Capital flows and financial crises: a comparative analysis of East Asia (1997-1998) and Argentina (2001-2002)
| dc.contributor.author | Bustelo Gómez, Pablo | |
| dc.date.accessioned | 2023-06-20T16:38:47Z | |
| dc.date.available | 2023-06-20T16:38:47Z | |
| dc.date.issued | 2004 | |
| dc.description | JEL Classification: F31, F32, F34, F43. | |
| dc.description.abstract | El texto sugiere, en primer lugar, que los mecanismos de las crisis financieras en las economías emergentes pueden entenderse con un sencillo marco teórico. En segundo término, repasa brevemente las crisis asiáticas de 1997-98. En tercer lugar, aborda los orígenes de la crisis de Argentina en 2001-02. En cuarto lugar, hace un análisis comparado de ambas crisis, presentando sus similitudes y diferencias. Finalmente, el texto concluye señalando los inconvenientes de los tipos de cambio (tanto fijos como semi-fijos) anclados a una única divisa de referencia así como la necesidad de que las economías emergentes implanten controles de capital para evitar la recurrencia de las crisis. | |
| dc.description.abstract | This paper suggests, first, that a simple theoretical framework is useful in explaining financial crises in emerging economies. Second, it reviews the East Asian financial crises of 1997-98 . Third, the paper examines the origins of Argentina’s crisis of 2001-02. Fourth, it presents a comparative analysis of both crises, highlighting their similarities and differences. Finally, the conclusions point out the drawbacks of both hard and soft pegs respective to a single foreign currency as well as the need for emerging economies to use capital controls in order to avoid the recurrence of financial crises. | |
| dc.description.department | Decanato | |
| dc.description.faculty | Fac. de Ciencias Económicas y Empresariales | |
| dc.description.refereed | TRUE | |
| dc.description.status | pub | |
| dc.eprint.id | https://eprints.ucm.es/id/eprint/6841 | |
| dc.identifier.doi | b2139233x | |
| dc.identifier.issn | 2255-5471 | |
| dc.identifier.relatedurl | http://www.ucm.es/info/eid/prof/bustelo.htm | |
| dc.identifier.relatedurl | http://www.revistasice.com/CachePDF/ICE_816_61-74__DEA2B65E83C1CBDE274053B9DE57563E.pdf | |
| dc.identifier.relatedurl | https://economicasyempresariales.ucm.es/working-papers-ccee | |
| dc.identifier.uri | https://hdl.handle.net/20.500.14352/56569 | |
| dc.issue.number | 17 | |
| dc.language.iso | eng | |
| dc.page.total | 28 | |
| dc.publication.place | Madrid | |
| dc.publisher | Facultad de Ciencias Económicas y Empresariales, Universidad Complutense de Madrid | |
| dc.relation.ispartofseries | Documentos de Trabajo de la Facultad de Ciencias Económicas y Empresariales | |
| dc.rights | Atribución-NoComercial-CompartirIgual 3.0 España | |
| dc.rights.accessRights | open access | |
| dc.rights.uri | https://creativecommons.org/licenses/by-nc-sa/3.0/es/ | |
| dc.subject.keyword | Crisis financieras | |
| dc.subject.keyword | East Asia | |
| dc.subject.keyword | Argentina | |
| dc.subject.keyword | Financial crisis | |
| dc.subject.keyword | Emerging economies | |
| dc.subject.keyword | Exchange rate | |
| dc.subject.keyword | Financial markets. | |
| dc.subject.ucm | Finanzas | |
| dc.title | Capital flows and financial crises: a comparative analysis of East Asia (1997-1998) and Argentina (2001-2002) | |
| dc.type | technical report | |
| dc.volume.number | 2004 | |
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GARCÍA, C. (2003), “Regímenes cambiarios en economías emergentes: algunas ventajas y desventajas”, Boletín Económico de ICE, Num. 2761, 3-16 March, pp. 31-47. HAUSSMAN, R. and VELASCO, A. (2002), “Hard Money’s Soft Underbelly: Understanding the Argentine Crisis,” mimeo, July, Kennedy School of Government - Harvard University, Cambridge, Mass. JAYASURIYA, K. and ROSSER A. (2001), “Economic Orthodoxy and the East Asian Crisis”, Third World Quarterly, Vol. 22, Num. 3, pp. 381-396. KIGUEL, M. A. (2001), “Structural Reforms in Argentina: Success or Failure”, paper presented at the Conference “Current Issues in Emerging Market Economies”, June, Croatian National Bank, Dubrovnik. KREGEL, J. (1998), “East Asia is Not Mexico: The Difference between Balance of Payments Crises and Debt Deflations”, Working Paper, Num. 235, May, The Levy Economics Institute. MANEIRO, J. M. (2003), “Currency Boards y estrategias de desinflación: el caso argentino”, in G. Rodríguez Prada (comp.), Tipos de cambio y crisis financieras, Servicio de Publicaciones, Universidad de Alcalá, pp. 165-212. McKINNON, R. I. and PILL, H. (1999), “Exchange Rate Regimes for Emerging Markets: Moral Hazard and International Overborrowing”, Oxford Review of Economic Policy, Vol. 15, Num. 3, pp. 19-38. MUSSA, M. (2002), Argentina and the Fund: From Triumph to Tragedy, Institute for International Economics, Washington DC. NISHIJIMA, S. (2002), “Currency Crises in Asia and Latin America: A Comparison”, mimeo, May, Research Institute for Economic and Business Administration, Kobe University, Kobe. OLIVIÉ, I. (2002), Globalización financiera y crisis en economías emergentes: análisis teórico y estudio de México (1994) y Corea del Sur (1997), PhD Dissertation, Universidad Complutense de Madrid, Madrid. PALMA, G. (1998), “Three and a Half Cycles of ‘Mania, Panic and [Asymmetric] Crash’: East Asia and Latin America Compared”, Cambridge Journal of Economics, Vol. 22, Num. 6, pp. 780-808. PALMA, G. (2000), “The Three Routes to Financial Crises: The Need for Capital Controls”, CEPA Working Papers, Series III, Num. 18, November, New School for Social Research, New York (also in H.-J. Chang, ed., Rethinking Development Economics, Anthem Press, London, 2003). PENIDO, M. C. and PRATES, D. M. (2000), “Financial Openness: the Experience of Argentina, Brazil and Mexico”, CEPAL Review, Num. 70, pp. 55-72. PERRY, G. and SERVÉN, L. (2003), “The Anatomy of a Multiple Crisis: Why Was Argentina Special and What Can We Learn from It”, Policy Research Working Paper, Num. 3081, June, World Bank. RAJAN, R. S. (2002), “Argentina and East Asia: The Peg Does It Yet Again”, mimeo, January, University of Adelaide. SPIEGEL, M. M. (2002), “Argentina’s Currency Crisis: Lessons for Asia”, LAEBA Working Paper, Num. 2, December, IADB. TEUNISSEN, J. J. and AKKERMAN, A. (eds.) (2003), The Crisis That Was Not Prevented: Lessons for Argentina, the IMF and Globalisation, FONDAD, The Hague. VARELA, F. and JACOBS, G. (eds.) (2002), Crisis cambiarias y financieras. Una comparación de dos crisis, Pirámide, Madrid. | |
| dspace.entity.type | Publication | |
| relation.isAuthorOfPublication | e378dfe9-5aea-4f89-b7bc-cc176cce3cc6 | |
| relation.isAuthorOfPublication.latestForDiscovery | e378dfe9-5aea-4f89-b7bc-cc176cce3cc6 |
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