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Titolo:
Latin America and East Asia in the context of an insurance model of currency crises
Autore:
Chinn, MD; Dooley, MP; Shrestha, S;
Indirizzi:
Univ Calif Santa Cruz, Dept Econ, Santa Cruz, CA 95064 USA Univ Calif Santa Cruz Santa Cruz CA USA 95064 n, Santa Cruz, CA 95064 USA
Titolo Testata:
JOURNAL OF INTERNATIONAL MONEY AND FINANCE
fascicolo: 4, volume: 18, anno: 1999,
pagine: 659 - 681
SICI:
0261-5606(199908)18:4<659:LAAEAI>2.0.ZU;2-J
Fonte:
ISI
Lingua:
ENG
Soggetto:
EMERGING MARKETS; LESSONS;
Keywords:
currency crisis; bank loans; foreign exchange reserves; insurance; overvaluation;
Tipo documento:
Article
Natura:
Periodico
Settore Disciplinare:
Social & Behavioral Sciences
--discip_BC--
Citazioni:
36
Recensione:
Indirizzi per estratti:
Indirizzo: Chinn, MD Univ Calif Santa Cruz, Dept Econ, Santa Cruz, CA 95064 USA Univ Calif Santa Cruz Santa Cruz CA USA 95064 ruz, CA 95064 USA
Citazione:
M.D. Chinn et al., "Latin America and East Asia in the context of an insurance model of currency crises", J INT MONEY, 18(4), 1999, pp. 659-681

Abstract

This paper focuses on the 1995 Latin American and the 1997 East Asian crises using an insurance-based model of financial crises. First, the Dooley model is described. Second, some empirical evidence for an insurance model ispresented. The key variables in this approach include the ratio of foreignexchange reserves to bank loans (domestic credit) extended to the private sector, the ability of the private sector to appropriate government assets,and appropriation as measured by capital flight. We argue that the insurance model is consistent with the observed evolution of these variables in the recent crises in Latin America and Asia. Finally, we examine the statistical evidence in favor of the model using panel regressions. We find that the econometric results are consistent with the insurance model, and tend to support this approach over some competing explanations. (C) 1999 Elsevier Science Ltd. All rights reserved. JEL classification: F31; F34; G18.

ASDD Area Sistemi Dipartimentali e Documentali, Università di Bologna, Catalogo delle riviste ed altri periodici
Documento generato il 30/09/20 alle ore 04:51:41