External vulnerability, balance sheet effects, and the institutional framework - Lessons from the Asian crisis

• Tipo: Artigo em Revista Científica Internacional
• Data: 2012

Autores

Christian Mulder (Autor) Outra; Roberto Perrelli (Autor) Outra; Manuel Duarte Rocha (Autor) FEP

Revista

Título: International Review of Economics and Finance

Vol. 21 Nº 1

Páginas: 16-28

ISSN: 1059-0560

Editora: Elsevier

Indexação

ISI Web of Knowledge - 8 Citações

ISI Web of Science

Scopus - 11 Citações

Econlit

Classificação Científica

FOS: Ciências sociais > Economia e gestão

CORDIS: Ciências Sociais > Economia

Outras Informações

ID Authenticus: P-002-HKE

DOI: 10.1016/j.iref.2011.04.002

Abstract (EN): This study tests the balance sheet approach of "third-generation" explanations of external crises in emerging markets, looking in particular at the 1997-98 Asian crisis. Using unique datasets, we find that corporate sector balance sheets, macroeconomic balance sheets, and the legal environment have a significant impact on the likelihood of external crises, and some of which also on the depth of crises. These indicators supplement, rather than substitute, the traditional macroeconomic variables. Predictions point to potentially large improvements in the predictive power of models that include these indicators. The results highlight the importance of sound financial structures and institutional framework, alongside prudent macro policies, in limiting external vulnerability.

Idioma: Inglês

Tipo (Avaliação Docente): Científica

Nº de páginas: 13