The 1994-1995 Mexican crisis was the first in a succession of financial                  crises to hit emerging markets in Thailand, Indonesia, Malaysia, South Korea,                  Russia, Brazil, Argentina, and Turkey. In almost all these cases, problems in the                  banking sector played a key role. Any analysis of recent developments in emerging                  market economies must consider two questions: What is the degree of financial                  vulnerability in emerging market economies, and what, if any, is the connection                  between the exchange rate regime and financial vulnerability?This book furthers                  understanding of the impact of financial policies on emerging market economies.                  Following an introduction by the editors, the book contains two main sections. The                  first presents theoretical and empirical evidence on the relation between financial                  policy and financial vulnerability. The second considers financial policy in central                  and eastern Europe in terms of the euro and the European Monetary Union. Although                  there is no clear-cut answer to which exchange rate regime works best, the book                  concludes that the financial vulnerability of emerging market economies suggests the                  advisability of greater caution in financial system liberalization and                  management.

Financial Policies in Emerging Markets PDF

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