A model of financial crises in emerging markets

被引：150

作者：

Chang, R ^{[1
]}

Velasco, A

机构：

[1] Rutgers State Univ, Piscataway, NJ 08855 USA

[2] NYU, New York, NY 10012 USA

[3] Natl Bur Econ Res, Cambridge, MA 02138 USA

来源：

QUARTERLY JOURNAL OF ECONOMICS | 2001年 / 116卷 / 02期

关键词：

D O I：

10.1162/00335530151144087

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We develop a model in which financial crises in emerging markets may occur when domestic banks are internationally illiquid. Runs on domestic deposits may interact with foreign creditor panics, depending on the maturity of the foreign debt and the possibility of international default. Financial liberalization and increased inflows of foreign capital, especially if short term, can aggravate the illiquidity of banks and increase their vulnerability. The primary role of illiquidity is consistent with the existence of asset price booms and crashes and of government distortions.

引用

页码：489 / 517

页数：29