External Vulnerability in Emerging Market Economies : How High Liquidity Can Offset Weak Fundamentals and the Effects of Contagion »
Series: IMF Working Papers
Author(s): Christian Mulder , and Matthieu Bussière
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 01 July 1999
Keywords: Vulnerability indicators, economic crises, emerging markets, short-term debt, exchange rate, current account, real exchange rate, current account deficit
This paper investigates the factors behind the 1994 and 1997 crises and whether these can explain the 1998 crisis. The study reveals that: (i) variables used in an Early Warning System model developed by IMF staff...