Emerging capital markets in turmoil : bad luck or bad policy? / Guillermo A Calvo
Material type:
TextPublication details: Cambridge : The MIT Press, 2005Description: xiii, 547p, 23cmISBN: - 0262033348
- 332.091724 CAL
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Calcutta | 332.091724 CAL (Browse shelf(Opens below)) | Available | IIMC-117944 |
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| 332.091724 BAS The Economics of financial reform in developing countries / | 332.091724 BEI Emerging financial markets / | 332.091724 BLE Financial factors in economic stabilization and growth / | 332.091724 CAL Emerging capital markets in turmoil : | 332.091724 CAP Building sound finance in emerging market economies / | 332.091724 CON Economic transformation in emerging countries : | 332.091724 FAN Financial reform in developing countries / |
The book prompted an urgent search in economic policy circles for cogent explanations. It 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. It focuses on exchange-rate issues, considering the advantages and disadvantages of flexible exchange rates for emerging market economies
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