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Author: Mr.Paul R. Masson
Publisher: International Monetary Fund
ISBN: 1451929099
Category : Business & Economics
Languages : en
Pages : 36
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Book Description
This paper examines credibility and reputational factors in explaining the December 1994 crisis of the Mexican peso. After reviewing events leading to the crisis, a model emphasizing the inflation-competitiveness trade-off is presented to explain the formation of devaluation expectations. Estimation results indicate that investors appear to have seriously underestimated the risk of devaluation, despite early warning signals. The collapse of confidence that followed the December 20 devaluation may have been the result of a shift in the perceived commitment of the authorities to exchange rate stability.
Author: Mr.Paul R. Masson
Publisher: International Monetary Fund
ISBN: 1451929099
Category : Business & Economics
Languages : en
Pages : 36
Get Book
Book Description
This paper examines credibility and reputational factors in explaining the December 1994 crisis of the Mexican peso. After reviewing events leading to the crisis, a model emphasizing the inflation-competitiveness trade-off is presented to explain the formation of devaluation expectations. Estimation results indicate that investors appear to have seriously underestimated the risk of devaluation, despite early warning signals. The collapse of confidence that followed the December 20 devaluation may have been the result of a shift in the perceived commitment of the authorities to exchange rate stability.
Author: Carol Wise
Publisher: Brookings Institution Press
ISBN: 0815724772
Category : Political Science
Languages : en
Pages : 258
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Book Description
This volume documents and explains the remarkable resilience of emerging market nations in East Asia and Latin America when faced with the global financial crisis in 2008-2009. Their quick bounceback from the crisis marked a radical departure from the past, such as when the 1982 debt shocks produced a decade-long recession in Latin America or when the Asian financial crisis dramatically slowed those economies in the late 1990s. Why? This volume suggests that these countries' resistance to the initial financial contagion is a tribute to financial-sector reforms undertaken over the past two decades. The rebound itself was a trade-led phenomenon, favoring the countries that had gone the farthest with macroeconomic restructuring and trade reform. Old labels used to describe "neoliberal versus developmentalist" strategies do not accurately capture the foundations of this recovery. These authors argue that policy learning and institutional reforms adopted in response to previous crises prompted policymakers to combine state and market approaches in effectively coping with the global financial crisis. The nations studied include Korea, China, India, Mexico, Argentina, and Brazil, accompanied by Latin American and Asian regional analyses that bring other emerging markets such as Chile and Peru into the picture. The substantial differences among the nations make their shared success even more remarkable and worthy of investigation. And although 2012 saw slowed growth in some emerging market nations, the authors argue this selective slowing suggests the need for deeper structural reforms in some countries, China and India in particular.
Author: Riordan Roett
Publisher: Lynne Rienner Pub
ISBN: 9781555876678
Category : Business & Economics
Languages : en
Pages : 130
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Book Description
Author: Sebastian Edwards
Publisher:
ISBN:
Category : Financial crises
Languages : en
Pages : 56
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Book Description
The Mexican crisis of 1994 raised, throughout the world, a number of questions about the sustainability -- and even the merits -- of the market oriented reform process in Latin America and other regions. Understanding the way events unfolded in Mexico during the early 1990s continues to be fundamentally important to assess the mechanics of currency crises. More importantly, perhaps, the eruption of the East Asian currency crises in the summer and fall of 1997 has raised the question of whether the lessons from Mexico have indeed been learned by policy makers, private sector analysts and international civil servants. More specifically, as a result of the recent events in South East Asia, many observers have argued that the international financial organizations -- the IMF and the World Bank -- and the governments of the advanced countries have failed to revamp the early warning system that was supposed to prevent a repetition of a Mexico-style crisis. This paper analyzes the causes behind the Mexican crisis, emphasizing the role of capital inflows, inflationary inertia and real exchange rate overvaluation. I also ask a number of questions regarding the predictability of the crisis: Should Wall Street analysts have known that things were getting out of hand? And if they did, why didn't they alert their clients? And, how much did officials at the US Treasury know about the depth of the Mexican problems? And, what was the role of the media? I conclude that although the US Treasury was fully aware of what was going on, most private sector analysts were unaware of the seriousness of the situation.
Author: Anne Marie Goetz
Publisher:
ISBN: 9781858640341
Category :
Languages : en
Pages :
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Book Description
Author: C. Randall Henning
Publisher: Peterson Institute
ISBN: 9780881322712
Category : Business & Economics
Languages : en
Pages : 124
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Book Description
The Exchange Stabilization Fund (ESF) holds more than $40 billion that is at the disposal of the US Secretary of the Treasury for use in foreign exchange intervention and international financial support operations. Its use in the Mexican rescue package of 1995 brought the ESF into the public spotlight for the first time in recent years, and it has been deployed in Brazil and several Asian crisis countries as well. Its availability for such packages and its total control by the Treasury secretary have therefore become very controversial. Randall Henning's study maintains that the Fund is an important element of US foreign policy and economic policy and that it should remain under the exclusive control of the Treasury, but that Congress should exercise effective oversight. Henning also covers the legislative history of the ESF and outlines the principles by which the Fund should be administered.
Author: United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 666
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Book Description
Author: Robert A. Pastor
Publisher: Peterson Institute for International Economics
ISBN:
Category : Business & Economics
Languages : en
Pages : 240
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Book Description
The pros, cons and potential of NAFTA are analyzed in this short, detailed text which employs extensive comparison with the European Union. He discusses the EU's regional and cohesion policies, highlighting the intent of these policies to reduce disparities between rich and poor countries. Pastor (international relations, Emory U.) then turns to Vicente Fox's agenda to redefine NAFTA and provides in-depth proposals to make Fox's plan a reality, addressing trade, transportation, infrastructure, common currency, customs and immigration, energy, regional development, and education. c. Book News Inc.
Author: Paul R. Masson
Publisher:
ISBN:
Category :
Languages : en
Pages : 36
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Book Description
This paper examines credibility and reputational factors in explaining the December 1994 crisis of the Mexican peso. After reviewing events leading to the crisis, a model emphasizing the inflation-competitiveness trade-off is presented to explain the formation of devaluation expectations. Estimation results indicate that investors appear to have seriously underestimated the risk of devaluation, despite early warning signals. The collapse of confidence that followed the December 20 devaluation may have been the result of a shift in the perceived commitment of the authorities to exchange rate stability.
Author: Brian Whitener
Publisher: University of Pittsburgh Press
ISBN: 082298685X
Category : History
Languages : en
Pages : 338
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Book Description
Drawing on a mix of political, economic, literary, and filmic texts, Crisis Cultures challenges current cultural histories of the neoliberal period by arguing that financialization, and not just neoliberalism, has been at the center of the dramatic transformations in Latin American societies in the last thirty years. Starting from political economic figures such as crisis, hyperinflation, credit, and circulation and exemplary cultural texts, Whitener traces the interactions between culture, finance, surplus populations, and racialized state violence after 1982 in Mexico and Brazil. Crisis Cultures makes sense of the emergence of new forms of exploitation and terrifying police and militarized violence by tracking the cultural and discursive forms, including real abstraction and the favela and immaterial cadavers and voided collectivities, that have emerged in the complicated aftermath of the long downturn and global turn to finance.
