Currency Crises Research Papers - Academia.edu (original) (raw)

This study presents the significance of the currency crises, discusses the related literature and applies a model of economic vulnerability to Turkey during 1985Q2-2004Q2. The common approach in currency crisis literature is to focus on... more

This study presents the significance of the currency crises, discusses the related literature and applies a model of economic vulnerability to Turkey during 1985Q2-2004Q2. The common approach in currency crisis literature is to focus on the performance of ...

A facsimile apparatus uses a single memory in a facsimile system and a printer system without using an interface between the two systems. In the facsimile apparatus, a FAX controller stores data received via a communication line. A... more

A facsimile apparatus uses a single memory in a facsimile system and a printer system without using an interface between the two systems. In the facsimile apparatus, a FAX controller stores data received via a communication line. A recording control circuit fetches data from the memory via a data bus, and records an image based on the fetched data. A memory intervention circuit outputs a data bus selection signal, and switches an address of access to the recording medium and a connection of the data bus. Thus, a single memory is shared between a facsimile system and printer system.

This volume presents six monographs of currency crisis episodes in two Latin American countries in 1994-1995 (Mexico and Argentine) and four Asian countries in 1997-1998 (Thailand, Malaysia, Indonesia, and Korea). The Asian part of this... more

This volume presents six monographs of currency crisis episodes in two Latin American countries in 1994-1995 (Mexico and Argentine) and four Asian countries in 1997-1998 (Thailand, Malaysia, Indonesia, and Korea). The Asian part of this volume is supplemented with a short comparative note, commenting these four monographs. All the studies were prepared under the research project no. OI44/H02/99/17 on "Analysis

In what follows, we revisit this history with an eye toward establishing what is new and different about the recent wave of crises. We consider banking crises, currency crises and twin crises (where banking and currency crises coincide).... more

In what follows, we revisit this history with an eye toward establishing what is new and different about the recent wave of crises. We consider banking crises, currency crises and twin crises (where banking and currency crises coincide). The core comparison is with the earlier age of globalisation from 1880 to 1914. Interpretations of recent decades emphasise the role of

This article examines Japan’s commitments to the developmental state concept after the Asian economic and currency crises. Some aspects of the concept have been regarded as the causes of the crises, and Japan was seen as failing to defend... more

This article examines Japan’s commitments to the developmental state concept after the Asian economic and currency crises. Some aspects of the concept have been regarded as the causes of the crises, and Japan was seen as failing to defend effectively its own developmental model. However, the Japanese government has strengthened policies and institutions for industrial cooperation toward East Asia after the crises, stressing the elements of the developmental state such as close business–government collaboration and effective uses of public corporations as measures to rehabilitate the growth model in East Asia. In its efforts to assist industrial restructuring in Thailand, the Japanese government made its Thai counterpart acknowledge the necessity of state intervention in fostering small and medium-sized enterprises, and sought to transfer experiences and know-how of institution building such as the advisory council system, the policy finance system and industrial development coordinated by trade associations. Thus, the Japanese government maintained and partially intensified the developmental state approach in its cooperation with industrial restructuring programmes in major East Asian countries after the Asian crises.

This paper asks what influence increasing capital mobility has on the choice of exchange rate regime. Among exchange rate regimes considered are currency boards and dollarization. It is argued that a key lesson of the recent currency and... more

This paper asks what influence increasing capital mobility has on the choice of exchange rate regime. Among exchange rate regimes considered are currency boards and dollarization. It is argued that a key lesson of the recent currency and financial crises in the emerging markets is that corner solutions in exchange rate policy may be preferable to less rigidly fixed exchange rates. The paper concludes that in the end the optimal exchange rate regime depends on the circumstances of a particular country and time, because each exchange rate system requires the fulfillment of certain preconditions. The paper then discusses institutional measures and innovations that may be necessary to enable exchange rate arrangements to avoid financial and currency crises or to dampen their consequences.

