Economics/Finances Emerging Capital Markets in Turmoil: Bad Luck or Bad Policy? (0262033348)

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Guillermo A. Calvo, "Emerging Capital Markets in Turmoil: Bad Luck or Bad Policy?"

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.

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	Study Emerging Capital Markets and Globalization: The Latin American Experience (Latin American Developmen Emerging Capital Markets and Globalization: The Latin American Experience (Latin American Development Forum)Stanford Economics and Finance \| ISBN 0804757194 \| 1960-10-27 \| PDF \| 518 pages \| 1.05 MbBack in the early 1990s, economists and pol ...
	Economics/Finances Emerging Capital Markets and Globalization: The Latin American Experience (Latin American Development Forum) Emerging Capital Markets and Globalization: The Latin American Experience (Latin American Development Forum)Stanford Economics and Finance \| ISBN 0804757194 \| 1960-10-27 \| PDF \| 518 pages \| 1.05 MbBack in the early 1990s, economists and pol ...
	Economics/Finances Capital Controls and Capital Flows in Emerging Economies: Policies, Practices, and Consequences Capital Controls and Capital Flows in Emerging Economies: Policies, Practices, and ConsequencesPublisher: University Of Chicago Press \| ISBN: 0226184978 \| edition 2007 \| PDF \| 584 pages \| 2,4 mb Some scholars argue that the free movement of ...
	Housing Finance Policy in Emerging Markets Housing Finance Policy in Emerging Markets World Bank Publications \| English \| 2009-06-19 \| ISBN: 0821377508 \| 320 pages \| PDF \| 3.8 MBHousing finance markets have been changing dramatically in both emerging and developed economies. On the ...
	Economics/Finances Monetary Policy Frameworks for Emerging Markets Monetary Policy Frameworks for Emerging Markets Publisher: Edward Elgar \| ISBN: 1848444427 \| edition 2009 \| PDF \| 358 pages \| 2,5 mb Financial globalisation has made the formulation of monetary policy in emerging market economies increas ...
	Policy Instruments for Sound Fiscal Policies: Fiscal Rules and Institutions (Finance and Capital Markets) Policy Instruments for Sound Fiscal Policies: Fiscal Rules and Institutions (Finance and Capital Markets)Publisher: Palgrave Macmillan \| ISBN: 927909310X \| edition 2009 \| PDF \| 400 pages \| 2,5 mb Economic literature has extensively analy ...

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