Financial Policies in Emerging Markets新兴市场的金融政策

2002-8  

Blejer, Mario I.; Skreb, Marko;  

259  

The 1994-1995 Mexican crisis was the first in a succession of financial crises to hit emerging markets in Thailand, Indonesia, Malaysia, South Korea, Russia, Brazil, Argentina, and Turkey. In almost all these cases, problems in the banking sector played a key role. Any analysis of recent developments in emerging market economies must consider two questions: What is the degree of financial vulnerability in emerging market economies, and what, if any, is the connection between the exchange rate regime and financial vulnerability? This book furthers understanding of the impact of financial policies on emerging market economies. Following an introduction by the editors, the book contains two main sections. The first presents theoretical and empirical evidence on the relation between financial policy and financial vulnerability. The second considers financial policy in central and eastern Europe in terms of the euro and the European Monetary Union. Although there is no clear-cut answer to which exchange rate regime works best, the book concludes that the financial vulnerability of emerging market economies suggests the advisability of greater caution in financial system liberalization and management.

Mario I. Blejer is Vice President at the Central Bank of Argentina and a former Senior Advisor at the International Monetary Fund.

　1 Financial Vulnerability and Exchange Rate in Emerging Markets: An Overview Ⅰ New Evidence on Financial Policies and the Impact on Emerging Markets 　2 Original Sin, Passthrough, and Fear of Floating 　3 Banking Crises in Emerging Markets: Presumptions and Evidence 　4 International Financial Crises: The Role of Reserves and SDR Allocations Ⅱ The Euro and Financial Policies in Central and Eastern Europe 　5 The Eastern Enlargement of the EU and the Case for Unilateral Euroization 　6 The Costs and Benefits of Euroization in Central and Eastern Europe before or instead of EMU Membership 7 Currency Substitution, Unofficial Dollarization, and Estimates of Foreign Currency Held Abroad: The Case of CroatiaIndex

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