Emerging capital markets in turmoil :: bad luck or bad policy /
Analysis of financial crises in emerging market economies, including Mexico, Argentina, and Russia; traces the evolution of crisis theory and challenges the conventional wisdom. Since the mid-1990s, emerging market economies have been hit by dramatic highs and lows: lifted by large capital inflows,...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
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Cambridge, Mass. :
MIT Press,
©2005.
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| Zusammenfassung: | Analysis of financial crises in emerging market economies, including Mexico, Argentina, and Russia; traces the evolution of crisis theory and challenges the conventional wisdom. Since the mid-1990s, emerging market economies have been hit by dramatic highs and lows: lifted by large capital inflows, then plunged into chaos by constrained credit and out-of-control exchange rates. The conventional wisdom about such crises is strongly influenced by the experience of advanced economies. In Emerging Capital Markets in Turmoil, Guillermo Calvo examines these issues instead from the perspective of emerging market economies themselves, taking into account the limitations and vulnerabilities these economies confront. A succession of crises--Mexico in 1994-5, East Asia in 1997, Russia in 1998, and Argentina in 2001--prompted an urgent search in economic policy circles for cogent explanations. Calvo begins by laying the groundwork for a new approach to these issues. In the theoretical chapters that follow, he argues that financial crisis theory regarding emerging markets has progressed from focusing on such variables as fiscal deficits, debt sustainability, and real currency devaluation to stressing the role of the financial sector--emphasizing stocks rather than flows as well as the role credibility plays in containing financial crises. He then returns to a more empirical analysis and focuses on exchange-rate issues, considering the advantages and disadvantages of flexible exchange rates for emerging market economies. Coming after a decade of ongoing crises, Calvo's timely reassessment of the importance of external factors in making emerging market economies safer from financial turmoil offers important policy lessons for dealing with inevitable future episodes of financial crises. |
| Beschreibung: | 1 online resource (xiii, 547 pages) : illustrations |
| Format: | Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. |
| Bibliographie: | Includes bibliographical references (pages 531-532) and index. |
| ISBN: | 9780262269728 0262269724 1423746783 9781423746782 0262033348 9780262033343 |
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| 245 | 1 | 0 | |a Emerging capital markets in turmoil : |b bad luck or bad policy / |c Guillermo A. Calvo. |
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| 588 | 0 | |a Print version record. | |
| 505 | 0 | |a 1. Capital inflows and real exchange rate application in Latin America : the role of external factors (with Leonardo Leiderman and Carmen M. Reinhart) -- 2. Capital inflows to Latin America : the 1970s and 1990s (with Leonardo Leiderman and Carmen M. Reinhart) -- 3. Capital flows and macroeconomic management : Tequila lessons -- 4. Petty crime and cruel punishment : lessons from the Mexican debacle (with Enrique G. Mendoza) -- 5. Capital market contagion and recession : an explanation of the Russian virus -- 6. Sudden stops, the real exchange rate, and fiscal sustainability : Argentina's lessons (with Alejandro Izquierdo and Ernesto Talvi) -- 7. Varieties of capital-market crises -- 8. Uncertain duration of reform : dynamic implications (with Allan Drazen) -- 9. Capital flows and capital-market crises : the simple economics of sudden stops -- 10. Rational contagion and the globalization of securities markets (with Enrique Mendoza) -- 11. Balance-of-payments crises in emerging markets : large capital inflows and sovereign governments -- 12. Contagion in emerging markets : when Wall Street is a carrier -- 13. Explaining sudden stop, growth collapse, and BOP crisis : the case of distortionary output taxes -- 14. Fixing for your life (with Carmen M. Reinhart) -- 15. Capital markets and the exchange rate with special reference to the dollarization debate in Latin America -- 16. Fear of floating (with Carmen M. Reinhart) -- 17. The mirage of exchange rate regimes for emerging market countries (with Frederic S. Mishkin) -- 18. Globalization hazard and delayed reform in emerging markets -- 19. Sudden stop, contractionary devaluation, and time inconsistency. | |
