Fundamental determinants of the Asian crisis: The role of financial fragility and external imbalances (a comment)
Fundamental determinants of the Asian crisis: The role of financial fragility and external imbalances (a comment)
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亚洲危机的根本决定因素：金融脆弱性和外部失衡的作用（评论）
DOI：
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发表时间：
2001
期刊：
影响因子：
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通讯作者：
Carmen M. Reinhart
中科院分区：
文献类型：
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作者：
Carmen M. Reinhart
在 1997 年严重的亚洲危机的推动下，Giancarlo Corsetti、Paolo Pesenti 和 Nouriel Roubini 对越来越多的分析一国易受货币危机影响的症状的文献做出了出色的贡献。虽然实证分析所涵盖的国家样本涵盖不同地区，但本文的讨论主要集中在亚洲危机。正如他们在早期论文中所强调的那样，作者特别强调了疲软的基本面在削弱几种亚洲货币方面所发挥的关键作用。金融部门的基本面发挥着重要作用，但作者也相当关注各国支持其“隐性”或有负债的能力，特别是当地银行部门的能力。
Motivated by the severe Asian crisis of 1997, Giancarlo Corsetti, Paolo Pesenti, and Nouriel Roubini make a fine contribution to the growing literature that analyzes the symptoms of a country's vulnerability to currency crises. While the sample of countries covered in the empirical analysis encompasses diverse regions, the discussion in the paper focuses primarily on the Asian crisis. In particular, the authors stress, as they have in their earlier papers, the key role played by weak fundamentals in undermining several of the Asian currencies. Financial sector fundamentals play an important role, but the authors also devote considerable attention to the countries' capacity to back their "implicit" contingent liabilities, particularly those of the local banking sector.