Structural Vulnerabilities and Currency Crises

Swati R. Ghosh and Atish Ghosh ()
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Swati R. Ghosh: International Monetary Fund

IMF Staff Papers, 2003, vol. 50, issue 3, 7

Abstract: This paper examines the role of structural factors - governance and rule of law, corporate sector governance (creditor rights and shareholder rights), corporate financing structure - as well as macroeconomic variables in currency crises. Using a technique known as a binary recursive tree allows for interactions between the various explanatory variables. It is found that structural vulnerabilities play an important role in the occurrence of "deep" currency crises (those with a real GDP growth decline of at least 3 percentage points) and that there are complex interactions between these structural vulnerabilities and macroeconomic imbalances. Copyright 2003, International Monetary Fund

JEL-codes: F31 F41 F47 (search for similar items in EconPapers)
Date: 2003
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Citations: View citations in EconPapers (34)

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Working Paper: Structural Vulnerabilities and Currency Crises (2002)
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