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Analysis of financial crises in emerging market economies, including Mexico, Argentina, and Russia; traces the evolution of crisis theory and challenges the conventional wisdom.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.

Financial crises. --- Capital market --- Financial crises --- AA / International- internationaal --- LDC / Developping Countries - Pays En Développement --- NDC / Newly Industrialized Countries --- 333.481 --- -Capital market --- -332.091724 --- Capital markets --- Market, Capital --- Finance --- Financial institutions --- Loans --- Money market --- Securities --- Crowding out (Economics) --- Efficient market theory --- Crashes, Financial --- Crises, Financial --- Financial crashes --- Financial panics --- Panics (Finance) --- Stock exchange crashes --- Stock market panics --- Crises --- Business cycles --- Monetaire crisissen, hervormingen, saneringen en stabilisering. --- BUSINESS & ECONOMICS --- Economic History --- Business & Economics --- Investment & Speculation --- Capital market. --- 332.091724 --- Monetaire crisissen, hervormingen, saneringen en stabilisering --- ECONOMICS/Finance --- Financial crises - Developing countries. --- Capital market - Developing countries.

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International finance. --- Export credit. --- Debt relief. --- Debtor and creditor. --- Zonder onderwerpscode: financiewezen --- LDC / Developping Countries - Pays En Développement --- 338.340 --- 339.115 --- 336.61 --- 338.341.1 --- Finance --- -330.05 --- 332.091724 --- Funding --- Funds --- Economics --- Currency question --- Algemene ontwikkeling in de Derde Wereld. --- Buitenlandse schuld. Debt Equity Swap in LDC. --- Financieel beleid. --- Financiële hulp aan de Derde Wereld. --- Debtor and creditor --- Debt relief --- Export credit --- International finance --- 330.05 --- International monetary system --- International money --- International economic relations --- Creditor --- Commercial law --- Contracts --- Obligations (Law) --- Credit --- Creditors' bills --- Fraudulent conveyances --- Liens --- Payment --- Security (Law) --- Exports --- Foreign trade promotion --- Import credit --- Debt renegotiation --- Debt rescheduling --- Debt restructuring --- Relief, Debt --- Renegotiation, Debt --- Rescheduling, Debt --- Restructuring, Debt --- Financieel beleid --- Algemene ontwikkeling in de Derde Wereld --- Financiële hulp aan de Derde Wereld --- Buitenlandse schuld. Debt Equity Swap in LDC --- Law and legislation

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The 12 papers in this book, edited by Gerard Caprio, David Folkerts-Landau, and Timothy D. Lane, explore issues in building a financial structure suitable for economies in transition. They cover for main topics: the problem of old and new debts; the development of a sound and efficient payment system; the establishment of an appropriate financial structure; and the importance of credit in the development of the the real economy.

Banks and banking, Central --- Central planning --- Finance --- Privatization --- Congresses --- Economic order --- Private finance --- International finance --- Developing countries --- Eastern and Central Europe --- 336.7 <1-772> --- 336.71 <1-772> --- -Banks and banking, Central --- -Central planning --- -Privatization --- -AA / International- internationaal --- EEU / Central & Eastern Europe --- PL / Poland - Polen - Pologne --- RU / Russia - Rusland - Russie --- 331.33 --- 333.100 --- 339.115 --- 333.154 --- 336.61 --- 333.600 --- Transition economics --- -332.091724 --- Denationalization --- Privatisation --- Contracting out --- Corporatization --- Government ownership --- Central economic planning --- Centrally planned economy --- Economic planning --- National planning --- State planning --- Economic policy --- Planning --- Banker's banks --- Banks, Central --- Central banking --- Central banks --- Banks and banking --- Funding --- Funds --- Economics --- Currency question --- 336.71 <1-772> Bankwezen--Onontwikkelde, onderontwikkelde gebieden --- Bankwezen--Onontwikkelde, onderontwikkelde gebieden --- 336.7 <1-772> Geldwezen. Kredietwezen. Bankwezen. Financien. Monetaire econonomie. Beurswezen--Onontwikkelde, onderontwikkelde gebieden --- Geldwezen. Kredietwezen. Bankwezen. Financien. Monetaire econonomie. Beurswezen--Onontwikkelde, onderontwikkelde gebieden --- Structureel beleid. Reglementering. Dereglementering. Ordnungspolitik. --- Algemeenheden. Theorie en principes van de bankorganisatie en -techniek. --- Buitenlandse schuld. Debt Equity Swap in LDC. --- Elektronische geldtransfers. Clearing. Home banking. --- Financieel beleid. --- Financiële markten. Kapitaalmarkten (algemeenheden). --- 332.091724 --- AA / International- internationaal --- Structureel beleid. Reglementering. Dereglementering. Ordnungspolitik --- Algemeenheden. Theorie en principes van de bankorganisatie en -techniek --- Elektronische geldtransfers. Clearing. Home banking --- Financiële markten. Kapitaalmarkten (algemeenheden) --- Financieel beleid --- Buitenlandse schuld. Debt Equity Swap in LDC --- Banks and Banking --- Exports and Imports --- Finance: General --- Money and Monetary Policy --- Industries: Financial Services --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- General Financial Markets: General (includes Measurement and Data) --- International Lending and Debt Problems --- General Financial Markets: Government Policy and Regulation --- Banking --- Monetary economics --- International economics --- Macroeconomics --- Commercial banks --- Credit --- Payment systems --- Stock markets --- Financial institutions --- Money --- Financial markets --- Distressed assets --- Financial sector policy and analysis --- Foreign banks --- Clearinghouses --- Stock exchanges --- Debts, External --- Financial services industry --- Russian Federation