Hidden Bibliographic Details
| Other authors / contributors: | International Monetary Fund. Research Department.
|
|---|
| ISBN: | 1451892349
9781451892345
1281606219
9781281606211
9781451844788
1451844786
1462386393
9781462386390
1452731128
9781452731124
9786613786906
661378690X
|
|---|
| Notes: | Includes bibliographical references (pages 25-26).
Restrictions unspecified
Electronic reproduction. [Place of publication not identified] : HathiTrust Digital Library, 2010.
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212
English.
digitized 2010 HathiTrust Digital Library committed to preserve
Print version record.
|
|---|
| Summary: | On December 20, 1994, Mexico was forced into a 15 percent devaluation followed by the adoption of a floating exchange rate, after a speculative attack reduced its stock of foreign exchange reserves to $6 billion, down from $29 billion in February of that year. Soon afterwards, Argentina, and to a lesser extent Brazil, suffered from financial problems as investors were reluctant to renew their loans to these countries. Argentina lost 40 percent of its reserves and 18 percent of its bank deposits in the first quarter of 1995, while Brazil's foreign exchange reserves declined by 20 percent. A similar scenario took place in the summer of 1997 after Thailand stopped defending the baht's fixed value against the dollar on July 2: A wave of speculative attacks rocked South-East Asian countries, leading to widespread depreciations that reduced the values of these countries' currencies by 30 to 50 percent as of December 1997, in comparison with the beginning of the year. 2.
|
|---|
| Other form: | Print version: Choueiri, Nada. Model of contagious currency crises with application to Argentina. [Washington, D.C.] : International Monetary Fund, Research Department, ©1999
|
|---|
| Standard no.: | 10.5089/9781451892345.001
|
|---|
