The paper explores whether financial openness — capital account openness and gross capital inflows — makes countries vulnerable to currency crises. A quarterly dataset on 46 advanced and emerging market economies (AEs and EMEs) during 1975Q1–2011Q4 is used, with the period after Q2 2007...

The object of this paper is to develop an operational early warning system (EWS) that can detect financial crises. To achieve this goal the paper analyzes and extends the early warning system developed by Kaminsky, Lizondo, and Reinhart (1998) and Kaminsky and Reinhart (1999) that is based on...

This paper investigates whether leading indicators can help explain the cross-country incidence of the 2008-09 financial crisis. Rather than looking for indicators with specific relevance to the current crisis, the selection of variables is driven by an extensive review of more than eighty...

Der vorliegende Aufsatz untersucht die Ursachen von Finanzmarktkrisen anhand entsprechender Vorkommnisse in Thailand, Mexiko und Tschechien, um risikoreiche Konstellationen für Emerging Markets zu identifizieren. Als Modell wurde der Ansatz von Sachs/Tornell/Velasco (1996) gewählt, der durch...