El presente trabajo tiene como objetivo evaluar los efectos de la crisis rusa sobre la economía peruana, teniendo en cuenta tanto la fortaleza relativa de los fundamentos de la economía al momento de producida la crisis, como las políticas que se aplicaron para enfrentarla. Asimismo, se...

I provide a framework for understanding debt deleveraging in a group of financially integrated countries. During an episode of international deleveraging world consumption demand is depressed and the world interest rate is low, reflecting a high propensity to save. If exchange rates are allowed...

The currency board (Convertibility) collapsed between December 2001 and January 2002, after almost 11 years in force. The trends leading to the meltdown continued in the following months, plunging half of the population into poverty and one third into extreme poverty. Only six months later, the...

This eBook covers the more relevant subjects in international finance and risk managment from an emerging markets perspective. The general approach is on open economy macroeconomics, very useful to comprehend the main effects of the financial crisis of 2008 and understand international finance...

Bu calismada 1970-2008 donemindeki finansal krizleri etkileyen unsurlar gelismis ve gelismekte olan ulkeler icin ayri ayri arastirilmaktadir. Panel logit veri teknigi kullanilarak yapilan analizde toplam 50 ulke olmak uzere, 24 tanesi gelismis, 26 tanesi gelismekte olan ulkenin finansal krizleri...

In this paper we review the empirical and theoretical literature on the effects of changes in the relationship between the financial sector and the non-financial sectors of the economy associated with 'financialisation' on distribution, growth, instability and crises. We take a macroeconomic...

This paper builds upon the model of Kaminsky and Reinhart (1999) and extends it to triplecrises. It applies a new visualisation approach combining elements of an event study analysis and a fan chart technique. This approach illustrates the deviation of fundamentals in the runup to...

Financial crises in emerging economies in the 1980s and 1990s often entailed abrupt declines in foreign capital inflows, improvements in trade balance, and large declines in output and total factor productivity (TFP). This paper develops a two-sector small open economy model wherein...

In this paper we review the empirical and theoretical literature on the effects of changes in the relationship between the financial sector and the non-financial sectors of the economy associated with ‘financialisation’ on distribution, growth, instability and crises. We take a macroeconomic...

The purpose of this article is to outline the main reasons and effects of the Estonian adjustments in response to the global financial and economic crisis. Estonia chose significant budgetary savings, in contrast with most other countries stimulating their economies by expansionary fiscal policy...