作者
Graciela L Kaminsky, Carmen M Reinhart
发表日期
1999/6
期刊
American economic review
卷号
89
期号
3
页码范围
473-500
简介
In the wake of the Mexican and Asian currency turmoil, the subject of financial crises has come to the forefront of academic and policy discussions. This paper analyzes the links between banking and currency crises. We find that: problems in the banking sector typically precede a currency crisis—the currency crisis deepens the banking crisis, activating a vicious spiral; financial liberalization often precedes banking crises. The anatomy of these episodes suggests that crises occur as the economy enters a recession, following a prolonged boom in economic activity that was fueled by credit, capital inflows, and accompanied by an overvalued currency. (JEL F30, F41)
引用总数
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GL Kaminsky, CM Reinhart - American economic review, 1999
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