is the occurrence of sharp fire sales of domestic assets and possibly foreign exchange and the ensuing collapse in the balance sheets of both the financial and nonfinancial sector. Why and how do such crises materialize? And why doesn’t the private sector take appropriate precautions to avoid the consequences of crises? In this paper we argue that the combination of weak international financial links and underdeveloped domestic financial markets offers a parsimonious account of these and related phenomena present in emerging markets.