Common Fundamentals in the Tequila and Asian Crises

Aaron Tornell

Harvard Institute of Economic Research Working Papers from Harvard - Institute of Economic Research

Abstract: We find that in 1995 and 1997 the crisis did not spread in a purely random way. The cross-country variation in the severity of the crisis was largely determined by three fundamentals: the strength of the banking system, the real appreciation, and the international liquidity of the country. We also find that the rule that links fundamentals to the crisis severity has been the same in both the Tequila and Asian crises.

Date: 1999
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Working Paper: Common Fundamentals in the Tequila and Asian Crises (1999)
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