Financial Crises in Emerging Markets

Abstract

Preface Contributors 1. Financial crises in emerging markets: an introductory overview Reuven Glick, Ramon Moreno, and Mark M. Spiegel Part I. Determinants and Propagation of Financial Crises: 2. Banking and currency crises: how common are twins? Reuven Glick and Michael M. Hutchison Discussion Andrew K. Rose 3. Multiple equilibria, contagion, and the emerging market crises Paul R. Masson Discussion Paolo Pesenti 4. How are shocks propagated internationally? Firm-level evidence from the Russian and East Asian crises Kristen Forbes Discussion Kenneth Kasa Part II. Capital Flows and Reversals: 5. Uncertainty and the disappearance of international credit Joshua Aizenman and Nancy Marion Discussion Mark M. Spiegel 6. International capital inflows, domestic financial intermediation, and financial crises under imperfect information Menzie D. Chinn and Kenneth M. Kletzer Discussion Roberto Chang 7. Private inflows when crises are anticipated: a case study of Korea Michael P. Dooley and Inseok Shin Discussion Carmen M. Reinhart Part III. Institutional Factors and Financial Structure: 8. Excessive FDI Flows under asymmetric information Assaf Razin, Efraim Sadka, and Chi-Wa Yuen Discussion Maurice Obstfeld 9. Corporate growth and risk around the world Stijn Claessens, Simeon Djankov, and Tatiana Nenova Discussion Richard K. Lyons Part IV. Policy Responses: 10. Interest rate stabilization of exchange rates and contagion in the Asian Crisis countries Robert Dekle, Cheng Hsiao, and Siyan Wang Discussion Pierre-Richard Agenor 11. The impact of monetary policy on exchange rates during financial crises David Gould and Steven Kamin Discussion Henning Bohn 12. Capital controls during financial crises: the cases of Malaysia and Thailand Hali J. Edison and Carmen M. Reinhart Index.