Financial Crises in Emerging Markets

Preface; Contributors; 1. Financial crises in emerging markets: an introductory overview Reuven Glick, Ramon Moreno, and Mark M. Spiegel; Part I. Determinants and Propagation of Financial Crises: 2. Banking and currency crises: how common are twins? Reuven Glick and Michael M. Hutchison; Discussion Andrew K. Rose; 3. Multiple equilibria, contagion, and the emerging market crises Paul R. Masson; Discussion Paolo Pesenti; 4. How are shocks propagated internationally? Firm-level evidence from the Russian and East Asian crises Kristen Forbes; Discussion Kenneth Kasa; Part II. Capital Flows and Reversals: 5. Uncertainty and the disappearance of international credit Joshua Aizenman and Nancy Marion; Discussion Mark M. Spiegel; 6. International capital inflows, domestic financial intermediation, and financial crises under imperfect information Menzie D. Chinn and Kenneth M. Kletzer; Discussion Roberto Chang; 7. Private inflows when crises are anticipated: a case study of Korea Michael P. Dooley and Inseok Shin; Discussion Carmen M. Reinhart; Part III. Institutional Factors and Financial Structure: 8. Excessive FDI Flows under asymmetric information Assaf Razin, Efraim Sadka, and Chi-Wa Yuen; Discussion Maurice Obstfeld; 9. Corporate growth and risk around the world Stijn Claessens, Simeon Djankov, and Tatiana Nenova; Discussion Richard K. Lyons; Part IV. Policy Responses: 10. Interest rate stabilization of exchange rates and contagion in the Asian Crisis countries Robert Dekle, Cheng Hsiao, and Siyan Wang; Discussion Pierre-Richard Agénor; 11. The impact of monetary policy on exchange rates during financial crises David Gould and Steven Kamin; Discussion Henning Bohn; 12. Capital controls during financial crises: the cases of Malaysia and Thailand Hali J. Edison and Carmen M. Reinhart; Index.