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Fiscal Vulnerability and Financial Crises in Emerging Market Economies »
Series: Occasional Papers
Author(s): Richard Hemming , Axel Schimmelpfennig , and Michael Kell
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 23 May 2003
DOI: http://dx.doi.org/10.5089/9781589061965.084
ISBN: 9781589061965
Keywords: Emerging markets, fiscal variables, public debt, currency crises, fiscal policy, external debt
Fiscal problems have long been considered a central feature of financial--that is, currency, debt, and banking--crises. This paper addresses four questions: What are the fiscal causes of crises? Which fiscal vulner...
Back Matter »
Source: Fiscal Vulnerability and Financial Crises in Emerging Market Economies
Series: Occasional Papers
Author(s): Richard Hemming , Axel Schimmelpfennig , and Michael Kell
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 23 May 2003
ISBN: 9781589061965
Keywords: Emerging markets, fiscal variables, public debt, currency crises, fiscal policy, external debt
Fiscal problems have long been considered a central feature of financial--that is, currency, debt, and banking--crises. This paper addresses four questions: What are the fiscal causes of crises? Which fiscal vulner...
Front Matter »
Source: Fiscal Vulnerability and Financial Crises in Emerging Market Economies
Series: Occasional Papers
Author(s): Richard Hemming , Axel Schimmelpfennig , and Michael Kell
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 23 May 2003
ISBN: 9781589061965
Keywords: Emerging markets, fiscal variables, public debt, currency crises, fiscal policy, external debt
Fiscal problems have long been considered a central feature of financial--that is, currency, debt, and banking--crises. This paper addresses four questions: What are the fiscal causes of crises? Which fiscal vulner...
I Overview »
Source: Fiscal Vulnerability and Financial Crises in Emerging Market Economies
Series: Occasional Papers
Author(s): Richard Hemming , Axel Schimmelpfennig , and Michael Kell
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 23 May 2003
ISBN: 9781589061965
Keywords: Emerging markets, fiscal variables, public debt, currency crises, fiscal policy, external debt
Fiscal problems have long been considered a central feature of financial (i.e., currency, debt, and banking) crises. However, fiscal problems received less attention...
II Background »
Source: Fiscal Vulnerability and Financial Crises in Emerging Market Economies
Series: Occasional Papers
Author(s): Richard Hemming , Axel Schimmelpfennig , and Michael Kell
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 23 May 2003
ISBN: 9781589061965
Keywords: Emerging markets, fiscal variables, public debt, currency crises, fiscal policy, external debt
Financial crises in emerging market economies have been the subject of considerable analysis. This section draws on work to date to provide essential background for...
III Data and Event Studies »
Source: Fiscal Vulnerability and Financial Crises in Emerging Market Economies
Series: Occasional Papers
Author(s): Richard Hemming , Axel Schimmelpfennig , and Michael Kell
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 23 May 2003
ISBN: 9781589061965
Keywords: Emerging markets, fiscal variables, public debt, currency crises, fiscal policy, external debt
To examine the empirical relationships between fiscal variables and emerging market crises, a large fiscal dataset was constructed. This section describes the datase...
IV EWS Models and the Severity of Currency Crises »
Source: Fiscal Vulnerability and Financial Crises in Emerging Market Economies
Series: Occasional Papers
Author(s): Richard Hemming , Axel Schimmelpfennig , and Michael Kell
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 23 May 2003
ISBN: 9781589061965
Keywords: Emerging markets, fiscal variables, public debt, currency crises, fiscal policy, external debt
This section summarizes the results of various statistical and econometric analyses of the dataset described in the previous section. First, the extent to which fisc...
V Case Studies »
Source: Fiscal Vulnerability and Financial Crises in Emerging Market Economies
Series: Occasional Papers
Author(s): Richard Hemming , Axel Schimmelpfennig , and Michael Kell
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 23 May 2003
ISBN: 9781589061965
Keywords: Emerging markets, fiscal variables, public debt, currency crises, fiscal policy, external debt
This section reports the conclusions from case studies of 11 financial crises in emerging market economies in the 1990s. In chronological order, these are Mexico (19...
VI Conclusions »
Source: Fiscal Vulnerability and Financial Crises in Emerging Market Economies
Series: Occasional Papers
Author(s): Richard Hemming , Axel Schimmelpfennig , and Michael Kell
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 23 May 2003
ISBN: 9781589061965
Keywords: Emerging markets, fiscal variables, public debt, currency crises, fiscal policy, external debt
What Are the Fiscal Causes of Crisis? A review of the theoretical literature suggests three main ways in which fiscal policy can cause a financial crisis. These are through an overly...