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| Content Provider | Springer Nature Link |
|---|---|
| Author | Joyce, Joseph P. |
| Copyright Year | 2010 |
| Abstract | Bank crises in emerging economies have been a feature of the recent global crisis, and their incidence has increased in the post-Bretton Woods era. This paper investigates the impact of financial globalization on the incidence of systemic bank crises in 20 emerging markets over the years 1976–2002 using measures of de facto and de jure financial openness. An increase in foreign debt liabilities contributes to an increase in the incidence of crises, but foreign direct investment and portfolio equity liabilities have the opposite effect. A more liberal de jure capital regime lowers the incidence of banking crises, while a regime of fixed exchange rates increases their frequency. The results of the econometric analysis is consistent with the experience of East European and central Asian emerging markets, which attracted a relatively large proportion of capital flows in the form of debt in recent years and have been particularly hard hit by the global financial crisis. |
| Ending Page | 895 |
| Page Count | 21 |
| Starting Page | 875 |
| File Format | |
| ISSN | 09237992 |
| e-ISSN | 1573708X |
| Journal | Open Economies Review |
| Issue Number | 5 |
| Volume Number | 22 |
| Language | English |
| Publisher | Springer US |
| Publisher Date | 2010-07-13 |
| Publisher Place | Boston |
| Access Restriction | One Nation One Subscription (ONOS) |
| Subject Keyword | Financial globalization Development Economics Emerging markets International Economics Banks; Depository Institutions; Micro Finance Institutions; Mortgages Open Economy Macroeconomics Banking crises |
| Content Type | Text |
| Resource Type | Article |
| Subject | Economics and Econometrics |
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