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International Finance Discussion Papers: The Twin Crises: The Causes of Banking and Balance-Of-Payments Problems (in English)
Carmen M. Reinhart
(Author)
·
United States Federal Reserve Board
(Author)
·
Graciela L. Kaminsky
(Author)
·
Bibliogov
· Paperback
International Finance Discussion Papers: The Twin Crises: The Causes of Banking and Balance-Of-Payments Problems (in English) - United States Federal Reserve Board ; Kaminsky, Graciela L. ; Reinhart, Carmen M.
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Synopsis "International Finance Discussion Papers: The Twin Crises: The Causes of Banking and Balance-Of-Payments Problems (in English)"
In the wake of the ERM and Mexican currency crises, the subject of balance-of-payments crises has come to the forefront of academic and policy discussions. This paper focuses on the potential links between banking and balance-of-payments crises. We examine these episodes for a large number of countries and find that knowing that there are banking problems helps in predicting balance-of-payments crises, but the converse is not true; financial liberalization usually predates banking crises, indeed, it helps predict them. Rather than a causal relationship from banking to balance-of-payments crises, the macroeconomic "stylized facts" that characterize these episodes point to common causes.
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The book is written in English.
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