| 506 | |3 Use copy |f Restrictions unspecified |2 star |5 MiAaHDL | ||
| 533 | |a Electronic reproduction. |b [Place of publication not identified] : |c HathiTrust Digital Library, |d 2010. |5 MiAaHDL | ||
| 538 | |a Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. |u http://purl.oclc.org/DLF/benchrepro0212 |5 MiAaHDL | ||
| 583 | 1 | |a digitized |c 2010 |h HathiTrust Digital Library |l committed to preserve |2 pda |5 MiAaHDL | |
| 520 | |a Analysis of financial crises in emerging market economies, including Mexico, Argentina, and Russia; traces the evolution of crisis theory and challenges the conventional wisdom. Since the mid-1990s, emerging market economies have been hit by dramatic highs and lows: lifted by large capital inflows, then plunged into chaos by constrained credit and out-of-control exchange rates. The conventional wisdom about such crises is strongly influenced by the experience of advanced economies. In Emerging Capital Markets in Turmoil, Guillermo Calvo examines these issues instead from the perspective of emerging market economies themselves, taking into account the limitations and vulnerabilities these economies confront. A succession of crises--Mexico in 1994-5, East Asia in 1997, Russia in 1998, and Argentina in 2001--prompted an urgent search in economic policy circles for cogent explanations. Calvo begins by laying the groundwork for a new approach to these issues. In the theoretical chapters that follow, he argues that financial crisis theory regarding emerging markets has progressed from focusing on such variables as fiscal deficits, debt sustainability, and real currency devaluation to stressing the role of the financial sector--emphasizing stocks rather than flows as well as the role credibility plays in containing financial crises. He then returns to a more empirical analysis and focuses on exchange-rate issues, considering the advantages and disadvantages of flexible exchange rates for emerging market economies. Coming after a decade of ongoing crises, Calvo's timely reassessment of the importance of external factors in making emerging market economies safer from financial turmoil offers important policy lessons for dealing with inevitable future episodes of financial crises. | ||
| 650 | 0 | |a Financial crises. | |
| 650 | 0 | |a Capital market. |0 http://id.loc.gov/authorities/subjects/sh85019945 | |
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| 650 | 6 | |a Marché financier. | |
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| 650 | 6 | |a Marché financier |z Nouveaux pays industrialisés. | |
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| contents | 1. Capital inflows and real exchange rate application in Latin America : the role of external factors (with Leonardo Leiderman and Carmen M. Reinhart) -- 2. Capital inflows to Latin America : the 1970s and 1990s (with Leonardo Leiderman and Carmen M. Reinhart) -- 3. Capital flows and macroeconomic management : Tequila lessons -- 4. Petty crime and cruel punishment : lessons from the Mexican debacle (with Enrique G. Mendoza) -- 5. Capital market contagion and recession : an explanation of the Russian virus -- 6. Sudden stops, the real exchange rate, and fiscal sustainability : Argentina's lessons (with Alejandro Izquierdo and Ernesto Talvi) -- 7. Varieties of capital-market crises -- 8. Uncertain duration of reform : dynamic implications (with Allan Drazen) -- 9. Capital flows and capital-market crises : the simple economics of sudden stops -- 10. Rational contagion and the globalization of securities markets (with Enrique Mendoza) -- 11. Balance-of-payments crises in emerging markets : large capital inflows and sovereign governments -- 12. Contagion in emerging markets : when Wall Street is a carrier -- 13. Explaining sudden stop, growth collapse, and BOP crisis : the case of distortionary output taxes -- 14. Fixing for your life (with Carmen M. Reinhart) -- 15. Capital markets and the exchange rate with special reference to the dollarization debate in Latin America -- 16. Fear of floating (with Carmen M. Reinhart) -- 17. The mirage of exchange rate regimes for emerging market countries (with Frederic S. Mishkin) -- 18. Globalization hazard and delayed reform in emerging markets -- 19. Sudden stop, contractionary devaluation, and time inconsistency. |
