Preventing Currency Crises in Emerging Markets

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Overview

Economists and policymakers are still trying to understand the lessons recent financial crises in Asia and other emerging market countries hold for the future of the global financial system. In this timely and important volume, distinguished academics, officials in multilateral organizations, and public and private sector economists explore the causes of and effective policy responses to international currency crises.

Topics covered include exchange rate regimes, contagion (transmission of currency crises across countries), the current account of the balance of payments, the role of private sector investors and of speculators, the reaction of the official sector (including the multilaterals), capital controls, bank supervision and weaknesses, and the roles of cronyism, corruption, and large players (including hedge funds).

Ably balancing detailed case studies, cross-country comparisons, and theoretical concerns, this book will make a major contribution to ongoing efforts to understand and prevent international currency crises.

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Product Details

Meet the Author

Sebastian Edwards is the Henry Ford II Professor of International Business Economics at the Anderson Graduate School of Management at UCLA.

Jeffrey A. Frankel is the James W. Harpel Professor of Capital Formation and Economic Growth at Harvard University's Kennedy School of Government and the director of the National Bureau of Economic Research's program in International Finance and Macroeconomics.

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Table of Contents

Acknowledgments
Introduction 1
I The Current Account and Vulnerability to Crisis
1 Does the Current Account Matter? 21
Comment
2 Are Trade Linkages Important Determinants of Country Vulnerability to Crises? 77
Comment
II International Financial Players and Contagion
3 What Hurts Emerging Markets Most? G3 Exchange Rate or Interest Rate Volatility? 133
Comment
4 When Is U.S. Bank Lending to Emerging Markets Volatile? 171
Comment
5 The Role of Large Players in Currency Crises 197
Comment
6 Contagion: How to Measure It? 269
Comment
7 Credit, Prices, and Crashes: Business Cycles with a Sudden Stop 335
Comment
III Capital Controls: The Malaysian Experience
8 Did the Malaysian Capital Controls Work? 393
Comment
9 Malaysia's Crisis: Was It Different? 441
Comment
IV Balance Sheets and "Crony Capitalism"
10 Negative Alchemy? Corruption, Composition of Capital Flows, and Currency Crises 461
Comment
11 Domestic Bank Regulation and Financial Crises: Theory and Empirical Evidence from East Asia 507
Comment
12 Dollarization of Liabilities, Net Worth Effects, and Optimal Monetary Policy 559
Comment
13 Chaebol Capitalism and the Currency-Financial Crisis in Korea 601
Comment
14 Living with the Fear of Floating: An Optimal Policy Perspective 663
Comment
15 Policy in an Economy with Balance Sheet Effects 705
Comment
V Overview
16 A Primer on Emerging-Market Crises 743
Contributors 755
Author Index 759
Subject Index 765
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