External Vulnerability in Emerging Market Economies - How High Liquidity Can Offset Weak Fundamentals and the Effects of Contagion |
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| Author:
| Mulder, Christian B. |
| ISBN: | 978-1-281-60115-5 |
| Publication Date: | Jan 1999 |
| Publisher: | International Monetary Fund
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| Book Format: | Ebook |
| List Price: | USD $15.00 |
Book Description:
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The economic crisis that hit Russia and dried up the financing to most developing countries for the remainder of 1998, is one in a series of major economic shocks that have affected emerging economies over the last five years, including the "tequila" crisis of late 1994, and the Asia crisis that began in 1997. Many observers have attributed the rapid spread of these crises to contagion. In line with this conclusion the IMF instituted, in April 1999, a new mechanism, the contingent...
More DescriptionThe economic crisis that hit Russia and dried up the financing to most developing countries for the remainder of 1998, is one in a series of major economic shocks that have affected emerging economies over the last five years, including the "tequila" crisis of late 1994, and the Asia crisis that began in 1997. Many observers have attributed the rapid spread of these crises to contagion. In line with this conclusion the IMF instituted, in April 1999, a new mechanism, the contingent credit line or CCL, to provide countries with additional liquidity to overcome the impact of contagion.