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| Staying Afloat When the Wind Shifts: External Factors and Emerging-Market Banking Crises by Barry Eichengreen of the International Monetary Fund, and December 10, 1997 Abstract: We analyze banking crises using a panel of macroeconomic and financial data for more than one hundred developing countries from 1975 through 1992. We find that banking crises in emerging markets are strongly associated with adverse external conditions. In particular, high Northern interest rates are strongly associated with the onset of banking crises in developing countries, even after taking into account a host of internal macroeconomic factors. Keywords: developing, country, panel, Northern, interest, empirical, statistical. Books Referenced in this paper: (what is this?) Download paper (169K PDF) 46 pages The dataset for this paper is also available for download. |