Die Volatilität, die in Ländern mittleren Einkommens (LMEs) mit einer Öffnung der Kapitalmärkte in den vergangen Jahren einher ging, führte bei vielen Kritikern dieser Politik zu der Forderung, die stark ausgeprägten Konjunkturzyklen und Krisen (Boom-Bust Zyklen) durch eine...

In this paper we examine closely the financial events following the Mexican peso devaluation to uncover new lessons about the nature of financial crises. We explore the question of why, during 1995, some emerging markets were hit by financial crises while others were not. To this end, we ask...

In this paper we examine closely the financial events following the Mexican peso devaluation to uncover new lessons about the nature of financial crises. We explore the question of why, during 1995, some emerging markets were hit by financial crises while others were not. To this end, we ask...

In the first quarter of 1995 Mexico found itself in the grip of an intense financial panic. Foreign investors fled Mexico despite very high interest rates on Mexican securities, an undervalued currency, and financial indicators that pointed to long-term solvency. The fundamental conditions of...