Exchange rate regimes and the cross-country distribution of the 1997 financial crisis

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Abstract

We study variations in the seventy of the 1997 financial crisis in a sample of 25 developing countries. We use both currency depreciation and stock market returns as crisis measures. Our key findings are that countries that started 1997 with an exchange rate peg experienced significantly greater currency depreciation and significantly lower stock returns than would be predicted from the levels of various macroeconomic indicators. (JEL F3, F4).

Original languageEnglish
Pages (from-to)139-148
Number of pages10
JournalEconomic Inquiry
Volume39
Issue number1
DOIs
StatePublished - Jan 2001

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