The Financial Sector in Macroeconomic Adjustment Programmes

Gerwin Bell

Chapter 6 in Banking and Monetary Policy in Eastern Europe, 2002, pp 125-141 from Palgrave Macmillan

Abstract: Abstract Interest in the macroeconomics of financial sector problems has greatly increased since the Mexican and Asian crises in the second half of the 1990s. While there were certainly financial and banking crises reaching macroeconomic proportions before these episodes – for example, in the Nordic countries in the early 1990s – it is fair to say that these were generally not seen as a genuine complicating or contributing factor to macroeconomic imbalances. This state of affairs, however, has changed drastically since, even to the point that accepted journalistic wisdom mentions the importance of the financial sector in – depending on which newspaper or magazine one happens to read – emphasizing, accelerating, or even triggering macroeconomic problems.

Keywords: Financial Market; Central Bank; Financial Sector; Financial System; Real Exchange Rate (search for similar items in EconPapers)
Date: 2002
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Persistent link: https://EconPapers.repec.org/RePEc:pal:stuchp:978-1-4039-0768-4_7

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DOI: 10.1057/9781403907684_7

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