Title A model of contagious currency crises with application to Argentina / prepared by Nada Choueiri

Published [Washington, D.C.] : International Monetary Fund, Research Department, ©1999

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Description 1 online resource (26 pages) Series IMF working paper, 2227-8885 ; WP/99/29 IMF working paper ; WP/99/29. Summary On December 20, 1994, Mexico was forced into a 15 percent devaluation followed by the adoption of a floating exchange rate, after a speculative attack reduced its stock of foreign exchange reserves to $6 billion, down from $29 billion in February of that year. Soon afterwards, Argentina, and to a lesser extent Brazil, suffered from financial problems as investors were reluctant to renew their loans to these countries. Argentina lost 40 percent of its reserves and 18 percent of its bank deposits in the first quarter of 1995, while Brazil's foreign exchange reserves declined by 20 percent. A similar scenario took place in the summer of 1997 after Thailand stopped defending the baht's fixed value against the dollar on July 2: A wave of speculative attacks rocked South-East Asian countries, leading to widespread depreciations that reduced the values of these countries' currencies by 30 to 50 percent as of December 1997, in comparison with the beginning of the year. 2 Bibliography Includes bibliographical references (pages 25-26) Notes Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 MiAaHDL English digitized 2010 HathiTrust Digital Library committed to preserve pda MiAaHDL Print version record Subject Financial crises -- Argentina -- Econometric models Foreign exchange -- Argentina -- Econometric models Equilibrium (Economics) -- Econometric models Risk perception -- Argentina -- Econometric models Contagion (Social psychology) -- Argentina -- Econometric models Equilibrium (Economics) -- Econometric models Financial crises -- Econometric models Foreign exchange -- Econometric models Risk perception -- Econometric models Argentina Form Electronic book Author International Monetary Fund. Research Department. ISBN 1451892349 9781451892345 1281606219 9781281606211 9781451844788 1451844786 1462386393 9781462386390 1452731128 9781452731124 9786613786906 661378690X

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