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Financial Crises

Lessons from the Past, Preparation for the Future

edited by Gerard Caprio, James Hanson, and Robert E. Litan

Publication Year: 2005

Throughout the 1990s, numerous financial crises rocked the world financial sector. The Asian bubble burst, for example; Argentina and Brazil suffered currency crises; and the post-Soviet economy bottomed out in Russia. In Financial Crises, a distinguished group of economists and policy analysts examine and draw lessons from attempts to recover from past crises. They also consider some potential hazards facing the world economy in the 21st century and discuss ways to avoid them and minimize the severity of any future downturn. This important new volume emerges from the seventh annual conference on emerging markets finance, cosponsored and organized by the World Bank and the Brookings Institution. In the book, noted experts address the following questions: How effective were post-crisis policies in Latin America, Eastern Europe, and East and Central Asia? Where do international financial markets stand ten years after the worldwide debt crisis? How can the provision of financial services resume vigorously, yet safely? What are the viable policy options for reducing systemic financial vulnerability? What will the next emerging-market financial crisis look like? Will lessons learned from past experiences help to avoid future disasters? How can nations reform their pension systems to deal with retirement challenges in the 21st century?

Published by: Brookings Institution Press

Title Page

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pp. vi-vii

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Chapter 1. Introduction

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pp. 1-14

The calm before the storm? That question dominated the stage at the seventh annual conference on emerging markets finance, cosponsored by the World Bank and the Brookings Institution and held at Brookings in late April 2005. ...

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Chapter 2. Postcrisis Challenges and Risks in East Asia and Latin America: Where Do They Go from Here?

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pp. 15-62

Beginning in the mid-1990s, Latin America and East Asia were rocked by a series of financial sector and currency crises. The Mexican crisis began in late 1994 and then spread quickly to Argentina, where damage was limited by sound policy and efforts to strengthen the financial system.1 Jamaica also suffered a severe crisis in the mid-1990s ...

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Chapter 3. Banking System Crises and Recovery in the Transition Economies of Europe and Central Asia: An Overview

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pp. 63-86

Over the past fifteen years, the transition countries in the Balkans, the Baltics, Central and Eastern Europe, and the Commonwealth of Independent States (CIS) experienced nothing short of a paradigmatic change in all political, economic, and social dimensions. ...

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Chapter 4. Sovereign Debt in Developing Countries with Market Access: Help or Hindrance?

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pp. 87-120

Sovereign debt can help developing countries. It enables their governments to facilitate growth take-offs by investing in a critical mass of infrastructure projects and in the social sectors when taxation capacity is limited or the alternative would be to print money and compromise macroeconomic stability. ...

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Chapter 5. The Next Emerging-Market Financial Crisis: What Might It Look Like?

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pp. 121-210

This chapter is a speculative exercise in thinking about what the next emerging-economy financial crisis might look like. By a financial crisis, we mean a currency crisis, a banking crisis, a debt crisis, or some combination of the three.1 The aim of the chapter is neither to identify the one or two emerging economies most vulnerable to a crisis today nor to assess the likelihood that a crisis will occur this year. ...

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Chapter 6. Financial Risks Ahead: Views from the Private Sector

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pp. 211-216

One of the unique characteristics of the annual World Bank–Brookings conference is that it brings together academic scholars and practitioners from the “real world” to discuss developments in emerging-markets finance. This year’s conference featured a panel of three practitioners with expertise in the field: ...

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Chapter 7. Starting over Safely: Rebuilding Banking Systems

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pp. 217-256

When the financial crisis breaks, the first priority of policymakers is containment. In that acute phase, the urgent may displace the important in the scramble for survival. Already, however, the decisions taken can determine much of the loss allocation and have a long-lasting and hard-to unwind influence on moral hazard through the expectations and perceptions of market participants. ...

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Chapter 8. Old-Age Income Support in the Twenty-first Century: Conceptual Framework and Select Issues of Implementation

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pp. 257-278

The past decade has brought increased recognition of the importance of pension systems for the economic stability of nations and the security of their aging populations. In developing countries, the traditional systems of support for the elderly are being eroded by migration, urbanization, and other factors that break down extended families. ...


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pp. 279-280


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pp. 281-291

E-ISBN-13: 9780815797968
E-ISBN-10: 0815797966

Page Count: 291
Publication Year: 2005