Peace came accompanied not only by the end to the human drama associated with the conflicts, but also by a significant economic dividend, a much needed development in a region where per capita gross domestic product (GDP) had stagnated between 1970 and 1990 and where two countries (El Salvador...

The objective of this paper is to empirically test across alternative, apparently observationally equivalent theories of currency crises. Theories of crises are often difficult to distinguish from each other based on the behavior of commonly used predictors. Using a comprehensive data set on...

The early start of the process of bank restructuring and privatization in Hungary provides a longer and richer amount of evidence than that available for any other transition economy. The authors analyze the dynamics of bank restructuring in Hungary with a focus on the role played by foreign...

In 1991, decades of government stranglehold on the economy gave way to liberalization and reforms in India. Financial sector reforms played a major part in this push towards a more market oriented economy. Based on the recommendations of the first Narasimham Committee, the Reserve Bank of India...

This paper presents evidence that balance sheet effects are critical determinants of both the likelihood of a crisis and of income losses following a crisis. The paper tests the validity of quot;insurancequot; and quot;liquidityquot; models of currency crisis. Both models predict that the...

The author presents evidence that balance sheet effects are critical determinants of both the likelihood of a crisis and of income losses following a crisis. She tests the validity of "insurance" and "liquidity" models of currency crisis. Both models predict that the occurrence of a balance of...

The authors apply regime-switching methods to a monetarist model of exchange rates and identify well-defined intervention policy cycles. The policy response indices include a standard exchange market pressure-based index and a model-based volatility ratio that is endogenized relative to Japan,...

The early start of the process of bank restructuring and privatization in Hungary provides a longer and richer amount of evidence than that available for any other transition economy. Majnoni, Shankar, and Varhegyi analyze the dynamics of bank restructuring in Hungary with a focus on the role...