Managing currency crises in emerging markets 1st Edition by Michael Dooley, Jeffrey Frankel 0226155420 9780226155425

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ISBN 10: 0226155420
ISBN 13: 9780226155425
Authors: Michael P. Dooley, Jeffrey A. Frankel

The management of financial crises in emerging markets is a vital and high-stakes challenge in an increasingly global economy. For this reason, it’s also a highly contentious issue in today’s public policy circles. In this book, leading economists-many of whom have also participated in policy debates on these issues-consider how best to reduce the frequency and cost of such crises. The contributions here explore the management process from the beginning of a crisis to the long-term effects of the techniques used to minimize it. The first three chapters focus on the earliest responses and the immediate defense of a currency under attack, exploring whether unnecessary damage to economies can be avoided by adopting the right response within the first few days of a financial crisis. Next, contributors examine the adjustment programs that follow, considering how to design these programs so that they shorten the recovery phase, encourage economic growth, and minimize the probability of future difficulties. Finally, the last four papers analyze the actual effects of adjustment programs, asking whether they accomplish what they are designed to do-and whether, as many critics assert, they impose disproportionate costs on the poorest members of society. Recent high-profile currency crises have proven not only how harmful they can be to neighboring economies and trading partners, but also how important policy responses can be in determining their duration and severity. Economists and policymakers will welcome the insightful evaluations in this important volume, and those of its companion, Sebastian Edwards and Jeffrey A. Frankel’s Preventing Currency Crises in Emerging Markets.

Managing Currency Crises in Emerging Markets 1st Table of contents:

I. The Defense
1. Interest Rates and Exchange Rates in the Korean, Philippine, and Thai Exchange Rate Crises

2. Interest Rate Defense against Speculative Attack as a Signal: A Primer

3. Does It Pay to Defend against a Speculative Attack?

II. The Program
4. The International Lender of Last Resort: How Large Is Large Enough?

5. Rescue Packages and Output Losses Following Crises

6. Financial Restructuring in Banking and Corporate- Sector Crises: What Policies to Pursue?

7. On the Fiscal Implications of Twin Crises

8. An Evaluation of Proposals to Reform the International Financial Architecture

III. The Impact
9. Recovery and Sustainability in East Asia

10. A Cure Worse Than the Disease? Currency Crises and the Output Costs of IMF-Supported Stabilizati

11. IMF and World Bank Structural Adjustment Programs and Poverty

12. Impacts of the Indonesian Economic Crisis: Price Changes and the Poor

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Tags: Managing currency, emerging markets, Michael Dooley, Jeffrey Frankel