The frequency of financial crises over recent decades makes an in-depth study of the phenomenon imperative. This should involve particular attention to those points the different crises have in common, so as to draw lessons that can be used by financial authorities, regulators and the actual...

This paper examines the determinants of currency crises with a panel annual dataset for 30 countries between 1975 and 1996. We estimate a probit model with random effects, and find that high rates of seignorage, current account imbalances, real exchange rate misalignment, low foreign exchanges...

This paper describes and analyzes the characteristics of the process of economic convergence among the states and regions of Mexico during the 1940-95 period. We derive two main results from our study. First, regional disparities in Mexico declined at a rate of 1,2 percent per year between 1940...

In this paper, we derive three lessons from Mexico’s experience. First, deep reforms like trade liberalization are not likely to happen by government decree. Instead, they usually come about when the unanimous blocking of reform by powerful elites breaks down. In the case of Mexico, this...