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Emerging-Market Slide Tests How Much Nations Learned From Past
Keywords:
Countries which ignored the lessons of the 1997 financial crisis are affected to a larger degree in the 2014 emerging markets financial crisis- Argentina, Turkey and Thailand have high government gross debt as a percentage of GDP. Investors are taking a careful look at individual countries this time and there is less contagon. Flexible exchange rates, and higher foreign exchange reserves are reducing the effects in 2014. The effects on the U.S. and Europe are limited to how this affects the global economy.
Krugman on bubbles, the crisis in emerging markets in 1997 and in 2013
07/12/2010
He sees financial deregulation, cross-border financial flows, emerging market private debt in dollars and depreciating currencies, and the low interest rates of the U.S. Federal Reserve as the culprits for recurring bubles and financial crises.
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Emerging-Market Slide Tests How Much Nations Learned From Past
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Lessons from the 1997 Asian Financial Crisis, the example of South Korea and other countries.
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The lessons S. Korea shares with the G20 from its banking crisis in the late 1990's, with nonperforming loans of banks at 40-50% of GDP according to the Federal Reserve Bank of Chicago. Banks had to be merged, closed or nationalized using BIS standards for reserves in a short time. It also led to asevere contraction in the Korean economy as banks not only stopped making loans but called in outstanding loans. This contraction reached minus 7% in the second and third quarters of 1998. The bigger challenge now is how to resolve the bad asset problem without seeing such huge hits to the American economy which would further depress the global economy and have unforeseen consequences. Already Comerice department estimates are for a 6.3% contraction in the US econmy for 4th quarter 2008.
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Seoul Forum Helps Heal IMF Wounds
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Emerging-Market Slide Tests How Much Nations Learned From Past
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In Japan’s Stagnant Decade, Cautionary Tales for America
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Treasury’s Got Bill Gross on Speed Dial
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A Year After a Cataclysm, Little Change on Wall St.
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Bernanke’s Bid for a Second Term at the Fed Hits Resistance
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Latin American economies Brazil and Mexico in the global financial crisis of 2008
10/13/2008
Effects of the crisis on Latin American economies.
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Tide Reverses in Latin America
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Emerging-Market Slide Tests How Much Nations Learned From Past
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U.S. Recession Stymies Mexico's Growth for 2009
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World Bank Says Global Economy Will Shrink in ’09
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Brazil’s ‘Teflon’ Leader Nicked by Slump
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Emerging Markets Financial Crisis in 2014 and 1997- the difference in 2014 is less contagion as investors look at individual countries
01/09/2009
The current account deficits are high in Thailand and Turkey, and this is coupled wth political uncertainty. Argentina faces high inflation at over 20%. Investors have focussed on Argentina and Turkey. Countries that failed to learn from the 1997 crisis such as Argentina, Turkey and Thailand, are seen in a different light from Mexico and Poland. India faces inflation of about 10%. Other countries affected are Russia, Brazil and South Africa. Most of the countries have flexible exchange rates in 2014 compared to fixed exchange rates in 1997, and higher dollar reserves in 2014 which helps cushion the effects of overseas borrowing. The effects on Europe and the U.S. in 2014 are seen as limited to how this affects the global economy.
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Emerging-Market Slide Tests How Much Nations Learned From Past
Wall Street Journal 01/30/2014
Russia Prepared to Let Ruble Slide
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Red Alert on Russia Is Premature
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Brazil Tries to Borrow Its Way to Prosperity
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Advice from leaders of other countries who have experienced a global financial crisis.
10/13/2008
Advice from Guillermo Ortiz of Mexico who as Finance Minister experienced a global financial crisis, and as central bank governor is handling this one. And advice from Edmund Phelps and others.
Grouped Articles
Emerging-Market Slide Tests How Much Nations Learned From Past
Wall Street Journal 01/30/2014
U.S. Recession Stymies Mexico's Growth for 2009
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Mexican Crisis Holds Lessons for U.S.
Wall Street Journal 10/13/2008
Asian Officials Push Back Against Savings Glut Theory
Wall Street Journal 07/04/2009
A Year After a Cataclysm, Little Change on Wall St.
New York Times 09/12/2009
Mexico’s economy: Making the desert bloom
Economist 08/27/2011
Emerging Markets 2014 financial crisis (1) - Argentina, Turkey and Thailand, shown to have failed to learn the lessons of the 1997 financial crisis
01/30/2014
Linked Articles
Emerging-Market Slide Tests How Much Nations Learned From Past
Wall Street Journal 01/30/2014
Economist 02/04/2014
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