This volume presents six monographs of currency crisis episodes in two Latin American countries in 1994-1995 (Mexico and Argentine) and four Asian countries in 1997-1998 (Thailand, Malaysia, Indonesia, and Korea). The Asian part of this... more

This volume presents six monographs of currency crisis episodes in two Latin American countries in 1994-1995 (Mexico and Argentine) and four Asian countries in 1997-1998 (Thailand, Malaysia, Indonesia, and Korea). The Asian part of this volume is supplemented with a short comparative note, commenting these four monographs. All the studies were prepared under the research project no. OI44/H02/99/17 on "Analysis

Currency crises tend to affect countries in geographic proximity. This suggests that regional patterns of international trade are important in understanding how currency crises spread, above and beyond any macroeconomic phenomena. Using... more

Currency crises tend to affect countries in geographic proximity. This suggests that regional patterns of international trade are important in understanding how currency crises spread, above and beyond any macroeconomic phenomena. Using data for five different currency crises (in 1971, 1973, 1992, 1994, and 1997) we show that currency crises affect countries tied together by international trade. By way of contrast, macroeconomic and financial influences are not closely associated with the cross-country incidence of ...

What is the role of “large players”, e.g., hedge funds, in speculative attacks? Recent work suggests that large players move early to induce smaller agents to attack. However, many observers argue that large players move late so as to... more

What is the role of “large players”, e.g., hedge funds, in speculative attacks? Recent work suggests that large players move early to induce smaller agents to attack. However, many observers argue that large players move late so as to benefit from interest rate differentials. We propose a model where large players can do both. Using data on currency trading by foreign (large) and local (small) players, we find that foreign players moved last in three attacks on the Norwegian krone during the 1990s. During the attack on the Swedish krona after the Russian moratorium in 1998, foreign players moved early. Gains by delaying attack were small, however, since interest rates did not increase.

The objective of this paper is twofold. First, it identifies and categorizes the currency crises suffered by Argentina from 1825 to 2002. Second, it looks for regularities in the behaviour of key macroeconomic variables in the... more

The objective of this paper is twofold. First, it identifies and categorizes the currency crises suffered by Argentina from 1825 to 2002. Second, it looks for regularities in the behaviour of key macroeconomic variables in the neighbourhood of crises by means of graphic analysis, non-parametric and econometric techniques. We found that expansions in public expenditures as well as increases in the debt to GDP ratio and falls in the rate of growth of bank deposits contribute to spur the probability of crisis. Unfavourable external conditions, jointly with domestic imbalances, help to explain very deep crises or crashes.

... 160 Recent advances in neo-Schumpeterian economics The second problem is the size of the futures position. ... 2, are gross market values of the OTC derivatives, ie forwards and forex (foreign exchange) swaps, cur-rency swaps and OTC... more

... 160 Recent advances in neo-Schumpeterian economics The second problem is the size of the futures position. ... 2, are gross market values of the OTC derivatives, ie forwards and forex (foreign exchange) swaps, cur-rency swaps and OTC options, and notional principal of ...

This paper is comparing the currency crises in Turkey for 20 years (from 1990 till today) and to distinguish their causes divided in three periods (1990-1995), (1995-2002) and (2002-2009). My goal is to compare these incidents to find... more

This paper is comparing the currency crises in Turkey for 20 years (from 1990 till today) and to distinguish their causes divided in three periods (1990-1995), (1995-2002) and (2002-2009). My goal is to compare these incidents to find similarities and differences among them for the very first time for the country’s analysis. The forward spread is selected as a dependent variable along with a set of independent macroeconomic and social variables (balance of payments, crisis elsewhere, real effective exchange rate, foreign exchange reserves, gold price, lending rate, money, external debt and consumer price level) examining these variables for a twenty year period (January 1990- December 2009) the largest set availiable in refered literature I examined their relation to the forward spread, following the feasible least squares methodology. This innovative approach is used for the first time in the field and it has the major advantages of least squares methodology along with panel data a...