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Managing Financial Crises; The Experience in East Asia

Lane, Timothy D.; Hamann, A. Javier; Schulze-Gattas, … - International Monetary Fund (IMF) - 2000

The Asian financial crisis of 1997-98 was one of the most dramatic economic events of recent times, which raised many questions regarding the appropriate policy response to financial crises. This paper reviews the experience of this crisis, focusing on the overall strategy of crisis management...

Persistent link: https://www.econbiz.de/10005263845

Did Output Recover From the Asian Crisis?

Cerra, Valerie; Saxena, Sweta Chaman - International Monetary Fund (IMF) - 2003

This paper investigates the extent to which output has recovered from the Asian crisis. A regime-switching approach that introduces two state variables is used to decompose recessions in a set of six Asian countries into permanent and transitory components. While growth recovered fairly quickly...

Persistent link: https://www.econbiz.de/10005604941

Asean Bond Market Development; Where Does it Stand? Where is it Going?

Pradhan, Mahmood; Peiris, Shanaka J.; Goswami, Mangal; … - International Monetary Fund (IMF) - 2011

Since the Asian crisis, ASEAN5 countries have expended considerable effort in trying to develop their domestic bond markets. Yet today these markets are not much larger, relative to GDP, than they were a decade before. How can we explain this? And does this mean that domestic markets have not,...

Persistent link: https://www.econbiz.de/10009151213

Crisis Management and Resolution; Early Lessons from the Financial Crisis

Pazarbasioglu, Ceyla; Laeven, Luc; Nedelescu, Oana M.; … - International Monetary Fund (IMF) - 2011

Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief and written in nontechnical language, and so are aimed at a broad audience...

Persistent link: https://www.econbiz.de/10011245897

A Simple Model of An International Lender of Last Resort

Huang, Haizhou; Goodhart, C. A. E. - International Monetary Fund (IMF) - 2000

liquidity, but with potential costs of international financial contagion. An ILOLR can play a useful role in providing … international liquidity and reducing international contagion. …

Persistent link: https://www.econbiz.de/10005248186

Predicting Sovereign Debt Crises

Schimmelpfennig, Axel; Roubini, Nouriel; Manasse, Paolo - International Monetary Fund (IMF) - 2003

We develop an early-warning model of sovereign debt crises. A country is defined to be in a debt crisis if it is classified as being in default by Standard & Poor's, or if it has access to nonconcessional IMF financing in excess of 100 percent of quota. By means of logit and binary recursive...

Persistent link: https://www.econbiz.de/10005248202

Contagion, Monsoons, and Domestic Turmoil in Indonesia; A Case Study in the Asian Currency Crisis

Saxena, Sweta Chaman; Cerra, Valerie - International Monetary Fund (IMF) - 2000

shocks (“monsoons”), or contagion from neighboring countries. Markov-switching models attribute speculative pressure on … Indonesia’s currency to domestic political and financial factors and contagion from speculative pressures in Thailand and Korea … probabilities improves the conditional probabilities of crisis in Indonesia. There is also evidence of contagion in the stock market. …

Persistent link: https://www.econbiz.de/10005248271

Currency Crisis and Contagion; Evidence From Exchange Rates and Sectoral Stock Indices of the Philippines and Thailand

Nagayasu, Jun - International Monetary Fund (IMF) - 2000

This paper analyzes empirically the recent Asian financial crisis using high frequency data of exchange rates and stock indices of the Philippines and Thailand. Utilizing standard time-series techniques, this study confirms that there is evidence that developments in some sectoral...

Persistent link: https://www.econbiz.de/10005263754

Managing Confidence in Emerging Market Bank Runs

Mody, Ashoka; Kim, Se-Jik - International Monetary Fund (IMF) - 2004

distressed banks create contagion. …

Persistent link: https://www.econbiz.de/10005263784

Moral Hazard and International Crisis Lending: A Test

Dell'Ariccia, Giovanni; Zettelmeyer, Jeromin; Schnabel, … - International Monetary Fund (IMF) - 2002

We test for the existence of a moral hazard effect attributable to official crisis lending by analyzing the evolution of sovereign bond spreads in emerging markets before and after the Russian crisis. The nonbailout of Russia in August 1998 is interpreted as an event that decreased the perceived...

Persistent link: https://www.econbiz.de/10005263951

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