This paper surveys a broad array of data to compare the scope and impact of three emerging market financial crises: the debt crisis of the 1980s, the Mexican financial crisis of 1994-95, and the current international financial crisis. While certain conventional views regarding the three episodes are supported by the data examined in this paper, we find that in several respects, the current crisis is more similar to prior emerging market crisis episodes than is commonly believed. (C) 1999 Elsevier Science Ltd. All rights reserved. JEL classification: F32; F41.
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Univ Chicago, Booth Sch Business, Chicago, IL 60637 USA
Natl Bur Econ Res, Cambridge, MA 02138 USAUniv Chicago, Booth Sch Business, Chicago, IL 60637 USA
He, Zhiguo
Krishnamurthy, Arvind
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Natl Bur Econ Res, Cambridge, MA 02138 USA
Stanford Univ, Grad Sch Business, Stanford, CA 94305 USAUniv Chicago, Booth Sch Business, Chicago, IL 60637 USA
机构:Univ Las Palmas Gran Canaria, Dept Quantitat Methods, Las Palmas Gran Canaria 35017, Spain
Acosta-Gonzalez, Eduardo
Fernandez-Rodriguez, Fernando
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Univ Las Palmas Gran Canaria, Dept Quantitat Methods, Las Palmas Gran Canaria 35017, SpainUniv Las Palmas Gran Canaria, Dept Quantitat Methods, Las Palmas Gran Canaria 35017, Spain
Fernandez-Rodriguez, Fernando
Sosvilla-Rivero, Simon
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Univ Complutense Madrid, E-28040 Madrid, SpainUniv Las Palmas Gran Canaria, Dept Quantitat Methods, Las Palmas Gran Canaria 35017, Spain