| ctrlnum | (OCoLC)62872806 |
| dewey-full | 332/.09172/4 |
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| dewey-ones | 332 - Financial economics |
| dewey-raw | 332/.09172/4 |
| dewey-search | 332/.09172/4 |
| dewey-sort | 3332 49172 14 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| format | Electronic eBook |
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Capital inflows and real exchange rate application in Latin America : the role of external factors (with Leonardo Leiderman and Carmen M. Reinhart) -- 2. Capital inflows to Latin America : the 1970s and 1990s (with Leonardo Leiderman and Carmen M. Reinhart) -- 3. Capital flows and macroeconomic management : Tequila lessons -- 4. Petty crime and cruel punishment : lessons from the Mexican debacle (with Enrique G. Mendoza) -- 5. Capital market contagion and recession : an explanation of the Russian virus -- 6. Sudden stops, the real exchange rate, and fiscal sustainability : Argentina's lessons (with Alejandro Izquierdo and Ernesto Talvi) -- 7. Varieties of capital-market crises -- 8. Uncertain duration of reform : dynamic implications (with Allan Drazen) -- 9. Capital flows and capital-market crises : the simple economics of sudden stops -- 10. Rational contagion and the globalization of securities markets (with Enrique Mendoza) -- 11. Balance-of-payments crises in emerging markets : large capital inflows and sovereign governments -- 12. Contagion in emerging markets : when Wall Street is a carrier -- 13. Explaining sudden stop, growth collapse, and BOP crisis : the case of distortionary output taxes -- 14. Fixing for your life (with Carmen M. Reinhart) -- 15. Capital markets and the exchange rate with special reference to the dollarization debate in Latin America -- 16. Fear of floating (with Carmen M. Reinhart) -- 17. The mirage of exchange rate regimes for emerging market countries (with Frederic S. Mishkin) -- 18. Globalization hazard and delayed reform in emerging markets -- 19. Sudden stop, contractionary devaluation, and time inconsistency.</subfield></datafield><datafield tag="506" ind1=" " ind2=" "><subfield code="3">Use copy</subfield><subfield code="f">Restrictions unspecified</subfield><subfield code="2">star</subfield><subfield code="5">MiAaHDL</subfield></datafield><datafield tag="533" ind1=" " ind2=" "><subfield code="a">Electronic reproduction.</subfield><subfield code="b">[Place of publication not identified] :</subfield><subfield code="c">HathiTrust Digital Library,</subfield><subfield code="d">2010.</subfield><subfield code="5">MiAaHDL</subfield></datafield><datafield tag="538" ind1=" " ind2=" "><subfield code="a">Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. 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The conventional wisdom about such crises is strongly influenced by the experience of advanced economies. In Emerging Capital Markets in Turmoil, Guillermo Calvo examines these issues instead from the perspective of emerging market economies themselves, taking into account the limitations and vulnerabilities these economies confront. A succession of crises--Mexico in 1994-5, East Asia in 1997, Russia in 1998, and Argentina in 2001--prompted an urgent search in economic policy circles for cogent explanations. Calvo begins by laying the groundwork for a new approach to these issues. In the theoretical chapters that follow, he argues that financial crisis theory regarding emerging markets has progressed from focusing on such variables as fiscal deficits, debt sustainability, and real currency devaluation to stressing the role of the financial sector--emphasizing stocks rather than flows as well as the role credibility plays in containing financial crises. 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| geographic | Developing countries fast |
| geographic_facet | Developing countries |
| id | ZDB-4-EBA-ocm62872806 |
| illustrated | Illustrated |
| indexdate | 2024-11-27T13:15:49Z |
| institution | BVB |
| isbn | 9780262269728 0262269724 1423746783 9781423746782 0262033348 9780262033343 |
| language | English |
| oclc_num | 62872806 |
| open_access_boolean | |
| owner | MAIN DE-863 DE-BY-FWS |
| owner_facet | MAIN DE-863 DE-BY-FWS |
| physical | 1 online resource (xiii, 547 pages) : illustrations |
| psigel | ZDB-4-EBA |
| publishDate | 2005 |
| publishDateSearch | 2005 |
| publishDateSort | 2005 |
