Fiscal Vulnerability and Financial Crises in Emerging Market Economies

Richard Hemming, Axel Schimmelpfennig and Michael Kell

No 2003/002, IMF Occasional Papers from International Monetary Fund

Abstract: Fiscal problems have long been considered a central feature of financial--that is, currency, debt, and banking--crises. This paper addresses four questions: What are the fiscal causes of crises? Which fiscal vulnerability indicators help to predict crises? Can fiscal variables explain the severity of crises? And what are the fiscal consequences of crises? Its findings are based on statistical analysis of a large data set of fiscal variables for 29 emerging market economies over 1970-2000 and detailed case studies of 11 emerging market crises during the 1990s that focus on structural and institutional dimensions of fiscal vulnerability.

Keywords: OP; crisis; debt; deficit; short-term debt; debt crisis; emerging market crisis; country case studies; vulnerability indicator; debt variable; Currency crises; Banking crises; Global; Africa (search for similar items in EconPapers)
Pages: 131
Date: 2003-05-23
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Citations: View citations in EconPapers (21)

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