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- W3125544534 abstract "The recent currency crises in Latin America and Asia have hit countries with strong macroeconomic fundamentals but weak domestic financial systems. Private capital flows, attracted by disorderly financial liberalisation and exchange rate pegs, reversed abruptly when financial-sector weaknesses became apparent. Often, domestic financial systems have proved too weak a conduit for heavy capital inflows, resulting in declining credit quality and financial vulnerability to speculative currency attacks. Developing countries are therefore advised to pay close attention to indicators of financial vulnerability, in particular to short-term debt levels as a fraction of official foreign exchange reserves, as well as to currency and maturity mismatches in private-sector balance sheets. This paper points to the avenues that can be pursued to avoid a rise in the vulnerability indicators above critical levels ... Some of these avenues are uncontroversial, but deceptively hard to implement. Good ... Les crises monetaires qui ont recemment frappe l’Asie et l’Amerique latine ont atteint des pays dotes de fondements macro-economiques solides, mais de systemes financiers faibles. Les capitaux prives, attires par une liberalisation financiere sans contrainte et par les differentiels de taux de change, se sont retires brusquement lorsque les faiblesses du secteur financier sont apparues au grand jour. Bien souvent, les systemes financiers nationaux n’ont pas pu jouer correctement leur role d’intermediation face a des entrees massives de capitaux. La qualite du credit s’en est ressentie et les pays se sont trouves vulnerables aux attaques speculatives contre leur monnaie. Aussi faut-il conseiller aux pays en developpement de surveiller etroitement les indicateurs de vulnerabilite financiere, et notamment les niveaux d’endettement a court terme par rapport aux reserves officielles en devises, ainsi que les desequilibres en devises au passif et a l’actif et les decalages des echeances ..." @default.
- W3125544534 created "2021-02-01" @default.
- W3125544534 creator A5057755537 @default.
- W3125544534 date "1998-06-01" @default.
- W3125544534 modified "2023-09-27" @default.
- W3125544534 title "Domestic Causes of Currency Crises: Policy Lessons for Crisis Avoidance" @default.
- W3125544534 hasPublicationYear "1998" @default.
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