| publisher | MIT Press, |
| record_format | marc |
| spelling | Calvo, Guillermo. Emerging capital markets in turmoil : bad luck or bad policy / Guillermo A. Calvo. Cambridge, Mass. : MIT Press, ©2005. 1 online resource (xiii, 547 pages) : illustrations text txt rdacontent computer c rdamedia online resource cr rdacarrier polychrome. rdacc http://rdaregistry.info/termList/RDAColourContent/1003 data file Includes bibliographical references (pages 531-532) and index. Print version record. 1. Capital inflows and real exchange rate application in Latin America : the role of external factors (with Leonardo Leiderman and Carmen M. Reinhart) -- 2. Capital inflows to Latin America : the 1970s and 1990s (with Leonardo Leiderman and Carmen M. Reinhart) -- 3. Capital flows and macroeconomic management : Tequila lessons -- 4. Petty crime and cruel punishment : lessons from the Mexican debacle (with Enrique G. Mendoza) -- 5. Capital market contagion and recession : an explanation of the Russian virus -- 6. Sudden stops, the real exchange rate, and fiscal sustainability : Argentina's lessons (with Alejandro Izquierdo and Ernesto Talvi) -- 7. Varieties of capital-market crises -- 8. Uncertain duration of reform : dynamic implications (with Allan Drazen) -- 9. Capital flows and capital-market crises : the simple economics of sudden stops -- 10. Rational contagion and the globalization of securities markets (with Enrique Mendoza) -- 11. Balance-of-payments crises in emerging markets : large capital inflows and sovereign governments -- 12. Contagion in emerging markets : when Wall Street is a carrier -- 13. Explaining sudden stop, growth collapse, and BOP crisis : the case of distortionary output taxes -- 14. Fixing for your life (with Carmen M. Reinhart) -- 15. Capital markets and the exchange rate with special reference to the dollarization debate in Latin America -- 16. Fear of floating (with Carmen M. Reinhart) -- 17. The mirage of exchange rate regimes for emerging market countries (with Frederic S. Mishkin) -- 18. Globalization hazard and delayed reform in emerging markets -- 19. Sudden stop, contractionary devaluation, and time inconsistency. Use copy Restrictions unspecified star MiAaHDL Electronic reproduction. [Place of publication not identified] : HathiTrust Digital Library, 2010. MiAaHDL Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 MiAaHDL digitized 2010 HathiTrust Digital Library committed to preserve pda MiAaHDL Analysis of financial crises in emerging market economies, including Mexico, Argentina, and Russia; traces the evolution of crisis theory and challenges the conventional wisdom. Since the mid-1990s, emerging market economies have been hit by dramatic highs and lows: lifted by large capital inflows, then plunged into chaos by constrained credit and out-of-control exchange rates. The conventional wisdom about such crises is strongly influenced by the experience of advanced economies. In Emerging Capital Markets in Turmoil, Guillermo Calvo examines these issues instead from the perspective of emerging market economies themselves, taking into account the limitations and vulnerabilities these economies confront. A succession of crises--Mexico in 1994-5, East Asia in 1997, Russia in 1998, and Argentina in 2001--prompted an urgent search in economic policy circles for cogent explanations. Calvo begins by laying the groundwork for a new approach to these issues. In the theoretical chapters that follow, he argues that financial crisis theory regarding emerging markets has progressed from focusing on such variables as fiscal deficits, debt sustainability, and real currency devaluation to stressing the role of the financial sector--emphasizing stocks rather than flows as well as the role credibility plays in containing financial crises. He then returns to a more empirical analysis and focuses on exchange-rate issues, considering the advantages and disadvantages of flexible exchange rates for emerging market economies. Coming after a decade of ongoing crises, Calvo's timely reassessment of the importance of external factors in making emerging market economies safer from financial turmoil offers important policy lessons for dealing with inevitable future episodes of financial crises. Financial crises. Capital market. http://id.loc.gov/authorities/subjects/sh85019945 Financial crises Developing countries. Capital market Developing countries. Crises financières. Marché financier. Crises financières Nouveaux pays industrialisés. Marché financier Nouveaux pays industrialisés. BUSINESS & ECONOMICS Finance. bisacsh Capital market fast Financial crises fast Developing countries fast Kapitaalmarkt. gtt Financiële crises. gtt ECONOMICS/Finance Print version: Calvo, Guillermo. Emerging capital markets in turmoil. Cambridge, Mass. : MIT Press, ©2005 0262033348 (DLC) 2005047152 (OCoLC)58998852 FWS01 ZDB-4-EBA FWS_PDA_EBA https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=138488 Volltext |
