Capital Flows and Financial Crises: A Comparative Analysis of East Asia (1997-97) and Argentina (2001-02)

• Autores: Pablo Bustelo Gómez
• Localización: Documentos de trabajo de la Facultad de Ciencias Económicas y Empresariales, ISSN-e 2255-5471, Nº. 17, 2004, 29 págs.
• Idioma: inglés
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• Resumen

  • This paper suggests, first, that a simple theoretical framework is useful in explaining financial crises in emerging economies. Second, it reviews the East Asian financial crises of 1997-98 . Third, the paper examines the origins of Argentina¿s crisis of 2001-02. Fourth, it presents a comparative analysis of both crises, highlighting their similarities and differences. Finally, the conclusions point out the drawbacks of both hard and soft pegs respective to a single foreign currency as well as the need for emerging economies to use capital controls in order to avoid the recurrence of financial crises.