Financial Fragilities in Developing Countries
Interim Report
Introduction
Financial Fragilities in Developing Countries (30KB) / Hisayuki Mitsuo
Chapter 1
Models of Banking Crises: Explaining Associations with Output Decline and Financial Liberalization (104KB) / Hisayuki Mitsuo
Chapter 2
Understanding Krugman's "Third-Generation" Model of Currency and Financial Crises (106KB) / Hidehiko Ishihara
Tightening monetary policy aiming to avoid a sharp depreciation of nominal exchange rate causes a deflation and makes the balance-sheet problem worse. Expansionary fiscal policy can avoid the crisis only if the government raises a sufficient fund from abroad, but the required amount of fund may be extraordinary large if the borrowing constraint is moderate.
Chapter 3
Chapter 4
Monetary Policy, International Liquidity and Central Bank Balance Sheet in Emerging Market Economies (224KB) / Masanaga Kumakura
Chapter 5
Lessons from Financial Deregulation Policy, Financial Development and Crisis– Case of Indonesia – (95KB) / Masaaki Komatsu