Banking, financial integration, and international crises: an overview

The devaluation of the Thau bath in July 1997 triggered a major international financial crisis in East Asia, similar in many ways to the Latin American debt crisis of the early 1980s. The baht´s devaluation led to a Seriesos sharp devaluations in several other Asian countries, in particular Indonesi...

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Autores principales:	Hernández T., Leonardo, Schmidt-Hebbel, Klaus
Formato:	Artículo
Lenguaje:	eng
Publicado:	Banco Central de Chile 2019
Materias:	CRISIS ECONÓMICA 1998 BANCOS
Acceso en línea:	https://hdl.handle.net/20.500.12580/3636
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spelling	oai-20.500.12580-36362021-04-24T10:56:25Z Banking, financial integration, and international crises: an overview Hernández T., Leonardo Schmidt-Hebbel, Klaus CRISIS ECONÓMICA 1998 BANCOS The devaluation of the Thau bath in July 1997 triggered a major international financial crisis in East Asia, similar in many ways to the Latin American debt crisis of the early 1980s. The baht´s devaluation led to a Seriesos sharp devaluations in several other Asian countries, in particular Indonesia, Korea, Malaysia, and the Philippines. The Russian debt moratorium and the long term capital management crisis in 1998, and the devaluation of the Brazilian real in early 1999, sent additional shock waves throughout the world's emerging markets. In each of these episodes, strong market pressures were observed in currency and cebt markets. Although most emerging market economies faced contagion effects, the weakest countries -those with fragile domestic banks, large fiscal deficits and external debts, severe currency and maturity mismatches, poor macroeconomic policies, and more rigid foreingn exchange regimes- were most affected by the loss of investor confidence. These countries suffered some combination of lack of access to international liquidity, currency devaluation, asset price collapse, bank failures, recession, and large-scale bankruptcies and unemployment. 2019-11-01T00:01:26Z 2019-11-01T00:01:26Z 2002 Artículo 956-7421-072 https://hdl.handle.net/20.500.12580/3636 eng Serieson Central Banking, Analysis, and Economic Policies, no. 3 Attribution-NonCommercial-NoDerivs 3.0 Chile http://creativecommons.org/licenses/by-nc-nd/3.0/cl/ .pdf Sección o Parte de un Documento p. 01-30 application/pdf Banco Central de Chile
institution	Banco Central
collection	Banco Central
language	eng
topic	CRISIS ECONÓMICA 1998 BANCOS
spellingShingle	CRISIS ECONÓMICA 1998 BANCOS Hernández T., Leonardo Schmidt-Hebbel, Klaus Banking, financial integration, and international crises: an overview
description	The devaluation of the Thau bath in July 1997 triggered a major international financial crisis in East Asia, similar in many ways to the Latin American debt crisis of the early 1980s. The baht´s devaluation led to a Seriesos sharp devaluations in several other Asian countries, in particular Indonesia, Korea, Malaysia, and the Philippines. The Russian debt moratorium and the long term capital management crisis in 1998, and the devaluation of the Brazilian real in early 1999, sent additional shock waves throughout the world's emerging markets. In each of these episodes, strong market pressures were observed in currency and cebt markets. Although most emerging market economies faced contagion effects, the weakest countries -those with fragile domestic banks, large fiscal deficits and external debts, severe currency and maturity mismatches, poor macroeconomic policies, and more rigid foreingn exchange regimes- were most affected by the loss of investor confidence. These countries suffered some combination of lack of access to international liquidity, currency devaluation, asset price collapse, bank failures, recession, and large-scale bankruptcies and unemployment.
format	Artículo
author	Hernández T., Leonardo Schmidt-Hebbel, Klaus
author_facet	Hernández T., Leonardo Schmidt-Hebbel, Klaus
author_sort	Hernández T., Leonardo
title	Banking, financial integration, and international crises: an overview
title_short	Banking, financial integration, and international crises: an overview
title_full	Banking, financial integration, and international crises: an overview
title_fullStr	Banking, financial integration, and international crises: an overview
title_full_unstemmed	Banking, financial integration, and international crises: an overview
title_sort	banking, financial integration, and international crises: an overview
publisher	Banco Central de Chile
publishDate	2019
url	https://hdl.handle.net/20.500.12580/3636
work_keys_str_mv	AT hernandeztleonardo bankingfinancialintegrationandinternationalcrisesanoverview AT schmidthebbelklaus bankingfinancialintegrationandinternationalcrisesanoverview
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Banking, financial integration, and international crises: an overview

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