The issue of EDC became increasingly important in the field of development economics primarily because EDC has been occurring more frequent after the deregulation of global financial flows in the 1970s (Tiruneh 2004, Jones 2015) hitting mostly MICs and LICs. Assessing the probability of an EDC...

Iceland is a member of the IMF and of the WTO, a party to the European Economic Area Agreement, and a signatory of the OECD Code of Liberalisation of Capital Movements. Iceland is bound by Art. VIII IMF not to impose restrictions on current payments. Furthermore, under the GATS, Iceland cannot...

With the financial bomb hitting most of the East Asian economies the financial structure of most of the economies collapsed. Economies like Singapore, Indonesia, Thailand, Malaysia, Philippines were heavily affected, we will provide a brief insight into these economies during the crisis period....

While there is still much disagreement on the causes underlying recent emerging markets' crises, one factor that most observers have agreed upon is that contracting "dollar" (foreign currency) denominated external debt - as opposed to domestic currency debt - created balance sheet mismatches...

Two views dominate the academic discussion of the root cause of the Asian crisis: the 'panic-illiquidity' view and the 'moral hazard-structural' view. This paper traces the factors that contributed to the build-up of financial vulnerabilities across the affected economies and compares these two...

Spillover effects, from one country or region to the other countries and regions, have attracted renewed attention in the aftermath of the Mexican crisis of December 1994. This paper uses data on closed-end country funds to study how a negative shock in Mexican equities is transmitted to Asia...

We analyze the network of bilateral liquidity swaps (BSAs) among the ASEAN 3 countries. We find that the network has taken the correlation of capital flows in the region into account, in the sense that countries with lower correlation of reserve growth have engaged in larger BSAs. All else...

The abruptness and virulence of the 1997 Asian crises have led many to claim that these crises are of a new breed and thus they were unforecastable. This paper examines 102 financial crises in 20 countries and concludes that the Asian crises are not of a new variety. Overall, the 1997 Asian...

Transnational spillovers of systemic risks show that financial regulation is not simply sovereign power; it also shall be responsible to other states and individuals. Regulatory cooperation is necessary to ensure responsibility. However, dynamic regulatory interactions make financial regulation...

The current episode (2007-09) may well be the first time since Latin America gained its independence in the early 1800s that a major economic contraction and financial calamity in the industrialized world has not caused a wave of currency, sovereign debt or banking crises in the region. What...