12 New Sections of the Global Macro Site on Emerging Market Crises and Vulnerabilities
Following the recent update of the site that included seven new sections on sovereign debt issues, we are now adding twelve additional sections on emerging market vulnerabilities.
Recent financial crises in emerging market economies have taken the form of some combination of currency crises, sovereign debt crises, banking crises and systemic corporate crises. As we have already extensively covered sovereign debt issues some of the new sections are on currency crises, banking crises and systemic corporate crises.
The two new sections on currency crises cover the theoretical and empirical literature on such crises, their causes, dynamics and effects. The three new sections on banking cover the causes of bank runs and systemic banking crises, the resolution of systemic banking crises and the issue of the implications of deposit insurance (including the related moral hazard issues). Additionally, two sections cover the question of the determinants of capital flows to emerging market economies (including the risks of hot money, sudden stops and capital account reversals) and the debate on capital controls as a way to prevent crises, avoid excessive capital inflows and outflows and as crisis resolution tool. Since liability dollarization and “original sin” appear to be endemic features of emerging market economies, we also created a new section on liability dollarization and how to deal with it. As emerging market economies need to appropriately manage their public debt, both domestic and external, to reduce various balance sheet vulnerabilities, we have also added a new section on public debt management.
Finally, there is a large current debate on hedge funds and whether they should be more intensely supervised and regulated; hedge funds have, rightly or wrongly, been accused of causing excessive financial volatility and of having contributed to financial crises in emerging market economies. Thus, a new section on hedge funds will cover some of these important questions.
These twelve new sections can be found at the following links:
4 Responses to “12 New Sections of the Global Macro Site on Emerging Market Crises and Vulnerabilities”
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