Fiscal Vulnerability and Financial Crises in Emerging Market Economies
Electronic Access:
Summary:
Fiscal problems have long been considered a central feature of financial--that is, currency, debt, and banking--crises. This paper addresses four questions: What are the fiscal causes of crises? Which fiscal vulnerability indicators help to predict crises? Can fiscal variables explain the severity of crises? And what are the fiscal consequences of crises? Its findings are based on statistical analysis of a large data set of fiscal variables for 29 emerging market economies over 1970-2000 and detailed case studies of 11 emerging market crises during the 1990s that focus on structural and institutional dimensions of fiscal vulnerability.
Series:
Occasional Paper No. 2003/002
Subject:
Banking crises Currency crises Early warning systems Financial crises Fiscal policy Public debt
English
Publication Date:
May 23, 2003
ISBN/ISSN:
9781589061965/0251-6365
Stock No:
S218EA
Pages:
131
Please address any questions about this title to publications@imf.org