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Essay / Research Paper Abstract
A 6 page paper. There were 5 major international financial crises in the 1990s. What were some of the causes and what reforms have been installed to avoid and manage such crises in the future. This is an overview that provides some of the thoughts of economists regarding two of these crises, reforms made and those being considered by international organizations. Bibliography lists 5 sources.
Page Count:
6 pages (~225 words per page)
File: MM12_PGincr.rtf
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May 2001). 4. 1998 - the Russian crisis (DeLong, May 2001). 5. 1998-1999 - the Brazilian crisis (DeLong, May 2001). Prior to the 1990s, economists generally agreed financial
crises were the result of too little globalization but the crises in the 1990s has led to new thinking about causes, prevention and management (DeLong, May 2001). One cause
of international financial crises is a loss of confidence by international currency speculators in that countrys currency (DeLong, November 2001). But, a loss of confidence in currency does not have
to cause a crisis and, in fact, it does not always lead to a crisis (DeLong, November 2001). DeLong said that loss of confidence in currency leads to a crisis
"only when an economys banks and operating companies suffer from a large-scale currency mismatch" (DeLong, November 2001). A currency mismatch happens when banks or companies have their assets "denominated in
domestic currency, but their liabilities denominated in foreign currency" (DeLong, November 2001). If the value of the foreign currency increases suddenly, then, the banks or companies may become insolvent, they
were "soundly-financed" and now they are "unsoundly financed" and a large scale financial crisis occurs (DeLong, November 2001). The international financial crises of the 1990s came as a surprise to
economists who thought that more globalization would have the effect of stabilizing international finances but instead, increased globalization led to more financial crises (DeLong, May 2001). There are significant benefits
to free trade and free investment but an increase in economic integration does not necessarily result in macroeconomic stability (DeLong, May 2001). A more globalized world and market is more
likely to result in an unstable world (DeLong, May 2001). Mexico followed the macroeconomic policies set forth by the International Money Fund (IMF) (DeLong, May 2001). The Bank of Mexico
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