On the Changing Nature of Currency Crises

Korkut A. Erturk

Chapter 2 in Financial Developments in National and International Markets, 2006, pp 25-39 from Palgrave Macmillan

Abstract: Abstract Currency crises have become a common occurrence around the world in the era of capital account liberalization. Following numerous crises in Latin America in the 1980s, speculative attacks on currency wreaked havoc in the Scandinavian countries in the late 1980s, the European Monetary System (EMS) in 1991–2; in Mexico in 1994–5; in East Asia in 1997–8; in Russia in 1998; in Brazil in 1999; and in Argentina and Turkey in 2000–1. And, at the time of writing (April 2005) we may soon face a dollar crisis that will have severe repercussions for the USA and the whole world economy. After each major episode a new generation of crisis models emerged, and, arguably, we still lack a clear understanding of what has remained the same and what was novel in the different episodes of crisis.

Keywords: Interest Rate; Asset Price; Capital Flow; Capital Inflow; Current Account Deficit (search for similar items in EconPapers)
Date: 2006
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-52237-4_2

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DOI: 10.1057/9780230522374_2

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