The Late 1990's Financial Crisis in Ecuador: Institutional Weaknesses, Fiscal Rigidities, and Financial Dollarization At Work
This paper stresses three factors that amplified the 1990s financial crisis in Ecuador, namely institutional weaknesses, rigidities in public finances, and high financial dollarization. Institutional factors restricted the government''s ability to respond in a timely manner and efficiently...
Gespeichert in:
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2004
|
| Schriftenreihe: | IMF Working Papers
Working Paper No. 04/12 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Zusammenfassung: | This paper stresses three factors that amplified the 1990s financial crisis in Ecuador, namely institutional weaknesses, rigidities in public finances, and high financial dollarization. Institutional factors restricted the government''s ability to respond in a timely manner and efficiently enough to prevent the escalation of the banking crisis and spurred the adoption of suboptimal policy decisions. Public finance rigidities limited the government''s capacity to correct existing imbalances and the deteriorating fiscal stance associated with the costs of the financial crisis. Financial dollarization increasingly reduced the effectiveness of financial safety nets, fostered foreign currency demand, and accelerated a currency crisis, thereby further worsening the solvency of banks. These three factors reinforced each other, exacerbating costs as the economy went through a triple banking, currency, and fiscal crisis |
| Beschreibung: | 1 Online-Ressource (47 p) |
| ISBN: | 1451842937 9781451842937 |
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| index_date | 2024-07-03T20:13:29Z |
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| spelling | Jácome, Luis Ignacio Verfasser aut The Late 1990's Financial Crisis in Ecuador Institutional Weaknesses, Fiscal Rigidities, and Financial Dollarization At Work Jácome, Luis Ignacio Washington, D.C International Monetary Fund 2004 1 Online-Ressource (47 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 04/12 This paper stresses three factors that amplified the 1990s financial crisis in Ecuador, namely institutional weaknesses, rigidities in public finances, and high financial dollarization. Institutional factors restricted the government''s ability to respond in a timely manner and efficiently enough to prevent the escalation of the banking crisis and spurred the adoption of suboptimal policy decisions. Public finance rigidities limited the government''s capacity to correct existing imbalances and the deteriorating fiscal stance associated with the costs of the financial crisis. Financial dollarization increasingly reduced the effectiveness of financial safety nets, fostered foreign currency demand, and accelerated a currency crisis, thereby further worsening the solvency of banks. These three factors reinforced each other, exacerbating costs as the economy went through a triple banking, currency, and fiscal crisis Online-Ausg http://elibrary.imf.org/view/IMF001/07127-9781451842937/07127-9781451842937/07127-9781451842937.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Jácome, Luis Ignacio The Late 1990's Financial Crisis in Ecuador Institutional Weaknesses, Fiscal Rigidities, and Financial Dollarization At Work |
| title | The Late 1990's Financial Crisis in Ecuador Institutional Weaknesses, Fiscal Rigidities, and Financial Dollarization At Work |
| title_auth | The Late 1990's Financial Crisis in Ecuador Institutional Weaknesses, Fiscal Rigidities, and Financial Dollarization At Work |
| title_exact_search | The Late 1990's Financial Crisis in Ecuador Institutional Weaknesses, Fiscal Rigidities, and Financial Dollarization At Work |
| title_exact_search_txtP | The Late 1990's Financial Crisis in Ecuador Institutional Weaknesses, Fiscal Rigidities, and Financial Dollarization At Work |
| title_full | The Late 1990's Financial Crisis in Ecuador Institutional Weaknesses, Fiscal Rigidities, and Financial Dollarization At Work Jácome, Luis Ignacio |
| title_fullStr | The Late 1990's Financial Crisis in Ecuador Institutional Weaknesses, Fiscal Rigidities, and Financial Dollarization At Work Jácome, Luis Ignacio |
| title_full_unstemmed | The Late 1990's Financial Crisis in Ecuador Institutional Weaknesses, Fiscal Rigidities, and Financial Dollarization At Work Jácome, Luis Ignacio |
| title_short | The Late 1990's Financial Crisis in Ecuador |
| title_sort | the late 1990 s financial crisis in ecuador institutional weaknesses fiscal rigidities and financial dollarization at work |
| title_sub | Institutional Weaknesses, Fiscal Rigidities, and Financial Dollarization At Work |
| url | http://elibrary.imf.org/view/IMF001/07127-9781451842937/07127-9781451842937/07127-9781451842937.xml |
| work_keys_str_mv | AT jacomeluisignacio thelate1990sfinancialcrisisinecuadorinstitutionalweaknessesfiscalrigiditiesandfinancialdollarizationatwork |