Hidden Bibliographic Details
| Other authors / contributors: | Razin, Assaf, author.
International Monetary Fund. Research Department, issuing body.
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| ISBN: | 1283561166
9781283561167
9781451952421
1451952422
1462344917
9781462344918
1452761353
9781452761350
9786613873613
6613873616
1451897154
9781451897159
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| ISSN: | 2227-8885
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| Notes: | Includes bibliographical references (pages 41-44).
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.
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| Summary: | Three waves of external crises have swept international capital markets during the 1990s: the EMS crisis in 1992-93, the collapse of the Mexican peso with its induced "tequila effects" and, most recently, the financial crisis in East Asia. In Italy and Mexico, the currency crisis was followed by a sharp reversal in the current account; Italy went from a deficit of 2.4 percent in 1992 to an average surplus of 2 percent in 1993-97, and Mexico from a deficit of 7 percent in 1994 to virtual balance in 1995-96; a similar outcome is expected to occur in East Asia. Are external crises characterized by large nominal devaluations invariably followed by sharp reductions in current account deficits? And what is the impact of crises and reversals in current account imbalances on economic performance? Our paper addresses these questions by characterizing real and nominal aspects of sharp external adjustments in low-and middle-income countries. It presents stylized facts associated with sharp reductions in current account deficits (reversals) and with large nominal devaluations (currency crises), studies empirically what factors help predict crises and reversals and what factors explain macroeconomic performance after such events occur
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| Other form: | Print version: Milesi-Ferretti, Gian Maria. Current account reversals and currency crises. [Washington, D.C.] : International Monetary Fund, Research Dept., ©1998
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| Standard no.: | 10.5089/9781451897159.001
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