Cover Fiscal Vulnerability and Financial Crises in Emerging Market Economies
Fiscal Vulnerability and Financial Crises in Emerging Market Economies
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Abstract

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 vulnerability indicators help to predict crises? Can fiscal variables explain the severity of crises? And what are the fiscal consequences of crises? Its findings are based on statistical analysis of a large data set of fiscal variables for 29 emerging market economies over 1970-2000 and detailed case studies of 11 emerging market crises during the 1990s that focus on structural and institutional dimensions of fiscal vulnerability.

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Author:
Mr. Richard Hemming
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Mr. Axel Schimmelpfennig
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Mr. Michael Kell
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Series:
Occasional Papers
Publisher:
International Monetary Fund
Language:
English
Publication Date:
23 May 2003
DOI:
https://doi.org/10.5089/9781589061965.084
ISBN:
9781589061965
ISSN:
0251-6365
Pages:
131
Keywords:
OP; crisis; debt; deficit; short-term debt; debt crisis; emerging market crisis; country case studies; vulnerability indicator; debt variable; Currency crises; Banking crises; Global; Africa
Legal-disclaimer:
The views expressed in this book are those of the authors and should not be reported as or attributed to the International Monetary Fund, its Executive Board, or the governments of any of its member countries.
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