LEADER 04097nam 22006614a 450 001 9910451987303321 005 20200520144314.0 010 $a1-282-09710-5 010 $a9786612097102 010 $a0-262-26972-4 010 $a1-4237-4678-3 035 $a(CKB)1000000000456781 035 $a(OCoLC)62872806 035 $a(CaPaEBR)ebrary10173559 035 $a(SSID)ssj0000145875 035 $a(PQKBManifestationID)11157330 035 $a(PQKBTitleCode)TC0000145875 035 $a(PQKBWorkID)10182164 035 $a(PQKB)11527946 035 $a(MiAaPQ)EBC3338505 035 $a(OCoLC)62872806$z(OCoLC)182530230$z(OCoLC)473090772$z(OCoLC)614956154$z(OCoLC)647107633$z(OCoLC)648223456$z(OCoLC)722564254$z(OCoLC)728036917$z(OCoLC)961526296$z(OCoLC)962598283$z(OCoLC)988501436$z(OCoLC)991954711$z(OCoLC)992086139$z(OCoLC)1037434905$z(OCoLC)1037943529$z(OCoLC)1038668703$z(OCoLC)1055319906$z(OCoLC)1081236147$z(OCoLC)1083607797 035 $a(OCoLC-P)62872806 035 $a(MaCbMITP)2701 035 $a(PPN)170265811 035 $a(Au-PeEL)EBL3338505 035 $a(CaPaEBR)ebr10173559 035 $a(EXLCZ)991000000000456781 100 $a20050427d2005 uy 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aEmerging capital markets in turmoil$b[electronic resource] $ebad luck or bad policy /$fGuillermo A. Calvo 210 $aCambridge, Mass. $cMIT Press$dc2005 215 $a1 online resource (564 p.) 300 $aBibliographic Level Mode of Issuance: Monograph 311 $a0-262-03334-8 320 $aIncludes bibliographical references (p. [531]-532) and index. 330 $aAnalysis 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. 606 $aFinancial crises 606 $aCapital market 606 $aFinancial crises$zDeveloping countries 606 $aCapital market$zDeveloping countries 608 $aElectronic books. 615 0$aFinancial crises. 615 0$aCapital market. 615 0$aFinancial crises 615 0$aCapital market 676 $a332/.09172/4 700 $aCalvo$b Guillermo A$0238996 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910451987303321 996 $aEmerging capital markets in turmoil$92050776 997 $aUNINA