Currency Crises: In Search of Common Elements

56 Pages Posted: 13 Feb 2006

See all articles by Jahangir Aziz

Jahangir Aziz

International Monetary Fund (IMF) - Asia and Pacific Department

Francesco Caramazza

International Monetary Fund (IMF)

Ranil Salgado

International Monetary Fund (IMF) - Research Department

Date Written: March 2000

Abstract

The paper seeks to identify common characteristics among a variety of macroeconomic and financial variables for a large sample of currency crises in industrial countries and emerging market economies. It covers crises which culminated in large currency depreciation as well as those in which there was a substantial loss of foreign reserves. The analysis involves comparing the monthly or annual pattern of movement of the various macroeconomic and financial variables around the time of crisis to their behavior during tranquil periods. The robustness of the results is tested by subdividing the sample into different types of currency crises and carrying out a similar analysis for each.

Keywords: Currency Crises, Financial Crisis

JEL Classification: F31, F32

Suggested Citation

Aziz, Jahangir and Caramazza, Francesco and Salgado, Ranil, Currency Crises: In Search of Common Elements (March 2000). IMF Working Paper No. 00/67, Available at SSRN: https://ssrn.com/abstract=879561

Jahangir Aziz (Contact Author)

International Monetary Fund (IMF) - Asia and Pacific Department ( email )

700 19th Street NW
Washington, DC 20431
United States

Francesco Caramazza

International Monetary Fund (IMF) ( email )

700 19th Street NW
Washington, DC 20431
United States

Ranil Salgado

International Monetary Fund (IMF) - Research Department ( email )

700 19th Street NW
Washington, DC 20431
United States

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