Financial Crises in Emerging Markets - An Essay on Financial Globalisation and Fragility (Hardcover, New)

Alexandre Lamfalussy analyzes four major crisis experiences in emerging markets: Latin America in 1982-83, Mexico in 1994-95, East Asia in 1997-98, and Russia since 1998. The author finds that the build-up of short-term indebtedness and asset price bubbles were at the heart of the four crises. And in each case the exuberant behavior of lenders and investors from the developed world played a major role, while financial globalization was an aggravating factor. Lamfalussy offers a series of carefully considered policy recommendations for the future that are both pragmatic and wise.

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