| spellingShingle | Calvo, Guillermo Emerging capital markets in turmoil : bad luck or bad policy / 1. Capital inflows and real exchange rate application in Latin America : the role of external factors (with Leonardo Leiderman and Carmen M. Reinhart) -- 2. Capital inflows to Latin America : the 1970s and 1990s (with Leonardo Leiderman and Carmen M. Reinhart) -- 3. Capital flows and macroeconomic management : Tequila lessons -- 4. Petty crime and cruel punishment : lessons from the Mexican debacle (with Enrique G. Mendoza) -- 5. Capital market contagion and recession : an explanation of the Russian virus -- 6. Sudden stops, the real exchange rate, and fiscal sustainability : Argentina's lessons (with Alejandro Izquierdo and Ernesto Talvi) -- 7. Varieties of capital-market crises -- 8. Uncertain duration of reform : dynamic implications (with Allan Drazen) -- 9. Capital flows and capital-market crises : the simple economics of sudden stops -- 10. Rational contagion and the globalization of securities markets (with Enrique Mendoza) -- 11. Balance-of-payments crises in emerging markets : large capital inflows and sovereign governments -- 12. Contagion in emerging markets : when Wall Street is a carrier -- 13. Explaining sudden stop, growth collapse, and BOP crisis : the case of distortionary output taxes -- 14. Fixing for your life (with Carmen M. Reinhart) -- 15. Capital markets and the exchange rate with special reference to the dollarization debate in Latin America -- 16. Fear of floating (with Carmen M. Reinhart) -- 17. The mirage of exchange rate regimes for emerging market countries (with Frederic S. Mishkin) -- 18. Globalization hazard and delayed reform in emerging markets -- 19. Sudden stop, contractionary devaluation, and time inconsistency. Financial crises. Capital market. http://id.loc.gov/authorities/subjects/sh85019945 Financial crises Developing countries. Capital market Developing countries. Crises financières. Marché financier. Crises financières Nouveaux pays industrialisés. Marché financier Nouveaux pays industrialisés. BUSINESS & ECONOMICS Finance. bisacsh Capital market fast Financial crises fast Kapitaalmarkt. gtt Financiële crises. gtt |
| subject_GND | http://id.loc.gov/authorities/subjects/sh85019945 |
| title | Emerging capital markets in turmoil : bad luck or bad policy / |
| title_auth | Emerging capital markets in turmoil : bad luck or bad policy / |
| title_exact_search | Emerging capital markets in turmoil : bad luck or bad policy / |
| title_full | Emerging capital markets in turmoil : bad luck or bad policy / Guillermo A. Calvo. |
| title_fullStr | Emerging capital markets in turmoil : bad luck or bad policy / Guillermo A. Calvo. |
| title_full_unstemmed | Emerging capital markets in turmoil : bad luck or bad policy / Guillermo A. Calvo. |
| title_short | Emerging capital markets in turmoil : |
| title_sort | emerging capital markets in turmoil bad luck or bad policy |
| title_sub | bad luck or bad policy / |
| topic | Financial crises. Capital market. http://id.loc.gov/authorities/subjects/sh85019945 Financial crises Developing countries. Capital market Developing countries. Crises financières. Marché financier. Crises financières Nouveaux pays industrialisés. Marché financier Nouveaux pays industrialisés. BUSINESS & ECONOMICS Finance. bisacsh Capital market fast Financial crises fast Kapitaalmarkt. gtt Financiële crises. gtt |
| topic_facet | Financial crises. Capital market. Financial crises Developing countries. Capital market Developing countries. Crises financières. Marché financier. Crises financières Nouveaux pays industrialisés. Marché financier Nouveaux pays industrialisés. BUSINESS & ECONOMICS Finance. Capital market Financial crises Developing countries Kapitaalmarkt. Financiële crises. |
| url | https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=138488 |
| work_keys_str_mv | AT calvoguillermo emergingcapitalmarketsinturmoilbadluckorbadpolicy |