Adjustments after speculative attacks in Latin America and Asia : a tale of two regions? /
Guillermo E. Perry and Daniel Lederman.
- Washington, D.C. : Office of the Chief Economist for Latin America and the Caribbean, The World Bank, 1999.
- vii, 42 p. : ill. ; 28 cm.
- World Bank Latin American and Caribbean studies. Viewpoints .
- World Bank Latin American and Caribbean studies. Viewpoints. .
Includes bibliographical references (p. 38-39).
I. Introduction -- II. Channels of Transmission of a Speculative Attack onto the Real Economy -- III. The Aftermath of the Latin American and Asian Crises: The Crises were Deeper and the Recoveries Slower in Asia -- IV. Why were the Crises Deeper and the Recoveries Slower in Asia? Was it because the speculative pressures or the external adjustments were stronger? Was it because monetary and fiscal policy responses were stronger? Was it because initial conditions amplified the impact of speculative pressures and policy responses? Did low export response play a role? Why did it happen? -- V. Conclusions and Policy Implications -- App. A. Speculative Attacks and Macro-Policy Dilemmas: An Illustration Using a Textbook Keynesian Model with Exchange-Rate Expectations -- App. B. A Suggestive Rank-Correlation Analysis.